Karl Marx (1818-1883) a German philosopher, economic determinst and a revolutionary born in Rhine province of Prussia, Germany. Marx was a revolutionary and also considered as radical which pressed him to leave Germany and he went to England later. EDUCATION AND FAMOUS WORK OF MARX:- Doctorate fromRead more
- Karl Marx (1818-1883) a German philosopher, economic determinst and a revolutionary born in Rhine province of Prussia, Germany.
- Marx was a revolutionary and also considered as radical which pressed him to leave Germany and he went to England later.
- EDUCATION AND FAMOUS WORK OF MARX:-
- Doctorate from University of Jena 1841
- ‘Communist Manifesto’ in collaboration with Friedrich Engles. (1848)
- Das Kapital
- Theory of historical materialism
Main Idea
Origin of class
- Humans fulfill their basic needs by their unique ability to produce which is called material production.
- It lead to origin of classes:-
1.Dominant (who owns)
2. Dominated (who do not own)
What is capitalism?
- Capitalism is the process of production with the help of fixed capital (raw material, tools, machines, and factories) and variable capital (human labour) not for the purpose of consumption but for profit.
Theory of Surplus Value
- It is the difference between labour and labour power.
Theory of Alienation
- The ability to produce under capitalism becomes a commodity in which labor power is sold to capitalist for wages.
- Types of Alienation:-
- Product of work
- Activity of Production
- Distinct Potential
- From one another
Theory of class struggle
- “The history of all hitherto existing society is the history of class struggle” -Karl Marx
- Types of classes in each society:-
- Capitalist society
- Worker
- Owner
- Feudal Society
- Lord
- Serf
- Slave Society
- Master
- Slave
It’s relevance
- Prediction of globalization
- Rising Inequality
- “Poverty in the midst of Plenty”
Conclusion
“The proletarians have nothing to loose but their chains. They have a world to win.”- The Communist Manifesto.
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1) Trade policies are rules set by a country about how it trades with other countries. These rules include: a. Tariffs: Taxes on goods coming into the country. b. Quotas: Limits on the number of goods that can be imported. c.Trade Agreements: Deals between countries to make trading easier. 2)Read more
1) Trade policies are rules set by a country about how it trades with other countries. These rules include:
a. Tariffs: Taxes on goods coming into the country.
b. Quotas: Limits on the number of goods that can be imported.
c.Trade Agreements: Deals between countries to make trading easier.
2) How Trade Policies Help Economic Growth
a. Selling More Products (Exports)
Example: If India sells more clothes to the USA, Indian companies make more money, which helps the Indian economy grow.
b. Buying Needed Goods (Imports)
Example: If Brazil can buy advanced farming machines from Germany, Brazilian farms can produce more food, boosting the economy.
c. Attracting Foreign Companies
Example: If Nigeria has friendly trade policies, a big tech company like Apple might build a factory there, creating jobs and bringing in money.
d. Getting Better at Making Things (Specialization)
Example: Vietnam focuses on making electronics because it’s good at it. By specializing, Vietnam can produce electronics efficiently and sell them worldwide.
e. Learning New Things (Technology Transfer)
Example: When South Korea trades with the USA, it learns new technologies and business practices, which helps South Korean companies improve.
3. Problems with Trade Policies
a. Dependency on a Few Products
Example: If Angola relies heavily on selling oil, a drop in oil prices can hurt its economy badly.
b. Importing Too Much
Example: If Mexico buys more goods than it sells, it might end up owing a lot of money to other countries.
c. Hurting Local Businesses
Example: If Kenya suddenly allows a lot of cheap shoes from China, local shoe makers might not be able to compete and could go out of business.
4. Balancing Trade Policies
a. Protecting Local Businesses
Example: India might put a tax on imported cars to help local car manufacturers grow. But too much protection can make local companies lazy and inefficient.
b. Opening Up Trade (Trade Liberalization)
Example: South Korea gradually removed trade barriers, which helped its companies compete globally, but did it slowly to give local businesses time to adjust.
5. Real-Life Examples
a. China’s Success
Example: China opened up its economy in the 1980s, allowing foreign businesses to invest. This led to rapid growth, making China a global manufacturing powerhouse.
b. Challenges in Africa
Example: Some African countries focus too much on exporting raw materials like minerals. If prices drop, their economies suffer. They need to diversify to become more stable.
6. Summary
Trade policies can help developing countries grow by selling more goods, buying necessary products, attracting foreign companies, specializing in what they do best, and learning new technologies. However, they need to balance these benefits with potential risks like dependency, trade deficits, and harm to local businesses. By managing trade policies wisely, countries can achieve sustainable economic growth.
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