Finance: Marx (fair Income Distribution)

12 Pages 2880 Words

ges that took place affected every aspect of society. It changed not only industry, but also politics, religion, laws, and people’s social interactions. In feudalism, wealth was tied to the land. Society was based on agriculture and 90% of the people worked the land. If someone owned land they were wealthy; the society was divided into two classes, landowners and non-landowners. In feudalism, wealth was inherited. Land was passed on when the landowner died to his descendants and therefore it was impossible for serfs to move up.
Capitalism revolutionized the entire economic and societal structure. Wealth was linked to trade and production. For the first time, serfs had the ability to acquire some wealth because wealth was no longer based on lineage. Under this new system, owning a business became the major way to generate wealth, which created some opportunity for serfs that had a skill. Furthermore, land became a commodity that could be bought and sold. Previously, land did not change hands and the king could seize it at any time. In capita...