Friedrich Engels

DEFINITION of 'Friedrich Engels'

The co founder of socialism, along with Karl Marx. Intelligent and well-educated, Engels wrote and published numerous articles and books. His most well-known book was The Communist Manifesto, written in collaboration with Marx and published in 1849. He also edited volumes 2 and 3 of Capital after Marx's death. Engels died in 1895.



BREAKING DOWN 'Friedrich Engels'

Engels was born in 1820 inPrussia. He worked on and off in a textile factory where his father was a shareholder, and he hated it. He was opposed to organized religion and to capitalism and was influenced by the writings of German philosopher Georg Wilhelm Friedrich Hegel. Engels helped to develop Marxism, which is based on the labor theory of value and on the idea that capitalists earn profits by exploiting workers.

RELATED TERMS
  1. Laissez Faire

    An economic theory from the 18th century that is strongly opposed ...
  2. Mixed Economic System

    An economic system that features characteristics of both capitalism ...
  3. Capitalism

    A system of economics based on the private ownership of capital ...
  4. Labor Theory Of Value

    An economic theory that stipulates that the value of a good or ...
  5. Karl Marx

    A philosopher and economist famous for his ideas about capitalism ...
  6. David Ricardo

    A classical economist known for his Iron Law of Wages, labor ...
Related Articles
  1. Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  2. Fundamental Analysis

    4 Misconceptions About Free Markets

    These fallacies have hounded free market economists since the days of Adam Smith.
  3. Economics

    The History Of Economic Thought

    Economics is a vital part of every day life. Discover the major players who shaped its development.
  4. Personal Finance

    The History Of Capitalism: From Feudalism To Wall Street

    Find out how the economic system we now use was created.
  5. Economics

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  6. Personal Finance

    State-Run Economies: From Public To Private

    Find out how former Iron Curtain countries used private enterprise to join the world financial markets.
  7. Forex Education

    Free Market Maven: Milton Friedman

    As proponent of free market capitalism, this economist changed the way the world's economies operate.
  8. Budgeting

    Financial Literacy Tools for Small Business Owners

    Learn more about where you can access some of the best free financial literacy resources and tools available for small business owners.
  9. Markets

    The Biggest M&A Deals of 2015

    Here is a summary of 2015 M&A activity and a look ahead at 2016.
  10. Investing

    These 5 Books Will Transform the Way You Think

    Just as successful startups disrupt their industries, these writers disrupt our view of the world.
RELATED FAQS
  1. What are Warren Buffett's favorite business / finance books, and why?

    Warren Buffet's favorite business/finance books include: "The Intelligent Investor" by Benjamin Graham; "Security Analysis" ... Read Full Answer >>
  2. What's the difference between a market economy and a command economy?

    Market economies and command economies occupy two polar extremes in the organization of economic activity. The primary differences ... Read Full Answer >>
  3. Why aren't economists rich?

    "If you're so smart, how come you're not rich?" is a question that economists seem to invite. If they can explain the intricacies ... Read Full Answer >>
Hot Definitions
  1. Presidential Election Cycle (Theory)

    A theory developed by Yale Hirsch that states that U.S. stock markets are weakest in the year following the election of a ...
  2. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
  3. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  4. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  5. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  6. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
Trading Center