Theories of Development

MARXIAN THEORY Karl Marx contribution to the theory is unique because he considered not only economic prerequisites for growth but also social consequences He believed that the process of socialism was not gradual or evolutionary as assumed by the orders theory as it was characterized by conflict of inter between classes in the society. He saw struggle as an engine of social change and development as -class struggle between the capitalist class and the workers. -The collapse of the capitalist system as the capitalist find investment unprofitable due to the ultimate fall of wages to the subsistence level. According to Marx, every society has a class structure consisting of the propertied and the non-propertied class - the labourers. The propertied, i.e. the capitalists own the means of production while the workers own nothing but their labour power which has to be sold in exchange for a wage. Wages are used in the purchase of life's necessities s...