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Capitalism and Class Inequality in Society

Uploaded by spootyhead on Feb 19, 2007

Capitalism and Class Inequality in Society


Capitalism poses many different problems to the political economist. To Marx and Veblen, class structure is one of the most prominent issues of concern. Economic decisions and organization in society create class distinction, and in turn, the activities of one class affect the others. Marx and Veblen both offer unique analyses of class structure in capitalist society. Their theories differ both in how the class structures are arranged and how they emerged. Furthermore, many of these class distinctions are readily visible in today’s society just as Marx and Veblen foresaw them. In her book, The Overworked American, Schor points out many examples that exemplify these different concepts. The analysis leads to interesting questions of change as well. How do the concepts and examples appear when we step back and look at them in real world context and what must be changed in society to ensure the best possible lives for its people?

There are important distinctions to be made between Marx and Veblen on class structure. Marx saw class structure as two opposing forces. These are dialectic classes. They are based in economics because Marx claimed that class was determined by the ownership of the means of production. To him society was grouped into two classes. The “Bourgeoisie” was the capitalist class that owned production and the “Proletariat” class was comprised of the workers. This class structure sets up a conflict of interests that creates growing inequality between the two classes. It is clear to see that in Marx’s analysis of capitalism that there are two distinct groups; those who produce and those who own production. This creates social structure because when one group owns the labor of another, wealth is created. People are aware of these income differences, and class separation is furthered by the division of labor along with inequality in wages.

To Marx, capitalism is one of a series of constantly evolving economic institutions. The key to Marx’s class structure is private property. Private property has allowed the capitalist to accumulate the surplus value from production. It is because of this that the worker is alienated from what he or she produces. Estrangement, through the implementation of managers and technology, has increased the separation between the worker and the actual work. This creative destruction has, for most, created dull and unfulfilling work. “…The more intelligent the work, the duller the worker and the...

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Uploaded by:   spootyhead

Date:   02/19/2007

Category:   Economics

Length:   8 pages (1,720 words)

Views:   10714

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