ABSTRACT
This chapter focuses on Karl Marx’s labor theory of value and the key elements of his analysis of capitalism that elicits revolutionary action on behalf of exploited labor. Marx argued that the value of commodities is determined by the amount of abstract labor socially necessary for their production. Marx recognizes the role of natural resources and capital in augmenting material wealth, and it would be inconsistent to argue that capital is worthless while advocating its collective ownership as the key to social transformation. One of the key concepts used in Marxist analysis is the notion of capital accumulation. Individual capitalists face three imperatives: to make a profit in order to maintain their integrity, to guarantee future profits, and to use technology efficiently through reinvestment of capital. According to Marx, the goal of the capitalist is not simply to compete and win but to eliminate its competition altogether.
