Discuss the concept of Marxism

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OyhrBprna

Economics

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Please explain the concept of Marxism. Make sure to discuss its pros and cons in society. Give a detailed answer, cite references when possible. This has to be at least 500 words.

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CONCEPT OF MARXISM
Marxism is an economic and social system based upon the political and economic
theories of Karl Marx and Friedrich Engels. Marxism according to the Encarta Reference Library
is “a theory in which class struggle is a central element in the analysis of social change in
Western societies.” Marxism is the antithesis of capitalism “an economic system based on the
private ownership of the means of production and distribution of goods, characterized by a free
competitive market and motivation by profit.”(Encarta, 1912) Marxism is the system of
socialism of whi...


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