Karl Marx
By WILL KENTON Reviewed By BRIAN BARNIER Updated May 5, 2020
Who Was Karl Marx?
Karl Marx (1818-1883) was a philosopher, author, social theorist, and an economist. He is famous for his theories about capitalism and communism. Marx, in conjunction with Friedrich Engels, published The Communist Manifesto in 1848; later in life, he wrote Das Kapital (the first volume was published in Berlin in 1867; the second and third volumes were published posthumously in 1885 and 1894, respectively), which discussed the labor theory of value. Ironically, Marx was eloquent in describing the exploitation of the working class while personally failing to maintain a job for a significant period of time.
Marx's Inspiration
Marx was inspired by classical political economists such as Adam Smith and David Ricardo, while his own branch of economics, Marxian economics, is not favored among modern mainstream thought. Nevertheless, Marx's ideas have had a huge impact on societies, most prominently in communist projects such as those in the USSR, China, and Cuba. Among modern thinkers, Marx is still very influential among the fields of sociology, political economy and strands of heterodox economics.
Marx's Social Economic Systems
While many equate Karl Marx with socialism, his work on understanding capitalism as a social and economic system remains a valid critique in the modern era. In Das Kapital (or Capital in Eglish), Marx argues that society is composed of two main classes: Capitalists are the business owners who organize the process of production and who own the means of production such as factories, tools, and raw material, and who are also entitled to any and all profits. The other, much larger class is composed of labor (which Marx termed the "proletariat"). Laborers do not own or have any claim to the means of production, the finished products they work on, or any of the profits generated from sales of those products. Rather, labor works only in return for a money wage. Marx argued that because of this uneven arrangement, capitalists exploit workers.
Marx's Historical Materialism
Another important theory developed by Marx is known as historical materialism. This theory posits that society at any given point in time is ordered by the type of technology used in the process of production. Under industrial capitalism, society is ordered with capitalists organizing labor in factories or offices where they work for wages. Prior to capitalism, Marx suggested that feudalism existed as a specific set of social relations between lord and peasant classes related to the hand-powered or animal-powered means of production prevalent at the time.
Using Marx as a Foundation
Marx's work laid the foundations for future communist leaders such as Vladimir Lenin and Josef Stalin. Operating from the premise that capitalism contained the seeds of its own destruction, his ideas formed the basis of Marxism and served as a theoretical base for communism. Nearly everything Marx wrote was viewed through the lens of the common laborer. From Marx comes the idea that capitalist profits are possible because the value is "stolen" from the workers and transferred to employers. He was, without question, one of the most important and revolutionary thinkers of his time.
Famous Works
The Communist Manifesto summarizes Marx and Engels's theories about the nature of society and politics and is an attempt to explain the goals of Marxism, and, later, socialism. When writing The Communist Manifesto, Marx and Engels explained how they thought capitalism was unsustainable and how the capitalist society that existed at the time of the writing would eventually be replaced by a socialist one.
Das Kapital (full title: Capital: A Critique of Political Economy) was a critique of capitalism. By far the more academic work, it lays forth Marx's theories on commodities, labor markets, the division of labor and a basic understanding of the rate of return to owners of capital. The exact origins of the term "capitalism" in English are unclear, it appears that Karl Marx was not the first to use the word "capitalism" in English, although he certainly contributed to the rise of its use. According to the Oxford English Dictionary, the English word was first used by author William Thackeray in 1854, in his novel The Newcomes, who intended it to mean a sense of concern about personal possessions and money in general. While it's unclear whether either Thackeray or Marx was aware of the other's work, both men meant the word to have a pejorative ring.
https://www.investopedia.com/terms/k/karl-marx.asp
Who Was Karl Marx?
Karl Marx (1818-1883) was a philosopher, author, social theorist, and an economist. He is famous for his theories about capitalism and communism. Marx, in conjunction with Friedrich Engels, published The Communist Manifesto in 1848; later in life, he wrote Das Kapital (the first volume was published in Berlin in 1867; the second and third volumes were published posthumously in 1885 and 1894, respectively), which discussed the labor theory of value. Ironically, Marx was eloquent in describing the exploitation of the working class while personally failing to maintain a job for a significant period of time.
Marx's Inspiration
Marx was inspired by classical political economists such as Adam Smith and David Ricardo, while his own branch of economics, Marxian economics, is not favored among modern mainstream thought. Nevertheless, Marx's ideas have had a huge impact on societies, most prominently in communist projects such as those in the USSR, China, and Cuba. Among modern thinkers, Marx is still very influential among the fields of sociology, political economy and strands of heterodox economics.
Marx's Social Economic Systems
While many equate Karl Marx with socialism, his work on understanding capitalism as a social and economic system remains a valid critique in the modern era. In Das Kapital (or Capital in Eglish), Marx argues that society is composed of two main classes: Capitalists are the business owners who organize the process of production and who own the means of production such as factories, tools, and raw material, and who are also entitled to any and all profits. The other, much larger class is composed of labor (which Marx termed the "proletariat"). Laborers do not own or have any claim to the means of production, the finished products they work on, or any of the profits generated from sales of those products. Rather, labor works only in return for a money wage. Marx argued that because of this uneven arrangement, capitalists exploit workers.
Marx's Historical Materialism
Another important theory developed by Marx is known as historical materialism. This theory posits that society at any given point in time is ordered by the type of technology used in the process of production. Under industrial capitalism, society is ordered with capitalists organizing labor in factories or offices where they work for wages. Prior to capitalism, Marx suggested that feudalism existed as a specific set of social relations between lord and peasant classes related to the hand-powered or animal-powered means of production prevalent at the time.
Using Marx as a Foundation
Marx's work laid the foundations for future communist leaders such as Vladimir Lenin and Josef Stalin. Operating from the premise that capitalism contained the seeds of its own destruction, his ideas formed the basis of Marxism and served as a theoretical base for communism. Nearly everything Marx wrote was viewed through the lens of the common laborer. From Marx comes the idea that capitalist profits are possible because the value is "stolen" from the workers and transferred to employers. He was, without question, one of the most important and revolutionary thinkers of his time.
Famous Works
The Communist Manifesto summarizes Marx and Engels's theories about the nature of society and politics and is an attempt to explain the goals of Marxism, and, later, socialism. When writing The Communist Manifesto, Marx and Engels explained how they thought capitalism was unsustainable and how the capitalist society that existed at the time of the writing would eventually be replaced by a socialist one.
Das Kapital (full title: Capital: A Critique of Political Economy) was a critique of capitalism. By far the more academic work, it lays forth Marx's theories on commodities, labor markets, the division of labor and a basic understanding of the rate of return to owners of capital. The exact origins of the term "capitalism" in English are unclear, it appears that Karl Marx was not the first to use the word "capitalism" in English, although he certainly contributed to the rise of its use. According to the Oxford English Dictionary, the English word was first used by author William Thackeray in 1854, in his novel The Newcomes, who intended it to mean a sense of concern about personal possessions and money in general. While it's unclear whether either Thackeray or Marx was aware of the other's work, both men meant the word to have a pejorative ring.
https://www.investopedia.com/terms/k/karl-marx.asp