Ch.+9.3+&+Carl+Marx

Carl Marx summary & Questions # 1-5

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 * Carl Marx studied philosophy in his native Germany and earned a doctorate at the age of 23
 * because of his radical writings that criticized the government he could not find any work as a teacher and soon was forced to flee Paris
 * 1848 his work //The Communist Manifesto// was published
 * In this pamphlet he argued that history is a struggle between capitalists and proletariats
 * 1867 Marx completed the first volume of //Das Kapital,// he drew many of his info from the works of Adam Smith and David Ricardo
 * Marx explored the relationship between labor, profit, and the distribution of wealth
 * by the time his final volume appeared in 1894, //Das Kapital// had established him as one of the most prominent economists of the 19th century
 * Marx claimed that labor is the source of all added value
 * Textile company is an example: capitalist buys cotton thread and pays workers in his factory to weave it into fabric, the capitalist then sells his fabric for more than the combined value of the thread and the workers' wage
 * 1) Some of the key goals of a labor union is to organize workers employed in the same occupation, craft, regardless of where they work
 * 2) Strikes are damaging to workers and companies because those workers who do not want to go on a strike must go on strike and loose their job for the time being and a company must look for temporary workers and must meet the wants of the previous workers if they want the strike to end
 * 3) Right to work law: a measure that bans mandatory union membership
 * 4) Mediation: a settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept. Arbitration: A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides
 * 5) Blue collar workers are people that work in an industrial job often in manufacturing and receives wages. (ex. manufacturing, mining, mechanical work, and maintenance.) White collar workers are people that are in a professional or clerical job who usually earns a salary. (ex. doctors, lawyers, teachers, CEO)