Marxism - Explained
What is Marxism?
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What is Marxism?
Marxism is a socio-economic philosophy or method of analysis. It seeks to explain social movements or transformations in society that are driven by economic conditions affecting social classes. The theory explains that forces of production (such as technology improvements) will obviate (do away with the need for) individuals who do that work. This will cause conflict between the class of individuals who own or control production (bourgeoise) and those who work to actual produce (proletariat) classes.
Back to: ECONOMIC ANALYSIS & MONETARY POLICY
History of Marxism
Marxist theory derives form the works of 19th-century German philosophers Karl Marx and Freidrich Engels. Marxist theories have developed over time and applied to many productive areas. The theory rests on the idea that social change happens based upon the struggle between socio-economic classes.
- Conscious Capitalism
- Centrally Planned Economy