Английский для экономистов и менеджеров. Ульянова О.В - 15 стр.

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KARL MARX: IT'S EXPLOITATION!
Karl Marx, a German economist and political scientist who lived from
1818 to 1883, looked at capitalism from a more pessimistic and revolutionary
viewpoint. Where Adam Smith saw harmony and growth, Marx saw instabil-
ity, struggle, and decline. Marx believed that once the capitalist (the guy with
the money and the organizational skills to build a factory) has set up the
means of production, all value is created by the labor involved in production.
In Marx's view, presented in his 1867 tome Das Kapital (Capital), a capital-
ist's profits come from exploiting labor—that is, from underpaying workers
for the value that they are actually creating. For this reason, Marx couldn't
abide the notion of a profit-oriented organization.
This situation of management exploiting labor is the main reason of the
class struggle. Marx saw the class struggle at the heart of capitalism, and he
predicted that that struggle would ultimately destroy capitalism. To Marx,
class struggle intensifies over time. Ultimately, in Marx's view, society
moves to a two-class system of a few wealthy capitalists and a mass of un-
derpaid, underprivileged workers.
Marx predicted the fall of capitalism and movement of society toward
communism, in which “the people” (that is, the workers) own the means of
production and thus have no need to exploit labor for profit. Clearly, Marx's
thinking had a tremendous impact on many societies, particularly on the
USSR (Union of Soviet Socialist Republics) in the twentieth century.
While Marx's theories have been discredited, they are fascinating and worth
knowing. They also say something about weaknesses in capitalism.
KEYNES: THE GOVERNMENT SHOULD HELP OUT THE ECONOMY
John Maynard Keynes, a British economist and financial genius who
lived from 1883 to 1946, also examined capitalism and came up with some
extremely influential views. They were, however, quite different from those
of Karl Marx and, for that matter, Adam Smith. In 1936, he published his
General Theory of Employment, Interest, and Money. We will examine
Keynes's theories later. They mainly involve people's propensity to spend or
to save their additional money as their incomes rise, and the effects of in-
creases in spending on the economy as a whole.
The larger significance of Keynes's work lies in the view he put forth
about the role of government in a capitalist economy. Keynes was writing
during the Great Depression. It's worth noting at this point that in the United
States unemployment reached about 25 percent and millions of people had
lost their life savings as well as their jobs. Moreover, there was no clear path

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