What is Karl Marx known for?


What is Karl Marx known for?

History of Modern Economic Theory

Major theories or doctrines have influenced the past three hundred years of economics, society and the relationship between the two. Economic theories attempt to explain phenomena and interpret why economies behave in certain ways. The subject is closely aligned with mathematics and quantitative explanations of markets and economies worldwide. While there are others, three of these theories or doctrines have greatly influenced views of history, economics and nation states in the modern age. Laissez-faire, Marxist and Keynesian theories each advocate different views on the nature of markets, society and economics. Laissez-faire theory favors a free market characterized by open competition. Such an idea was popularized in the later eighteenth century. Marxism has asserted that economic crisis will eventually lead to revolt and the ousting of capitalism by the working classes. Keynesian theory popularized in the Great Depression era calls for government involvement in various aspects of a nation's economic system.

Answer and Explanation:

German philosopher and revolutionary Karl Marx (1818-1883) is best known for his publication entitled the Communist Manifesto first published in 1848...

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Comparing the Theories of Adam Smith & Karl Marx

from Introduction to Political Science: Help and Review

Chapter 16 / Lesson 6

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