Describe the theory of Karl Marx.
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He believed that no economic class—wage workers, land owners, etc. should have power over another. Marx believed that everyone should contribute what they can, and everyone should get what they need. His most famous book was the Communist Manifesto
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Karl Marx believed in labour theory of value to explain relative difference in market prices.This theory stated that the value of a produced economic good can be measured objectively by the average number of labour- hours required to produce it.
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