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Das Kapital
Capital. Critique of Political Economy (German: Das Kapital. Kritik der politischen Ökonomie, pronounced [das kapiˈtaːl, kʁiːtɪk deːɐ pɔliːtɪʃən øːkoːnoːmiː] also known as just Das Kapital; 1867–1883) by Karl Marx
Karl Marx
is a foundational theoretical text in materialist philosophy, economics and politics.[1] Marx aimed to reveal the economic patterns underpinning the capitalist mode of production, in contrast to classical political economists such as Adam Smith, Jean-Baptiste Say, David Ricardo
David Ricardo
and John Stuart Mill. Marx did not live to publish the planned second and third parts, but they were both completed from his notes and published after his death by his colleague Friedrich Engels
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Wealth
Wealth is the abundance of valuable resources or valuable material possessions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1] An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy. The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics yet the meaning of wealth is context-dependent. At the most general level, economists may define wealth as "anything of value" that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept
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Objectification
In social philosophy, objectification is the act of treating a person, or sometimes an animal,[1] as an object or a thing. It is part of dehumanization, the act of disavowing the humanity of others. Sexual objectification, the act of treating a person as a mere object of sexual desire, is a subset of objectification, as is self-objectification, the objectification of one's self
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Property Rights
The right to property or right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e
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Wage Labour
Wage
Wage
labour (also wage labor in American English) is the socioeconomic relationship between a worker and an employer, where the worker sells his or her labour power under a formal or informal employment contract.[1] These transactions usually occur in a labour market where wages are market determined.[2] In exchange for the wages paid, the work product generally becomes the undifferentiated property of the employer, except for special cases such as the vesting of intellectual property patents in the United States where patent rights are usually vested in the employee personally responsible for the invention
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Banking
A bank is a financial institution that accepts deposits from the public and creates credit.[1] Lending
Lending
activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords. Banking
Banking
in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy
Renaissance Italy
but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world
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Ethics
Ethics
Ethics
or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct.[1] The term ethics derives from Ancient Greek
Ancient Greek
ἠθικός (ethikos), from ἦθος (ethos), meaning 'habit, custom'. The branch of philosophy axiology comprises the sub-branches of ethics and aesthetics, each concerned with values.[2] Ethics
Ethics
seeks to resolve questions of human morality by defining concepts such as good and evil, right and wrong, virtue and vice, justice and crime
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Moral Value
Value theory is a range of approaches to understanding how, why, and to what degree persons value things; whether the object or subject of valuing is a person, idea, object, or anything else. This investigation began in ancient philosophy, where it is called axiology or ethics. Early philosophical investigations sought to understand good and evil and the concept of "the good". Today, much of value theory aspires to the scientifically empirical, recording what people do value and attempting to understand why they value it in the context of psychology, sociology, and economics.[1] At the general level, there is a difference between moral and natural goods. Moral goods are those that have to do with the conduct of persons, usually leading to praise or blame. Natural goods, on the other hand, have to do with objects, not persons
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Distribution Of Wealth
The distribution of wealth is a comparison of the wealth of various members or groups in a society. It differs from the income distribution in that it looks at the economic distribution of ownership of the assets in a society, rather than the current income of members of that society
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Law
Law
Law
is a system of rules that are created and enforced through social or governmental institutions to regulate behavior.[2] Law
Law
is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent, normally in common law jurisdictions. Private individuals can create legally binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process. The formation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein
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Money
Money
Money
is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfills these functions can be considered as money. Money
Money
is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.[4] Fiat money, like any check or note of debt, is without use value as a physical commodity
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Employer
Employment
Employment
is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee.[1] Employees work in return for payment, which may be in the form of an hourly wage, by piecework or an annual salary, depending on the type of work an employee does or which sector she or he is working in. Employees in some fields or sectors may receive gratuities, bonus payment or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits can include health insurance, housing, disability insurance or use of a gym
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Theory Of Value (economics)
"Theory of value" is a generic term which encompasses all the theories within economics that attempt to explain the exchange value or price of goods and services. Key questions in economic theory include why goods and services are priced as they are, how the value of goods and services comes about, and—for normative value theories—how to calculate the correct price of goods and services (if such a value exists).Contents1 History 2 Intrinsic theory of value2.1 Labor theory of value 2.2 Power theory of value3 Subjective theory of value3.1 Marginalism 3.2 Exchange theory 3.3 Use value theory4 See also 5 References 6 External linksHistory[edit] A major question that has eluded economists since the earliest of publications was one of price. As commodities began to be exchanged for currency, economic thinkers have constantly been trying to decipher how prices are determined. “Value” was the general term assigned to indicate the relative price of a good or service
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Class Struggle
Class conflict, frequently referred to as class warfare or class struggle, is the tension or antagonism which exists in society due to competing socioeconomic interests and desires between people of different classes. The view that the class struggle provides the lever for radical social change for the majority is central to the work of communist Karl Marx
Karl Marx
and the anarchist Mikhail Bakunin. Class conflict
Class conflict
can take many different forms: direct violence, such as wars fought for resources and cheap labor; indirect violence, such as deaths from poverty, starvation, illness or unsafe working conditions; coercion, such as the threat of losing a job or the pulling of an important investment; or ideologically, such as with books and articles
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Perception
Perception
Perception
(from the Latin
Latin
perceptio) is the organization, identification, and interpretation of sensory information in order to represent and understand the presented information, or the environment.[1] All perception involves signals that go through the nervous system, wh
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