Kaito Ajiro
2/25/19
ECON 376
Marxist Economic Thought
First Assignment.
Write short responses ( not just bullet points) to the following questions in the space provided.
Your answers should show familiarity with the readings and present a clear and concise
argument. Think carefully before you write, and write legibly ( or type!).
Briefly explain two ways in which you think the Communist Manifesto has any relevance today?
Explain you reasoning clearly. (5)
The Communist Manifesto in other words, Karl Marx’s idea on the economic world is
relevant today in two key ways. One is the world’s inequality, where there are small percentage
of nations holding most of the wealth as the rest are left with just enough to get by. The Marx’s
theory of questioning capitalism due to its consistency of inequality is one reason why the
Communist Manifesto is relevant today. Secondly, in close relation to the last, is the class
theory, where not only does a small percentage of the population hold the wealth, but also
control this wealth because of the power they hold in society. The idea that people are put into
class only because of their wealth and social power, it becomes difficult to move up the latter.
For an example only 1% of the actual shareholders of business are capable of deciding what to
do with profits to only benefit themselves due to the reasoning that they invested the most
amount of money. This wealth keeps circulating just like the application of labor, like Marx’s
explained, where it’s an endless cycle that is controlled by the very few.
Mention two important factors that shaped the transition from feudalism to capitalism in Europe.
Explain briefly why you think these factors are important (5)
One major reason that Karl Marx emphasized on the decline of feudalism was based on
internal issues between the common people and the monarchs. Similar to the class theory, back
Kaito Ajiro
2/25/19
in the day where things were more barbaric, the common people were capable of revolting the
system and causing war within the nation itself. This led to the collapse “internally” with
feudalism allowing “external” change occur to put it capitalism into place. When the monarchs
had their hands filled with the common people this allowed space for the production owners to
take place in their success of private business. During this time trade became a ladder to move
up into higher class with more wealth taking the monarchs place within its power. These are
extremely important factors, because it’s an inevitable cycle with capitalism where people rise
up to power and once that power is held a certain amount of the population and the common
people don’t agree, there becomes a revolt.
