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In this essay I will attempt to illustrate how the capital-intensive nature of the economy the high levels of market concentration and the high level of unemployment in South Africa are both related yet at the same time have many other independent variables accounting for them I will compare this with the Marxian concept of economics and will start by examining exactly what Marxs beliefs were and therefore how they lead to his predictions for the state Marx was essentially a classical economist and has been described by Lassalle McLellan 1975 51 as a David Ricardo turned socialist He saw the capitalist system neither as virtuous nor as a given wishing to analyse the birth life and death of a given social organism and its replacement by another superior order McLellan 1975 51 Also strongly in contrast to modern economic schools of thought Marx regarded the concept of value apart from price Rather Marx adhered to the labour theory of value central to classical theory For Marx the value of a product could be indirectly calculated via the amount of labour embodied in it with lesser regard on supply and demand Commodities are essentially in this regard congealed labour The price is seen to shift around the amount of labour used in a product This gives an alternative explanation for the diamond-water paradox as much more labour is required to attain a cut diamond than to tap water Marx distinguishes between use-value and exchange-value In earlier ages use-value could be applied to the exchange of goods directly or with the intermediate use of money In contemporary times however Marx hypothesised that the ultimate aim of capitalism is to turn products into profit Capitalists supposedly do this through exchange-value which is achieved through the exchange of capital and labour where the wage of a labourer has smaller exchange-value than the exchange value of the object that he or she produced Marx accounts
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