Karl Marx

Who was Karl Marx?

A 19th-century economist, philosopher, and socialist thinker who criticised capitalism.

What is his most famous work?

Das Kapital

What system did Marx oppose?

Capitalism.

What system did Marx support?

Communism

What is class conflict?

he struggle between different social classes over wealth and power.

What are the two main classes in capitalism?

• Bourgeoisie (owners of capital)

• Proletariat (workers)

Why does conflict occur?

Workers are exploited for profit.

What did Marx mean by exploitation?

Workers are paid less than the value they produce.

What is surplus value?

The difference between what workers produce and what they are paid.

Who keeps surplus value?

Capitalists

How did Marx view capitalism?

As unstable and exploitative.

What problems did he identify?

• Inequality

• Worker exploitation

• Economic crises

• Concentration of wealth

Why did Marx believe crises occur in capitalism?

Overproduction and underconsumption.

What happens during crises?

Recessions, unemployment, business failures.

What is alienation?

Workers feel disconnected from their work and output.

Why does alienation occur?

• Repetitive labour

• Lack of ownership

• No control over production

What did Marx predict would happen?

A proletariat revolution.

Why would revolution occur?

Increasing inequality and exploitation.

What is communism (Marx’s idea)?

A classless society with no private ownership of production.

Key features?

• Equality

• Common ownership

• No exploitation

What did Marx think about government under capitalism?

it serves the interests of the ruling class.

Why does capitalism create inequality?

Wealth accumulates with capital owners.

Rich get richer, poor get poorer.

Criticisms of Marx?

• Predictions of revolution often didn’t happen

• Living standards improved under capitalism

• Ignores incentives and innovation

• Communist systems have often failed in practice

Strengths?

• Highlights inequality

• Explains labour exploitation

• Relevant to modern wealth gaps