Give the point of view of Marx and Engels on economic development. Explain the pros and cons. Marx and Engels ([1848] 1967) argued that market-based capitalism was the most dynamic force inthe world. Originating in Western Europe, this economic system was based on capital accumulation,the spread of markets, and the exploitation of labor. This latter idea was based on the notion thatlabor is the source of all value in the production process, but labor is only recompensed part of thatvalue, in the form of wages; the rest goes to the owner of the capital as profit Under the capitalistmode of production, profit comes from the exploitation of human labor. Under the capitalist mode ofproduction, profit comes from the exploitation of human labor. However, the accumulation of capitaland new technology displaces labor.

Capitalism refers to a market system in which capital is owned by private producers.

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Give the point of view of Marx and Engels on economic development. Explain the pros and cons.

ENGR.ECONOMIC ANALYSIS

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Question

Give the point of view of Marx and Engels on economic development. Explain the pros and cons.

Marx and Engels ([1848] 1967) argued that market-based capitalism was the most dynamic force in
the world. Originating in Western Europe, this economic system was based on capital accumulation,
the spread of markets, and the exploitation of labor. This latter idea was based on the notion that
labor is the source of all value in the production process, but labor is only recompensed part of that
value, in the form of wages; the rest goes to the owner of the capital as profit Under the capitalist
mode of production, profit comes from the exploitation of human labor. Under the capitalist mode of
production, profit comes from the exploitation of human labor. However, the accumulation of capital
and new technology displaces labor.

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