Global Poverty and the Principles of Marxist Approach (Term Paper Sample)

Global Poverty
Name
Institution
Global Poverty
Poverty is a global phenomenon. It is indeed true because approximately 80 per cent of the world population survive on only approximately less than $10 per day compared to about 20 per cent of the world's population who own about three-quarters of the total world income (Shah, 2013). Several accommodating factors, of course, animate the poverty rate in the world. Among the key elements are inadequate access to clean water and nutritious food, little access to livelihood, poor education, climate change, conflict, and inequality. Various attempts have been put in place to bring out a clear picture of poverty globally as one step towards addressing this issue. Studies have been used as one of the ways of bringing out a clear picture of this state. Scholars have researched the causes of growing poverty globally and how it is used to alleviate pauperism and its effects. The Marxist Theory, propounded by a German intellectual Karl Marx, constitutes one of the key philosophies that has, in its tenets, brought to light the realities that fuel abject poverty among communities, especially in third world countries (Sau, 2020). This paper critically tackles global poverty concerning the key features and principles of the Marxist Approach.
Marxism Theory presents a view about the social, political, and economic conditions of the world. Marx, in this theory, brought to light its basis by introducing the reality concerning capitalists' exploitation of the proletariats and the proletariats' revolutionary protests against this exploitation, which sparks class division, hence compromising the living standards of the people (Sau, 2020). He did this without resorting to the imagination. Most of his arguments were directly drawn from reality, especially by reverting to history. Central to the Marxist Theory was historical materialism and political economy, which constitutes the Labor Theory of Value (LTV). LTV holds that the working class is continually exploited under capitalism, which dissociates price and value (Marx, K. (2018). The viewpoints out that the toil and trouble of acquiring something are its actual value. Therefore, the monetary value is just a sheer representation of the efforts to produce and/or receive the commodity in question.
Particularity is one of the critical features of the Marxist Approach, with the concepts of base and superstructure, despite their varied spatial application. On the one hand, production