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Economic Philosophers
Economic Philosophers

... labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing t ...
Marxist economics MARXISM IS COMPLICATED by the fact that
Marxist economics MARXISM IS COMPLICATED by the fact that

... At present, 200 top companies together with 35 banks and finance houses control the British economy, and account for 85 per cent of output. This development has come about over the past few hundred years through ruthless competition, crisis and war. At the time when the classical economists predicte ...
John Milios
John Milios

... (‘B’). The value of the latter cannot be expressed; it does not exist in the world of tangible reality. The relation of general exchangeability of commodities is expressed only in an indirect, mediated sense, i.e. through money, which functions as general equivalent. The essential feature of the ‘ma ...
Chapter 7 - Karl Marx
Chapter 7 - Karl Marx

... Exploitation ...
Ali Kadri May 11
Ali Kadri May 11

... Weak financial intermediation between money assets that accrue from oil and a healthy rise in income associated with rising productivity ...
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Reserve army of labour

Reserve army of labour is a concept in Karl Marx's critique of political economy. It refers to the unemployed and under-employed in capitalist society. It is synonymous with ""industrial reserve army"" or ""relative surplus population"", except that the unemployed can be defined as those actually looking for work and that the relative surplus population also includes people unable to work. The use of the word ""army"" refers to the workers being conscripted and regimented in the workplace in a hierarchy, under the command or authority of the owners of capital. Marx did not invent the term ""reserve army of labour"". It was already being used by Friedrich Engels in his 1845 book The Condition of the Working Class in England. What Marx did was theorize the reserve army of labour as a necessary part of the capitalist organization of work.Prior to what Marx regarded as the start of the capitalist era in human history (i.e. before the 1500s), structural unemployment on a mass scale rarely existed, other than that caused by natural disasters and wars. In ancient societies, all people who could work necessarily had to work, otherwise they would starve; a slave or a serf by definition could not become ""unemployed"". There was normally very little possibility of ""earning a crust"" without working at all, and the usual attitude toward beggars and idlers was harsh. Children began to work already at a very early age.
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