USA HISTORY

Detailed explanation-1: -Marx named this class the proletariat. According to Marx, the value of a product is based on the labor used to manufacture it. Marx pointed out that workers’ wages fell far short of the price of the products they made.

Detailed explanation-2: -Marx envisioned a communist system in which high levels of industrial production would ensure a good standard of living for the entire population. His theory did not account for the issues of scarcity of resources and overpopulation; indeed they were not relevant to his epoch.

Detailed explanation-3: -Marx defined the proletariat as the social class having no significant ownership of the means of production (factories, machines, land, mines, buildings, vehicles) and whose only means of subsistence is to sell their labor power for a wage or salary.

Detailed explanation-4: -Determinant of class Marx’s theory of class defines classes in their relation to their ownership and control of the means of production. In a capitalist society, the bourgeoisie, or the capitalist class, is the class that owns the means of production and derives a passive income from their operation.

Detailed explanation-5: -He divides the world essentially into two groups of people: those who control the means of production, known as the bourgeoisie. those who labor to produce goods, known as the proletariat.