Practicing Success
Practicing Success
CUET Preparation Today
| 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 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 |
| What is 'Surplus value' in Marxian theory? |
Difference between the payment of wages and the value of the product produced by laboureres. It is the extra labor generated by labor due to which there is surplus production. Part of labor for which no money is paid by the producers. The money paid by producers as a contribution to social welfare schemes for laborers. |
| Difference between the payment of wages and the value of the product produced by laboureres. |
| 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. |
