MLA FORMAT, 5 PAGES, REFERENCE PAGE, NO OUTSIDE SOURCES ONLY THE ONES PROVIDED PLS -GUIDELINES DOCUMENT PROVIDED BELOW-Where does Marx’s theory stand today? This is the starting point of your essay. You should provide a general overview of Marx’s theory of capitalism and evaluate the extent to which it is still relevant today. The essay, then, will focus on analyzing Marx’s theory of capital. This means showing the elements of Marx’s critique, in particular: his labor theory of value, his theory of accumulation and exploitation (or surplus value). Lastly, you may also link his theory of accumulation/exploitation to his theory of crises. Secondly, you will have the opportunity to evaluate Marx’s theory in light of contemporary society. Are we living in a world which could be described with the tools Marx provided, or, do we live in a world that outlived Marx’s analysis? In writing, you may follow the points listed below.1. Introduction: Write a brief introduction for your essay where you simply outline what the essay argues (remember that while the introduction is the first thing that shows in an essay, it is better to write it after the main text and conclusion are completed). 1. Elaboration of Argument: This is the main body of your essay—you can be divided into subsections with your own headings if you find that useful. Here you should explain the basic elements of Marx’s theory. You may use all or some of the points below to help you in framing/structuring your narrative. A. First, you should explain what capitalism is, in the broad sense. You can focus first on Marx's perspective in the Communist Manifesto, where there is a general overview of capitalism and its place in history. That said, remember to use Marx’s theoretical perspective which focuses on three core elements: classes, commodities and, most important, the general formula of capital—this last is from Capital not from the Communist Manifesto.The general formula is the Marxist definition of capitalism. Explain what the formula represents. Important: here you can work by describing how Marx’s theory draws on but also goes beyond Adam Smith’s labor theory of value and of markets (remember my argument that Marx describes capitalism as M-C-M,while for Smith the whole system is an undifferentiated C-M-C). B. Using quotes and/or examples from Marx’s capital, explain the basic elements of Marx’s critique of capitalism. First, remember the parable of the Shmoo: capitalism requires a sector of the population to have nothing but their labor to sell. That is, what is the relationship between capitalism and the class structure? Who owns/controls the means of production? How does owning the means of production facilitate the exploitation of labor? C. On the basis of the basis established by (i) and (ii) use chapters 9 and 10 to explain what is surplus value and how it relates to the exploitation of labor. Importantly, try to connect Marx’s concept of surplus value to his earlier concept of the general formula of capital.i. While it is not required, for this explanation you may use the example of the iPhone in order to show how Marx’s theory of exploitation is concretely reflected in commodities we consume today.d. In addition to explaining exploitation, you are encouraged to describe briefly how Marx connects the exploitation of labor to the recurrence of periodic economic crises (here Harvey’s video, Mandel’s text and my own lecture should help—there is also the recommended reading from Marx’s Capital Vol. 3, fragments from chapter 2 and chapter 13). e. If capitalism is grounded in exploitation and creates recurrent crises, are we in a fatal situation where no alternative is possible?i. Here you can also discuss whether a universal grant as proposed by Erik O. Wright would address the injustices embedded in capitalism. 2. Conclusion: After explaining the aspects of Marx’s theory that we discussed in class, by way of a conclusion you should briefly discuss whether Marx’s theory is relevant today--alternatively, you can do this discussion when addressing point e where the question of universal income and other proposals might be mentioned. Here you should use your own critical thinking skills. BBC VIDEO

Case Study 12.2 “Goldman Sachs and Hunger Bonds” and answer the following question:The assignment is to complete an analysis of one of the case studies posed at the end of the chapter readings for that week. These assignments are meant for the student to apply course materials from that week’s readings and asynchronous lectures in support of answering the questions posed at the end of the case. Turn in a short written assignment (2-3 pages). I will attach ebook login in information so that you can have access to the case study.Requirements: 2-3 pages