Class struggle refers to the antagonism between social classes resulting from different economic and social interests. First identified by Karl Marx, it highlights the conflict between the owners of capital (bourgeoisie) and the nonowning employees (proletariat).
Classical Economics is a major thread in historical economic thought originating from the work of Adam Smith in the eighteenth century. It emphasizes the role of unregulated markets in achieving desirable social outcomes, despite participants pursuing their self-interests.
Communism, in theory, refers to the anti-capitalist proposals of Karl Marx and his followers advocating for communal ownership of the means of production. In practice, it describes economic systems where production facilities are state-owned and production decisions are made by official policies rather than market actions.
A comprehensive overview of Marxism, detailing the political, social, and economic theories of Karl Marx. Examines applications in communist and socialist economies.
In Marxist theory, the large number of unemployed whose existence assures that wages will be kept at minimum levels.
