Practicing Success

Target Exam

CUET

Subject

Sociology

Chapter

Indian Society: Market as a social Institution

Question:

Read the passage and answer the following question.

One of the founders of modern sociology, Karl Marx, was also a critic of modern capitalism. Marx understood capitalism as a system of commodity production, or production for the market, through the use of wage labour. As you have already learned, Marx wrote that all economic systems are also social systems. Each mode of production consists of particular relations of production, which in turn give rise to a specific class structure. He emphasised that the economy does not consist of things (goods circulating in the market), but is made up of relations between people who are connected to one another through the process of production. Under the capitalist mode of production, labour itself becomes a commodity, because workers must sell their labour power in the market to earn a wage. This gives rise to two basic classes - capitalists, who own the means of production (such as the factories), and workers, who sell their labour to the capitalists. The capitalist class is able to profit from this system by paying the workers less than the value of what they actually produce, and so extracting surplus value from their labour. Marx's theory of capitalist economy and society provided the inspiration for numerous theories and debates about the nature of capitalism throughout the nineteenth and twentieth centuries.

Out of the following Marx was against which system?

Options:

Socialism

Capitalism

Economy

Mode of production

Correct Answer:

Capitalism

Explanation:

The correct answer is Capitalism.

Karl Marx was a staunch critic of capitalism and believed that it was an inherently unjust and exploitative system. He argued that capitalism led to the alienation of workers, the concentration of wealth in the hands of a few, and the periodic occurrence of economic crises. Marx believed that capitalism would eventually lead to its own downfall and be replaced by a more equitable system, such as socialism or communism.