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Marx argued that this alienation of labor power (and resulting commodity fetishism) is precisely the defining feature of capitalism. Prior to capitalism, markets existed in Europe where producers and merchants bought and sold commodities. According to Marx, a capitalist mode of production developed in Europe when labor itself became a commodity — when peasants became free to sell their own labor-power, and needed to sell their own labor because they no longer possessed their own land or tools necessary to produce. People sell their labor-power when they accept compensation in return for whatever work they do in a given period of time (in other words, they are not selling the product of their labor, but their capacity to work). In return for selling their labor power they receive money, which allows them to survive. Those who must sell their labor power to live are " proletarians." The person who buys the labor power, generally someone who does own the land and technology to produce, is a "capitalist" or " bourgeois." (NOTE: Marx considered this an objective description of capitalism, distinct from any one of a variety of ideological claims of or about capitalism). The proletarians inevitably outnumber the capitalists.
Marx distinguished capitalists from merchants. Merchants buy goods in one place and sell them in another; more precisely, they buy things in one market and sell them in another. Since the laws of supply and demand operate within given markets, there is often a difference between the price of a commodity in one market and another. Merchants, then, practice arbitrage, and hope to capture the difference between these two markets. According to Marx, capitalists, on the other hand, take advantage of the difference between the labor market and the market for whatever commodity is produced by the capitalist. Marx observed that in practically every successful industry the price for labor was lower than the price of the manufactured good. Marx called this difference " surplus value" and argued that this surplus value was in fact the source of a capitalist's profit.
The capitalist mode of production is capable of tremendous growth because the capitalist can, and has an incentive to, reinvest profits in new technologies. Marx considered the capitalist class to be the most revolutionary in history, because it constantly revolutionized the means of production. But Marx believed that capitalism was prone to periodic crises. He suggested that over time, capitalists would invest more and more in new technologies, and less and less in labor. Since Marx believed that surplus value appropriated from labor is the source of profits, he concluded that the rate of profit would fall even as the economy grew. When the rate of profit falls below a certain point, the result would be a recession or depression in which certain sectors of the economy would collapse. Marx understood that during such a crisis the price of labor would also fall, and eventually make possible the investment in new technologies and the growth of new sectors of the economy.
Marx believed that this cycle of growth, collapse, and growth would be punctuated by increasingly severe crises. Moreover, he believed that the long-term consequence of this process was necessarily the empowerment of the capitalist class and the impoverishment of the proletariat. He believed that were the proletariat to seize the means of production, they would encourage social relations that would benefit everyone equally, and a system of production less vulnerable to periodic crises. In general, Marx thought that peaceful negotiation of this problem was impracticable, and that a massive, well-organized and violent revolution was required. Finally, he theorized that to maintain the socialist system, a proletarian dictatorship must be established and maintained.
A small number of scholars have presented an alternative reading of Marx, based on his essays On the Jewish Question. Economist Tyler Cowen , historian Marvin Perry , and political scientist Joshua Muravchik have suggested that Marx's intense hatred for the "Jewish Class" was part of Marx's belief that if he could convince his contemporaries and the public to hate Jewish capitalists, the public would eventually come to hate non-Jewish capitalists as well.
Most scholars reject this claim for two reasons: first, it is based on two short essays written in the 1840s, and ignores the bulk of Marx's analysis of capitalism written in the following years. Second, it distorts the argument of On the Jewish Question, in which Marx deconstructs liberal notions of emancipation. During the Enlightenment, philosophers and political theorists argued that religious authority had been oppressing human beings, and that religion must be separated from the functions of the state for people to be truly free. Following the French Revolution, many people were thus calling for the emancipation of the Jews .
At the same time, many argued that Christianity is a more enlightened and advanced religion than Judaism. For example, Marx's former mentor, Bruno Bauer, argued that Christians need to be emancipated only once (from Christianity), and Jews need to be emancipated twice — first from Judaism (presumably, by converting to Christianity), then from religion altogether.
Marx rejects Bauer's argument as a form of Christian ethnocentrism, if not anti-Semitic. Marx proceeds to turn Bauer's language, and the rhetoric of anti-Semites, upside down to make a more progressive argument. First, he points out that Bruno Bauer's argument is too parochial because it considers Christianity to be more evolved than Judaism, and because it narrowly defines the problem that requires emancipation to be religion. Marx instead argues that the issue is not religion, but capitalism. Pointing out that anti-Semitic stereotypes of Jews are fundamentally anti-capitalist, Marx provides a theory of anti-Semitism by suggesting that anti-Semites scapegoat Jews for capitalism because too many non-Jews benefit from, or are invested in capitalism, to attack capitalism directly.
Marx also uses this rhetoric ironically to develop his critique of bourgeois notions of emancipation. Marx points out that the bourgeois notion of freedom is predicated on choice (in politics, through elections; in the economy, through the market), but that this form of freedom is anti-social and alienating. Although Bauer and other liberals believe that emancipation means freedom to choose, Marx argues that this is at best a very narrow notion of freedom. Thus, what Bauer believes would be the emancipation of the Jews is for Marx actually alienation, not emancipation. After explaining that he is not referring to real Jews or to the Jewish religion, Marx appropriates this anti-Semitic rhetoric against itself (in a way that parallels his Hegelian argument that capitalism contains the seeds of its own destruction) by using "Judaism" ironically as a metaphor for capitalism. In this sense, Marx states, all Europeans are "Jewish." This is a pun on two levels. First, if the Jews must be emancipated, Marx is saying that all Europeans must be emancipated. Second, if by "Judaism" one really means "capitalism," then far from Jews needing to be emancipated from Christianity (as Bauer called for), Christians need to be emancipated from Judaism (meaning, bourgeois society). See works by historian Hal Draper and David McLellan .
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