PHIL 2380 Lecture Notes - Lecture 8: The Communist Manifesto, Wage Labour, Labour Power
14 Mar 2016
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Document Summary
Bourgeoisie- the class of modern capitalists, owners of means of social production and employers of wage labor. (the capitalist class who own most of society"s wealth and means of production ) Proletariat- the class of modern wage-laborers who, having no means of production of their own, are reduced to selling their labor power in order to live (working class people) Isolation of society is caused by working class" resistance of capitalist class. Means of production- the political economic thought he infrastructure, equipment machinery etc. , required to make things, goods and commodities. Political economy- according to political economic theory, and in contrast to free-market theory, crisis are a normal and inevitable aspects of capitalism. Over accumulation- a condition in the economy where capital becomes concentrated in very few hands causing economic slowdown and potential socioeconomic crisis.
