the new modes of production

the new modes of production, communication and distribution, wealth would not be equally distributed that in turn would become a problem. While ten percent of the population owned almost all of the property, ninety percent owned nothing. In the beginning, the ninety percent population did not even know that instead of working for a larger good, they were working for what would only benefit the ten percent of population. As cities and towns started industrializing, wealth grew concentrated, where the rich grew richer and the middle class began sinking to the level of working class.
So, at a point there were just two types of people in the world. The ten percent that owned property and the ninety percent were the ones who sold their labor to them. As a prominent ideology like this would disappear, then would people know that inequalities had never vanished from the face of earth and workers would see the system for what it really is, and then would have to come together to over-throw it. What this theory wants to clarify to a worker and employer is of the social relation between them and what enables capitalist production to even take place at all. This makes the worker free in two ways, firstly free in selling their own labor power, bound by other socio-economic ties and secondly, free of any ownership of the means of production, so that they have no other choice than to sell their labor power for their own material survival.
Another important thing to take note is of ‘commodity fetishism’. It is in Karl Marx’s critique of political economy. This is a very powerful theory which is very much significant in today’s world. It basically is of the relations between people mediated by relations between things: commodities and money. Commodities (goods and services) are not simple to get, as they possess two types of value i.e. use value, which meets human needs or wants and exchange value where an object can be traded in exchange for something else. But value then gets seen as intrinsic to commodities rather than being the result of labour, and the exchange of commodities and market-based interaction are seen as the “natural” way of dealing with all objects, rather than as a historically specific set of social relations.
There are eight of such possibilities that are Marx’s theories and concept which are still relevant in today’s times:
1. Some socialists argue that a class based analysis of global society is still relevant. Professor Leslie Sklaire of London School of Economics argues that recent decades have seen the emergence of a ‘Transnational Capitalist Class’. Certain politicians and bureaucrats are the leaders of global corporations who are the only ones that control billions of dollars of assets and financial flows. They wield their power through undemocratic international economic institutions such as the World Bank, The International Monetary Fund, etc. These institutions were set-up after World War Two to help in coordinating the expanding global economy and facilitate re-development after war. The idea that this gives is that the power is in the hands of rich as the global economy is run by corporations and politicians for their own good. Professor Joseph Stiglitz of Columbia University, an American economist, argues that since 1970s these