Microeconomics- Contradictions of Capitalism and how Marxism provides a corrective

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Contradictions of Capitalism and the Way Marxism Provides a Corrective
Capitalism and socialism are a relevant concept in our society up to today. Karl Marx was the founder of these theories to enable people to understand how they can benefit from resources in the environment. Karl Marx had doubtless intention of stating that socialism was more beneficial than capitalism of resources in societies. The two policies led to conflicts among people in the employment sector, working environments, and the global political systems in various countries around the world. The theories of both capitalism and socialism have different consequences to the economic, social, and political networks. Therefore, this study aims to differentiate the impacts, including the adverse effects and positive effects to society development.
Therefore, in our societies, we have a duty to judge from the Marxist critique of capitalism as it helps to understand the failures of capitalism theory to construct an alternative socialist approach. The approach led to the unequal distribution of resources in the world as the system concentrate resource to the hands of the affluent class in society. The other acknowledgment of the Marxist concept is about the polar opposite of the neo-classical approach. It is the historical accounts as well as idiographic and empirical methodology (Empire Files). Capitalism theory is a belief shaped by the history of our culture, for instance, experience and rather not an ideal abstract. It associates economics as a social science instead of being a natural science in the cultures of people.
Marx has various beliefs on the nature of capitalism according to our daily lives. The labor theory of value is a common aspect of capitalism theory that creates an unjust system in the distribution of his ideas and the fall of its validity. Despite this theory creating an unequal distribution of labor in people, Marx embraced it and built something of value to the society from it. It traces the total cost of the commodity to the number of labor that can appropriately produce it. We have three crucial footnotes that define the value of labor theory. It has to associate work as a social necessity. It reflects the general standards of outputs and technology development in a standard public way, depending on the given timeframe and space. People nowadays use the new way of interaction, such as social media, to share ideas on the social and capitalism theory. People can understand the distribution of goods in society and emphasize the government on equal resource sharing in the community. For instance, through capitalism, the government can increase the prices of the product, which will enable them to purchase a high cost and offer subsidies to poor people. The government can donate the goods freely to the low class to reduce the gap in unequal resource possession in society.
The second aspect of labor theory is to account for the skills of labor applied to the economic system or employment section. People with a high level of skills should have entitlement to proper resources to reward their efforts in working fields. It will enhance motivation for future improvement of the company`s performance....