Question

explain the karl marx theory of socialism

Answer 1

Although Karl Marx and Friedrich Engels wrote very little on socialism and neglected to provide any details on how it might be organized, numerous social scientists andneoclassical economists have used Marx's theory as a basis for developing their own models of socialist economic systems.

Answer 2

Karl Marx wasn't particularly interested in the "how" of socialism. Rather he studied the "why", given that socialism is reactionary to capitalism. There he has an extensive set of theories about the harm that capitalism causes. The most central tenet is that when a minority owns and monopolizes the means by which laborers can make a living, i.e, the means of production, the laborers become forced to rent their labor in exchange for a wage, which is artificially low because of the monopoly situation. The value that their labor produces is about twice superior to their wage; the laborers are thus incapable to purchase their own contribution to production. This is a very big problem because it means that what is produced remains on the shelves of stores. This is a central contradiction in capitalism which constantly drives the economy into recessions.