Question

Research Karl Marx. Topics should include history of who he is, his experience relating to the economy of his time period, and his contributions to economics. You should place the most emphasis on his beliefs and contributions to economics.

Answer 1

Karl Marx was a famous philosopher,social theorist and economist of the 19th century famous for his theories on capitalism and communism.He gave rise to a new era of economic thinking.His work 'Das Kapital' was a path breaking work in analysing the economic system of capitalism.According to Marx capitalism is an economic system which include two classes of people-the capitalists(factory owners or producers) and the proletariat(labours).He argued that a good produced takes the effort of the labourers and therefore he is entitled for the profits received from its sale.He argues that capitalists takes away this profit.His ideas formed the basis for marxism and communism.He was a revolutionary thinker.