WebKarl Heinrich Marx FRSA (German: ; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary.His best-known titles are the 1848 pamphlet The Communist Manifesto and the four-volume Das Kapital (1867–1883). Marx's political …

WebThe Grundrisse der Kritik der Politischen Ökonomie (Foundations of a Critique of Political Economy) is an unfinished manuscript by the German philosopher Karl Marx.The series of seven notebooks was rough-drafted by Marx, chiefly for purposes of self-clarification, during the winter of 1857–8. Left aside by Marx in 1858, it remained unpublished until 1939.

WebMarxist philosophy or Marxist theory are works in philosophy that are strongly influenced by Karl Marx's materialist approach to theory, or works written by Marxists.Marxist philosophy may be broadly divided into Western Marxism, which drew from various sources, and the official philosophy in the Soviet Union, which enforced a rigid reading of …

WebIn the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly …

WebKarl Marx's theory of alienation describes the estrangement (German: Entfremdung) of people from aspects of their human nature (Gattungswesen, 'species-essence') as a consequence of the division of labor and living in a society of stratified social classes.The alienation from the self is a consequence of being a mechanistic part of a social class, …

WebThe labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it.. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David …

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WebCommunism (from Latin communis, 'common, universal') is a far-left sociopolitical, philosophical, and economic ideology and current within the socialist movement whose goal is the establishment of a communist society, a socioeconomic order centered around common ownership of the means of production, distribution, and exchange which …

WebHe also argued that a market economy provided a substitute for government control of the economy, which reduces the risks of tyranny and authoritarianism. [75] In his book The Road to Serfdom (1944), Friedrich Hayek (1899–1992) asserted that the free-market understanding of economic freedom as present in capitalism is a requisite of political …

WebAn economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given …