Karl Marx (1818-1883) was a German political philosopher and economist, who critically analyzed society, politics and economics, collectively understood as Marxism. Marx believed that social interdependence and stability is an illusion, but it is the class-conflict, struggle and competition. Moreover, he said that the capitalist class (bourgeoisie) owns the means of production and exploits the laborers (proletariat).
He rejected Herbert Spencer’s notion that the laborers are naturally ‘unfit’. Moreover, he predicted that soon the labor class will take over the capitalist system through a revolution. After the revolution by the working class, there would be a class-free society where all the people will work according to their capacity and will receive sources according to their needs. Marx believed that the economic system determines the social norms, values, culture and working of social institutions in a society.
Theory of Labor/Labor theory of value: In his book Capital (1867), he said that the value of a commodity depends on the amount of labor time involved in its production. For example, If the production of a chair takes double the time than the production of a table, then the price of the chair will be double as of the table.
Theory of Alienation: Karl Marx in his “Economic and Philosophic Manuscripts of 1844” presented the Theory of Alienation in which he argued that in a capital society workers become estranged from their humanity.
He identified four types of alienation;
From their product: Non involvement in decision making and development process.
From the act of production: He has to work, whether he wants to do it or not.
From their species-essence: Losses his actual talents and self-esteem, because his identity is only a worker.
From other workers: alienated from other workers due to competition.