Question on: JAMB Government - 2001
The central point of capitalism, as expounded by Karl Marx, is that
A
capitalist profit is the surplus value obtained from workers labour
B
workers are inherently incapable of being owners of their labour
C
capitalists shall always increase worker earning capacity through wages
D
capitslists shall always readily consent to workers welfare demands.
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Correct Option: A
The central point of capitalism as expounded by Kari Marx is that capitalists' profit is the surplus value obtained from workers' labour.
According to Marx, workers produce more than what they get employers. The capitalist employers buy the services of labour cheap, but they sell the goods produced by labour at a rate higher than the amount spent for the payment of wages and up keep of the factory and they appropriate this excess as profit.
According to D.N.Ghosh (1959) Karl Marx described profit as nothing but legalized robbery.
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