Mention the ideas of Karl Marx on his theory of socialism.
Answers
While many equate Karl Marx with socialism, his work on understanding capitalism as a social and economic system remains a valid critique in the modern era. In Das Kapital (or Capital in Eglish), Marx argues that society is composed of two main classes: Capitalists are the business owners who organize the process of production and who own the means of production such as factories, tools and raw material, and who are also entitled to any and all profits. The other, much larger class is composed of labor (which Marx termed the "proletariat"). Laborers do not own or have any claim to the means of production, the finished products they work on, or any of the profits generated from sales of those products. Rather, labor works only in return for a money wage. Marx argued that because of this uneven arrangement, capitalists exploitworkers.
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