Karl Marx

AAA

DEFINITION of 'Karl Marx'

A philosopher and economist famous for his ideas about capitalism and communism. Born in Prussia in 1818, Marx, in conjunction with Friedrich Engels, published "The Communist Manifesto" in 1848, which explains history as a class struggle between workers and owners of capital and sees a classless, communist society as an inevitable result of this struggle. Later in his life he wrote "Das Kapital," which discussed the labor theory of value.

INVESTOPEDIA EXPLAINS 'Karl Marx'

Marx's work laid the foundations for future communist leaders, such as Vladimir Lenin and Joseph Stalin, and for a political system that would take hold in countries including Russia, China, North Korea and Eastern Europe. Marx is often criticized for discussing economic theory and the exploitation of the working class while failing to maintain a job for a significant period of time.

RELATED TERMS
  1. Capitalism

    A system of economics based on the private ownership of capital ...
  2. Keynesian Economics

    An economic theory of total spending in the economy and its effects ...
  3. Great Leap Forward

    An economic and social campaign that intended to change China ...
  4. Circuitism

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

    A political and economic ideology based on communal ownership ...
  6. Marxian Economics

    A school of economic thought based on of the work of Karl Marx. ...
Related Articles
  1. Entrepreneurship

    Adam Smith And "The Wealth Of Nations"

    Adam Smith's 1776 classic may have had the largest global impact on economic thought.
  2. Economics

    Adam Smith: The Father Of Economics

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

    4 Misconceptions About Free Markets

    These fallacies have hounded free market economists since the days of Adam Smith.
  4. 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.
  5. Economics

    Understanding Perpetuity

    Perpetuity means without end. In finance, a perpetuity is a flow of money that will be received on a regular basis without a specified ending date.
  6. Economics

    What is the Income Effect?

    In economics, the income effect is the change in the consumption of goods caused by a change in income, whether income goes up or down.
  7. Fundamental Analysis

    What is a Null Hypothesis?

    In statistics, a null hypothesis is assumed true until proven otherwise.
  8. Investing

    What Has Been Groupon’s Growth Strategy?

    Groupon established a strategy with efforts to become a broader force in the e-commerce world and to expand more strongly into international markets.
  9. Economics

    The Impact Of Ending The US Embargo On Cuba

    Many argue that ending the US embargo on Cuba will not only make US consumers happy, but also help the US economy and bring more freedoms to Cuba.
  10. Economics

    Afraid Of A New Financial Crisis?

    It may be time for the U.S. to adopt a model for financial companies that better deters risky financial behavior.

You May Also Like

Hot Definitions
  1. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  2. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  3. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  4. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
  5. Preference Shares

    Company stock with dividends that are paid to shareholders before common stock dividends are paid out. In the event of a ...
  6. Accrued Interest

    1. A term used to describe an accrual accounting method when interest that is either payable or receivable has been recognized, ...
Trading Center