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Karl Marx Case

Essay by   •  December 2, 2013  •  Case Study  •  243 Words (1 Pages)  •  1,246 Views

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Marx's concept of primitive accumulation indicates the historical process that gave birth to the preconditions of a capitalist mode of production. It is the process by which precapitalist modes of production, such as feudalism and slavery, are transformed into the capitalist modes of production. These preconditions refer market and to the accumulation of capital that may be used for industries. Marx begins this chapter by explaining the movement of accumulation. He explains the cycle by stating that the accumulation of capital requires surplus value; surplus value relies on capitalistic production and capitalistic production is based on the pre-existence of considerable masses of capital and of the power of labor in the hands of producers of commodities. The main objective of capitalist mode of production is accumulation and making profit. The labour power of the worker is treated like a commodity. It is paid for and the worker will be kept alive in order to work. Once they are put to work, the capitalist extracts more value from the labour than it has paid for; this is surplus value. Labour power is a special kind of commodity because it can produce more value than it is worth. Most important characteristic of labor class is dispossession; this means the majority of people have no means of subsistence survival except by selling their labor. They do no have direct access to any other means of subsistence. This is seen as a cycle needed for primitive accumulation.

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