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This is an accepted version of this page This is the latest accepted revision, reviewed on 4 March 2025. Economic and sociopolitical worldview For the political ideology commonly associated with states governed by communist parties, see Marxism–Leninism. Karl Marx, after whom Marxism is named. Friedrich Engels, who co-developed Marxism. Marxism is a political philosophy and method of ...
Simple commodity exchange and consequently simple commodity production, which form the initial basis for the growth of capital from trade, have a very long history. The "capitalistic era" according to Marx dates from the 16th century, i.e. it began with merchant capitalism and relatively small urban workshops. [6]
Extrapolating from five philosophical bases of Marxism, namely that human history is the history of class struggle between a ruling class and an exploited class; that capitalism creates antagonistic social classes, i.e. the bourgeois exploiters and the exploited proletariat; that capitalism employs nationalist war to further private economic ...
Abstract labour and concrete labour refer to a distinction made by Karl Marx in his critique of political economy.It refers to the difference between human labour in general as economically valuable worktime versus human labour as a particular activity that has a specific useful effect within the (capitalist) mode of production.
Bolshevik communists saw these differences as advancements of Marxism made by Lenin. After Lenin's death, his ideology and contributions to Marxist theory were termed "Marxism–Leninism", or sometimes only "Leninism". Marxism–Leninism soon became the official name for the ideology of the Comintern and of Communist parties around the world.
Marxism and Keynesianism is a method of understanding and comparing the works of influential economists John Maynard Keynes and Karl Marx.Both men's works has fostered respective schools of economic thought (Marxian economics and Keynesian economics) that have had significant influence in various academic circles as well as in influencing government policy of various states.
The socialist mode of production, also known as socialism or communism, [a] is a specific historical phase of economic development and its corresponding set of social relations that emerge from capitalism in the schema of historical materialism within Marxist theory.
According to Marxism during periods of stagnation in capitalism, the accumulation process is increasingly oriented towards investment on military and security forces, real estate, financial speculation, and luxury consumption. In that case, income from value-adding production will decline in favour of interest, rent and tax income, with as a ...