User:Kumbi Madziwa

The relevance of Karl Marx in contemporary economic organizations

This paper is a critical on major ideas presented in Karl Marx’s work Capital and also an assessment of the relevance of these ideas within contemporary realities of economic organization. Argued to be one of the most influential sociological theorists, Karl Marx (1818-1883), occupies an important position in the study of not only historical but also modern day societies (Schumpeter, 1954).Encapsulated in Marx’s work Capital is a grand theory of capitalism which based on a dialectic philosophical approach demonstrates howcertain historical contradictions in the natural production system had culminated in the disparities between the bourgeoisie and proletariat classes under the new economic dispensation. The discussion commences with a brief exposition of the background to Marx’s seminal work, where emphasis is placed on the events in his life that influenced his work.Inculcated in Marx’s seminal presentation published in 1867 are several ideas which amongst others includes the labour theory of surplus value, class dialectic, materialist conception of history, base superstructure dichotomy, the fetishization of commodities, class conflict and consciousness, alienation, ideology and religion. According to Braverman cited in Duncan (2012), ‘put to utility within certain specificities, Marx’s ideas are of utmost relevance incontemporary societies.’ The paper seeks to explore upon those specificities through the use of examples to assess relevance Marx’s works in modern day economic societies. It is argued to a greater extent that ideas presented in Karl Marx’s work has retained relevance in contemporary economic organization. However although Marx is credited for propounding an enduring social theory with some describing him as the prophet of modern social theory, some of ideas have also lost credibility in the capitalist dispensation. Marx prophecies about the eventual demise of capitalism are far from the reality of contemporary times. The absence of an empowering and paradigm, ignorance to impact of women in economics and an overly pessimistic orientation are some of the criticisms of Marx’s Capital to be illuminated as the discussion unfolds. As postulated by Gurley (1984), any discussion of classical theorists in sociology that does not take into account the contextual background in which they were writing certainly lacks essence. In this category Marx seminal works enshrined in Capital are no exception.

More than any other classical theorist Marx seem to have been profoundly influenced by his background.Although born in a typical middle class family which for some time allowed him access to Hegelian and Feuebachian philosophies, the better party of his exiled adult life was characterized by what Ritzier (2008) conceptualizes to have been a dire state of abject poverty and an existential reality fraught with eventualities and bereavement.