Guidelines<\/b><\/p>\n
Essay Subject: <\/b>Marx\u2019s Critique of Capital in the 21st<\/span> Century: Capitalism, Exploitation and Its<\/p>\n Alternatives<\/p>\n Formatting Instructions<\/b>:<\/p>\n Essay length: You should write between 5 to 7 pages (not<\/b> including bibliography\/reference list).<\/p>\n Spacing\/Font: Double spaced, Times New Roman, 12 pt.<\/p>\n Bibliography format: Use an academic referencing style consistently, I recommend the Chicago<\/p>\n Manual of Style (guidelines for citing using the CMS are found freely online).<\/p>\n General Guidelines:<\/b><\/p>\n We devoted weeks 6 to 9 of this course to Marx\u2019s works. While we read part of the Communist<\/i><\/p>\n Manifesto <\/i>he co-authored with Fredreich Engels, we also focused on his most accomplished work,<\/p>\n namely, Capital<\/i>. Of all the theories covered in this course, it is beyond question that Marx\u2019s<\/p>\n critique of capital has been the most influential\u2014not necessarily in academia, but surely in the<\/p>\n real world. As a theory that contributed significantly to the shaping of twentieth-century history,<\/p>\n Marx\u2019s account of capitalism deserves close study and evaluation. Considering this, <\/b>the main goal<\/i><\/p>\n of the essay is to show that you can explain and evaluate the continuing relevance (or lack<\/i><\/p>\n thereof) of Marx’s theory of capital accumulation<\/i>.<\/p>\n As we discussed in class, Marx\u2019s work was influenced by Adam Smith\u2019s labor theory of<\/p>\n value. But Marx went beyond Smith in developing a critique of how accumulation was in fact<\/p>\n underpinned by an unequal relationship of exploitation between capitalists and workers. In<\/p>\n Capital<\/i>, thus, he focused on revealing the real workings of capital accumulation (This is where his<\/p>\n theory of surplus value\/exploitation is central). Marx\u2019s theory is still contested today. In other<\/p>\n words, the extent to which Marx\u2019s theory is still useful is partly decided by how we interpret his<\/p>\n writings, but mostly by the unfolding of reality itself.<\/p>\n Considering all of the above: how relevant is Marx\u2019s theory today?<\/b> This is the<\/p>\n overarching question guiding your essay. In order to address it, however, you should provide a<\/p>\n general overview of Marx\u2019s theory of capitalism and then evaluate the extent to which it is still<\/p>\n relevant today. The essay, then, will focus on explaining Marx\u2019s theory of capital. This means<\/p>\n showing the elements of Marx\u2019s critique, in particular: his labor theory of value, his narrative<\/p>\n about class struggle, his theory of accumulation and<\/i> exploitation (or surplus value). By explaining<\/p>\n to the reader Marx\u2019s theory, you can show your understanding of it and then provide your<\/p>\n argument regarding the question of Marx\u2019s continuing or declining relevance.<\/p>\n <\/p>\n Recommended Structure<\/i><\/b><\/p>\n When writing your essay, you may follow the points listed below.<\/p>\n 1. Introduction:<\/span> Write a brief introduction for your essay where you simply outline what<\/p>\n the essay argues (remember that while the introduction is the first thing that shows in an<\/p>\n essay, it is better to write it after <\/span>the main text and conclusion are completed).<\/p>\n 1. Elaboration of Argument:<\/span> This is the main body of your essay\u2014you can be divided into<\/p>\n subsections with your own headings<\/span> if you find that useful. Here you should explain the<\/p>\n basic elements of Marx\u2019s theory. You may use all or some of the points below to help you<\/p>\n in framing\/structuring your narrative.<\/p>\n a. First, you should explain what capitalism is, in the broad sense. You can focus first<\/p>\n on Marx’s perspective in the Communist Manifesto<\/span>, where there is a general<\/span><\/p>\n overview of capitalism and its place in history. That said, remember to use Marx\u2019s<\/p>\n theoretical perspective which focuses on three core elements: classes, commodities<\/p>\n and, most important, the general formula of capital\u2014this last is from Capital<\/span> not<\/p>\n from the Communist Manifesto<\/span>. The general formula is <\/span>the Marxist definition of<\/p>\n capitalism. Explain what the formula represents. Important: here you can work by<\/p>\n describing how Marx\u2019s theory draws on but also goes beyond Adam Smith\u2019s labor<\/p>\n theory of value and of markets (remember my argument that Marx describes<\/p>\n capitalism as M-C-M<\/span>, while for Smith the whole system is an undifferentiated C-<\/span><\/p>\n M-C).<\/span><\/p>\n b. Using quotes and\/or examples from Marx\u2019s capital, explain the basic elements of<\/p>\n Marx\u2019s critique of capitalism. First, remember Marx and Engels Communist<\/i><\/p>\n Manifesto, <\/i>especially its definition of the proletariat: a sector of the population<\/p>\n that has nothing but their labor to sell. Considering this,<\/p>\n i. What is the relationship between capitalism and the class structure?Who<\/p>\n owns\/controls the means of production?<\/p>\n ii. How does owning the means of production facilitate the exploitation of<\/p>\n labor?<\/p>\n c. On the basis of the basis established by (i) and (ii) use chapter 9 of Marx’s Capital<\/span><\/p>\n to explain what is surplus value and how it relates to the exploitation of labor.<\/p>\n Importantly, try to connect Marx\u2019s concept of surplus value to his earlier<\/p>\n concept of the general formula of capital.<\/p>\n i. For this explanation you may use the example of the iPhone in order to<\/p>\n show how Marx\u2019s theory of exploitation is concretely reflected<\/p>\n in commodities we consume today.d. If capitalism is grounded in exploitation and <\/span>creates recurrent crises, are we in a<\/p>\n fatal situation where no alternative is possible?<\/p>\n i. Here you can also discuss whether a universal basic income as proposed by<\/p>\n Wright would address the injustices embedded in capitalism while<\/p>\n avoiding some of the shortcomings in past socialist experiments. You can<\/p>\n go further and discuss McCarthy’s argument in favor of democratic<\/p>\n socialism. Or, you could argue the anti-Marxist point of view and posit<\/p>\n that capitalism could be reformed\u2014here you could draw on Smith.<\/p>\n 2. Conclusion:<\/span> After explaining the aspects of Marx\u2019s theory that we discussed in class, by<\/p>\n way of a conclusion you should briefly discuss whether Marx\u2019s theory is relevant today–<\/p>\n alternatively, you can do this discussion when addressing point d<\/span> where the question of<\/p>\n universal income and other proposals might be mentioned. Here you should use your own<\/p>\n critical thinking skills.<\/p>\n Of course, you may not be able to discuss all of the above in sufficient detail: there is a trade-off<\/p>\n between providing an overview of everything and being able to provide detailed discussion and<\/p>\n illustration of the most core issues such as exploitation. It is up to you to decide in what direction<\/p>\n you want to go: either provide a more detailed discussion of what you think are the most important<\/p>\n aspects of Marx’s theory or provide a general overview (where scope might sacrifice depth).<\/p>\n <\/p>\n References You Can Use<\/b><\/p>\n BBC\u2019s Masters of Money<\/i><\/span> (Episode on Karl Marx) (BBC, 2012).<\/p>\n Erik Olin Wright, \u201c1.1 The Parable of the Shmoo\u201d and \u201c1.2 The Concept of Exploitation,\u201d In Class<\/i><\/p>\n Counts: Student Edition<\/i> (New York: Oxford University Press, 2000), 3\u201310.<\/p>\n Erik Olin Wright, \u201cTwo redistributive proposals\u2014universal basic income and stakeholder grants.<\/p>\n Focus<\/i>, 24, no. 2 (2006): 5-7.<\/p>\n Karl Marx, \u201cCapital <\/i>(1867)\u201d [Section entitled \u201cThe General Formula of Capital\u201d] in Sociological<\/i><\/p>\n Theory in the Classical Era: Texts and Readings <\/i>edited by Laura Desfor Edles and Scott<\/p>\n Appelrouth (Los Angeles: Pine Forge Press, 2010).<\/b><\/p>\n Karl Marx, Capital, Vol. 1 <\/i>(New York: Penguin Books, [1867] 1976), Chapter 9, pages 320\u2013329<\/p>\n and Chapter 26, 873\u2013876.<\/p>\n Karl Marx, Capital, Vol. 3<\/i>. (New York: Penguin Books [1894] 1981), Chapter 2, 132\u2013133 & Chapter<\/p>\n 13, pages 317\u2013320.<\/p>\n Karl Marx and Frederick Engels, \u201cThe Communist Manifesto (1848),\u201d in Sociological Theory in<\/i><\/p>\n the Classical Era: Texts and Readings<\/i> edited by Laura Desfor Edles and Scott Appelrouth<\/p>\n (Los Angeles: Pine Forge Press, 2010), 51\u201365.<\/p>\n Michael A. Lebowitz, The Contradictions of Real Socialism (New York: Monthly Review Press,<\/p>\n 2012), Chapter 1, pages 29-30, 36-45.<\/p>\n Tricontinental: Institute for Social Research, \u201cThe Rate of Exploitation (The Case of the iPhone),\u201d<\/p>\n Notebook N\u00b02 <\/i>(2019).<\/p>\n <\/p>\n REFERENCES WITH LINKS<\/p>\n Richard Wolff, \u201cEconomic Update: Rise and Fall of the USSR.\u201d https:\/\/youtu.be\/_Y-TWFKw4tU?si=8_FHhsHMxPVedN9A<\/p>\n Robert J. van der Veen and Philippe van Parijs, \u201cA Capitalist Road to Communism,\u201d Theory and<\/i><\/p>\n Society <\/i>15, no. 5 (1986): 635\u2013655. https:\/\/www.sscc.wisc.edu\/soc\/faculty\/pages\/wright\/SOC621\/vancap.pdf<\/p>\n","protected":false},"excerpt":{"rendered":" Guidelines Essay Subject: Marx\u2019s Critique of Capital in the 21st Century: Capitalism, Exploitation and Its Alternatives Formatting Instructions: Essay length: You should write between 5 to 7 pages (not including bibliography\/reference list). Spacing\/Font: Double spaced, Times New Roman, 12 pt. 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