Karl Marx

• German economist,

political activist, & philosopher

• Argued that private ownership of resources caused wealth and power to become concentrated in the hands of a small group of people.
• Believed this would lead to a social revolution.
• Wrote The Communist Manifesto & Das Kapital
• He predicted that all economic systems would be replaced by communism, which he idealized as a classless society.
• Under communism, all resources would be owned by everyone jointly, rather than by a government or individual.

Socialism and communism are political and economic systems that share certain ideologies:

-greater equality in the distribution of wealth

-both are rejections of capitalism, and instead give power to the working class

-both advocate for public control of the means of production

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Socialism-an economic and political system based on the public ownership (also known as the collective or common ownership) of the means of production.

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-Socialism allows for the continued existence of capitalism in some parts of the economy.

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-There are many different varieties of Socialism (Ex: State Socialism, Democratic Socialism).