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. Marxism

    A social, political and economic philosophy that examines the ...
  2. Marxian Economics

    A school of economic thought based on of the work of Karl Marx. ...
  3. Clive W.J. Granger

    An econometrician who received the 2003 Nobel Prize in Economics, ...
  4. Circuitism

    A macroeconomic explanation of how banks create money for production ...
  5. Conflict Theory

    A theory propounded by Karl Marx that claims society is in a ...
  6. Working Class

    A socioeconomic term used to describe persons in a social class ...
Related Articles
  1. Economics

    The History Of Economic Thought

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

    What Exactly is a Socialist Economy?

    Socialism's role in the world has changed dramatically in the last several decades.
  3. Personal Finance

    Pros and Cons of Capitalist vs Socialist Economies

    Capitalism relies on the markets. Socialism, on government planning. Each system has its pros and cons.
  4. Active Trading

    Wall Street History: Al Capone Vs. The IRS

    This week marks the end for one of the most notorious American gangsters, the birthday of Warren Buffett's mentor and much more.
  5. Personal Finance

    Top 10 Must-Read Books for Finance Professionals

    Interested in the financial world? Here are some books that provide keen insight into its history and how it works.
  6. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  7. Options & Futures

    How To Valuate The Market Price Of A Commodity

    We explain how to analyze the market price of commodities including, gold, cocoa, and wheat.
  8. Stock Analysis

    Retail's Adjusted Book Value

    Let Christopher H. Browne's "The Little Book of Value Investing" be your guide.
  9. Personal Finance

    How Intelligence Relates To Wealth

    Being smart doesn't necessarily mean you'll be wealthy, but there are many ways intelligence can influence how much money you earn.
  10. Economics

    Economist Guide: 3 Lessons Adam Smith Teaches Us

    Learn three critical lessons about economics from 18th century philosopher Adam Smith, considered by many to be the father of economics.
RELATED FAQS
  1. Where did the term "capitalism" come from?

    Wonder where the term "capitalism" actually came from? So much of the modern world is based upon the system this term refers ... Read Answer >>
  2. What's the difference between a market economy and a command economy?

    Set by supply and demand, a market economy operates through a price system; in a command economy, governments control the ... Read Answer >>
  3. Where does stimulus economics come from?

    Depending on which type of economist you talk to, stimulus economics originated from the ideas of either a book published ... Read Answer >>
  4. How did Warren Buffett get started in business?

    Warren Buffett may have been born with business in his blood. He started saving while other children were at the playground, ... Read Answer >>
  5. What are the most important aspects of a capitalist system?

    Understand the main aspects of a capitalist system and how they contrast with the tenets of other types of economic systems, ... Read Answer >>
  6. What is the difference between book value and market value

    Learn the differences between book value and market value, and see how investors use each type to determine if a company ... Read Answer >>
Hot Definitions
  1. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  2. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  3. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  4. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  5. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
  6. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
Trading Center