MARXISM

A social, political, and economic philosophy which examines the effect of capitalism on labor, productivity and economic development. Based on ideas and works of German Philosopher Karl Marx, the theory explains the struggle between social classes, particularly the bourgeoisie or capitalists and proletariat or workers, that reflect the development of the nation; and the capitalists endeavor to seek power over masses on the production factors. In order for the economy to grow continuously, economic control has to be eliminated from private ownership. This way, it will be replaced by socialism because the workers will govern society. This is also where the core ideas of modern communism and socialism come from. Marxism was developed in the 19th century.

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