Karl marx was a German economist and philosopher, who founded the communist movement. He believed that the, capitalist class exploited the proletariat class. The bourgeoisie or the capitalist class were the owners of the means of production and thus provided employment to the wage labourers. The proletariat, in turn were the class of wage labourers, who had no control or did not own any means of production. They had to sell their services to the capitalist class, in order to make enough money to live a decent life. Marx believed that the labourers generated more wealth for the capitalists by working in the factories etc. The final product that these labourers created was sold for more than the labour value itself. Marx strongly believed that the capitalist, itself carried the seeds for their destruction. He believed that the capitalists survived by exploiting the proletariat, that is capitalism required an underclass. but he believed that his suppression and exploitation, would no longer exist in the long run as the feeling of resentment would be created in the minds of the labourers who are exploited continuously, this in turn would a revolution lead by the labour class against the capitalist. He believed that after the fall of capitalists, a new society would emerge in which the means of production would be shared equally by all the people and the class structure would disappear. He saw capitalism as progressive historical stage that would eventually be replaced by socialism. As these socialist economies, became more wealth and prosperous over time, marx perceived that the need for state control would diminish. The state element would wither away, and the stage of communism would be reached.
Apart from this, the capitalists, desire for expansion, would lead to an increase in the demand of labour, this in turn raises wages, thus inducing them to substitute machines for labour. However, the profits are mainly drawn from the use of labour. Thus with the substitution, the source of profits narrows, and the profit rate falls. Secondly, the greater use of machines, would require a bigger workplace. This increases the opportunity for the workers to interact with each other in the workspace. The use of machinery would in turn lead to specialization and division of labour, thus giving rise to alienation. The falling profit rate as mentioned above, would require the capitalist to increase the exploitation of workers. This in turn would call for greater supervision in the workplace, and thus increase the need for a more authoritarian factory. This in turn escalates the feeling of misery and resentment, among the workers. Marx called this the law of increasing immiseration of the proletariat. This increased misery can be seen as an opportunity by many individuals, to organize these workers into a strong political force. In these ways the capitalist, have themselves created the conditions that are conducive to their own destruction.
This quote ‘The last capitalist we hang shall be the one who sold us the rope’ is generally not only attributed to Karl marx but also to Joseph Stalin and Vladimir Lenin. According to my interpretation, it may mean these capitalists may provide the communists with materials and technical equipment, that they lack, that will help the communists restore their military power, which they will later use in the future to attack the suppliers or the capitalists. I think that the quote, talks about the fall of capitalism. That is, the capitalism itself would create conditions that are self-destructing. It may also talk about the short sightedness of the capitalists, who mainly focus on immediate profits, without analysing the consequences of these actions.
According to me, Capitalism wouldn’t last forever, and the revolution by the worker class as predicted by Marx, would occur in the near future, if the suppression is severe. Capitalists, according to me do carry the seeds for their self-destruction. Although they are responsible for the major innovations in the societies, they still depend on the workers to carry out these innovations and they excessively focus on the growth of profits and businesses, which although, it increases the GDP of the country, diverts their attention from the working conditions of the labourers. Segregation of classes in the society is required for carrying out the various duties in the society and to ensure the smooth functioning of it. But excessive use of this reason should be prohibited, and the workers shouldn’t be pressurized into doing things, which they do not appreciate or like. Just because the employers provide the salary, they shouldn’t expect the workers, to continuously work. However, the idea of revolution is slowly becoming obscure, as the major problems of these workers are represented by the labour unions, and the employers are also starting to recognize the importance of labour conditions, work shift, health etc.
Economics 