It’s somewhat ironic that many who criticise Marxism have never read any of Marx’s original arguments. To clarify, Marx's critique of capitalism is fundamentally different from the historical realities of "Marxism-Leninism" or the communism practised by 20th-century regimes. Marxism-Leninism, characterised by centralised party and state control, was a later development that frequently conflicted with Marx's analysis. The state-controlled Soviet model diverged even further from Marx's original vision and methodology.

Reading Das Kapital requires engaging with Marx’s dynamic and dialectical analysis of a capitalist society, grounded in historical materialism. For Marx, the scope of analysis is not merely economic but fundamentally systemic: our embeddedness as a social being determines our consciousness. The economic “base”, composed of productive forces and relations, shapes—and is constantly mediated by—the "superstructure" of law, politics, and ideology. Society, in Marx's view, is never static but rather a contradictory whole, perpetually in motion and fraught with tension.

1️⃣ Capitalist Contradiction and Crisis
Marx argued that capitalism is driven by an inherent contradiction: the forces of production (technology and labour productivity) expand continuously, while the social relations of production (private ownership and wage labour) remain inflexible. This contradiction causes crises of overproduction, falling profits, and economic cycles—not as accidents, but as expressions of the antagonism between social needs and capital accumulation. Such crises represent both breakdowns and opportunities for transformation.

2️⃣ Labour Theory of Value and Exploitation
Marx’s labour theory of value (developed from classical economists but radically recast) states that the value of commodities is determined by the socially necessary labour time required for their production. Capitalism’s unique feature is that labour-power itself becomes a commodity: workers sell their capacity to work, which produces more value than the wages they receive. This surplus is appropriated by capitalists. Exploitation is thus a structural aspect, not a matter of individual wrongdoing—profit exists only because unpaid labor is systematically extracted from workers.

3️⃣ Class, Alienation, and Social Division
According to Marx, capitalism divides society into two main classes: capitalists (owners of production means) and proletarians (owners of labour-power). This division is not merely economic but existential. Workers are alienated from the products they create, from nature, from their creative potential, and from each other. Alienation is a social condition fostered by commodification and the subordination of human needs to the logic of capital. It is both a psychological and a material wound.

4️⃣ Commodity Fetishism and Mystification of Social Relations
Perhaps Marx’s most subtle insight is commodity fetishism, where social relationships between people take the form of relationships between things. In capitalism, the exchange of goods seems “natural,” concealing the social labour that gives them value. Commodities appear to hold value inherently, masking the underlying exploitation and making capitalist relations seem timeless and objective. This reification is central to Marx’s critique of ideology.

Many of Marx’s economic predictions—like the idea of increasing “immiseration”—are debated today and Marx’s labour theory is highly contested; prices often diverge from labour values and surplus is dependent increasingly on technological innovation, risk-taking and investment—not just “unpaid labor”. However, his foundational analysis of contradiction, exploitation, alienation, and mystification must be re-interpreted, not abandoned—especially as modern capitalism mutates into new forms like “techno-feudalism,” gig economies, financialisation, and algorithmic control.

Marx’s project was never simply to tinker with capitalism’s symptoms. As the Communist Manifesto famously stated, “the free development of each is the condition for the free development of all.” Overcoming capitalism’s crises demands the transformation of our deepest social relations—a challenge that remains as urgent and fiercely contested as ever.

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