Karl Marx(1818-1883) and The Marxist Economics And His Economic Interpretation of Theory

November 28th, 2009 Comments off
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Karl Marx advocated the Marxist socialism which had its origin in the conditions created by the Industrial Revolution. He showed that the capitalist system could not by its very nature survive and in due course get replaced by socialism and that the class which would effect the revolution would be the new industrial working-class or “proletariat”

Marxist economics refers to the school of economic though which seeks to analyse he social and economic development of the capitalists economic system.

Karl Marx developed the Economic Interpretation of Theory. This theory refers to:

  • The forms or conditions of production are the fundamental determinant of social structures which in turn breed attitudes, action and civilizations; and

  • The forms of production themselves have a logic of their own ie they change in accordance to necessities inherent in them so as to produce their successors through their own working.

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