Marxism is a social and economic theory with aims to create an equal and better social life for everyone (U.k essays). Marxism is a system where strategic parts of the economy are controlled by the people or the state, in order to balance the inequality that poorest and working class are facing with the rich or capitalist. It is clear that Marxism believes that the capitalized or the upper class had an upper hand and it is unfair to the poor as they will remain poor and the rich will be richer. In the book communist manifestos that Karl Marx and Friedrick Engle believe that the only way to end capitalism is by revolutionary where the working class will one stand up and create a classless system, the system that will be controlled by the people and which will benefit the people.
In the communist manifestos, Marx describes the world without private property or inherited wealth, with steeply graduated income tax, centralized control of the banking communications and transport industries and free public education. As much one may not admit South Africa is slowly following the Marxism system as now they are talks about taking land without compensation which will mean that the state will distribute the land and let the people work the land and create living against South Africa is giving free public education from primary schools to higher education.
Advantages of Marxism
Everyone gets is equal
Unemployment is limited
Free quality healthcare and education for all citizens
Cooperation’s work for the benefit of the people and country
Workers own the means of production
Disadvantages of Marxism
Abuse of power by the government
Restrictions in terms of Personal freedom, products, careers, location, and education
Government controls property which may lead to corruption looking at the state of South Africa is in
People not working hard knowing that they will still benefit
Capitalism is based on private ownership, where few individuals own businesses, property, and land. In today’s terms, economists define capitalism as an economic system based on private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit. It is basically impossible for one not to realize that we live in a capitalist country today.
In capitalism, most people have limited access to own means of production (businesses, factories etc.) and those are the poor and working class, there is a say that the poor get poorer and the rich get richer. This is the world that we live in where the poor and working class are forced into working for those own the means of production. Although the employees receive salaries and wages for producing the goods that consumer’s needs and want the goods are sold at a higher price than the cost that it was produced, only for the capitalized to make more where else the workers get paid less.
Today in South Africa we are facing an issues/ situation of land which capitalists stand to lose the crib as I have stated in the beginning of my statement that capitalism is based on private ownership of property and land Karl Marx said that the only way to end capitalism is by revolutionary, meaning that the workers or the people take a stand against capitalism which I believe that is what now that ordinary majority of South Africans wants to do.
Capitalism has changed over the years, in this time and age it is hard to just say one country is a capitalized country, as many countries do not have the full characteristics of capitalism. One of the characteristics of capitalism and that can actually show a capitalized state is a state where there is no government intervention in the private sector. As for South African, we have known that we leave in a capitalized country but where there are regulations and government intervention, for example, we look at the events that happen to a private company Steinhoff and how the government is intervening in the terrible events that occurred.
Changes in capitalism for private ownership that may occur in South Africa
Private ownership is the fundamental and most vital factor of capitalism, if now the state can get land without compensation then the nature of the capitalist economic system will be as the system will no longer be classified as capitalism because now the state will own the majority of property and land.
. With that said let’s look at the advantages and the disadvantages of capitalism.
Advantages of capitalism
Hard work results in wealth and there is no limitation on how rich a person can get for example the Bill gates (individuals follow self-interest)
Completion leads to better products
Keeps prices low
Consumers regulate the market
Personal freedom: products, careers, location, and education
Disadvantages of capitalism
Capital can accumulate in the hands of the few who control production(monopoly)
Profit motives force wages and salaries down (workers are exploited)
Poverty as employment is not guaranteed
Inequality as workers get paid little while capitalists get richer
Monopolies control too much business
UKEssays. November 2013. The Advantages And Disadvantages Of Capitalism Economics Essay. online. Available from: https://www.ukessays.com/essays/economics/the-advantages-and-disadvantages-of-capitalism-economics-essay.php?vref=1 Accessed 5 September 2018.
UKEssays. November 2013. Marxism Still Relevant In A Capitalist Society Sociology Essay. online. Available from: https://www.ukessays.com/essays/sociology/marxism-still-relevant-in-a-capitalist-society-sociology-essay.php?vref=1 Accessed 5 September 2018.