econ hw

Question) Marx had once stated that under capitalism the threat of the Monseigneur’s (feudal lord or slave master) whip is replaced by ‘the threat of the sack (unemployment)’. Briefly explain (350-500 words) what Marx means by this statement ?

[Hint: Recall the in-class discussion we had on how one of the reasons for the success of capitalism (as compared to command and tradition based systems) is that it replaces visible coercion with invisible coercion]

(Note: This is a slightly tricky one, please feel free to send me an email if you need help with this one)