ipl-logo

Essay On Karl Marx's Theory Of Class

1133 Words5 Pages

The term class can become a confusing concept within social theories with theoretical disputes about the proper definition and elaboration of the concept of class. Studying the sociological theories of class by Karl Marx and Erik Olin Wright, this essay argues that the Australian myth of a wealthy and privileged minority of Australians reinforcing ongoing inequality while exercising their power produced through exploitation, symbolic capital and social stratification is relevant today. The idea behind Karl Marx’s theory of class is the structure of capitalism and can be “regarded as an objective phenomenon”1. It consists of two main classes; the bourgeoisie, the capitalists who own the means of produce, and the larger proletariat who must sell their own labour power. Erik Olin Wright’s theory is an adaptation from the classical Marxism to modern-day economies, to ‘scientifically define and clarify concepts such as class and empirically test them”.2
Karl Marx’s …show more content…

According to Marxist theory, social stratification is created by the differing economic competences among people and the relationship to the processes of production. Two distinct classes can be created in a society, one who own the factors and those who sell their labor in the production chain. Marx recognises that aside from the two distinct classes, bourgeoisie and proletariat, there are two other distinctive group that somehow manage to relate: the petite bourgeoisie, those who own some of the means of productions but their profit earning power is not enough to earn them a position among the bourgeoisie and the underclass who have no social status such as beggars and the

Open Document