Questions – Chapter 7

1.      What was Marx’s main moral objection to capitalism?

2.      Describe Marx’s concept of alienation.

3.      What is a commodity?

4.      What is meant by the “labour theory of value”?

5.      What is “surplus value”?

6.      What is meant by “capital accumulation”?

7.      What is meant by “primitive accumulation”?

8.      How did Marx’s views of primitive accumulation differ from those of the defenders of capitalism?

9.      According to Marx, why do capitalists have to keep re-investing?

10.  What is meant by the term “industrial reserve army”?

11.  What are its functions according to Marx?

12.  What is the difference between a consumer good and a producer good?

13.  Give an example of a consumer good and a producer good that is manufactured in Saskatchewan.

14.  How do economic downturns affect the consumer and producer sectors of the economy?

15.  Is there any evidence to support Marx’s view that capitalist economies grow “in cycles of boom and bust, with periodic high levels of employment”? (p 113)

16.  Marx stated (p 113) that “an increase in the minimum amount of … capital necessary to carry on  a business under its normal conditions”?  What is meant by this?  Can you give examples of types of business where this is true, and types of business where it is not true?

17.  Quotation at the top of page 114 - explain what this means in plain English.

18.  What is meant by “the state”?  How is it different from “government”?

19.  What are the functions of the state according to Marx?

20.  Why did Marx think there would be a socialist revolution?