Question

State any three features of 'socialist theory' propounded by Karl Marx.; State any three features of 'socialist theory' propounded by Karl Marx.

Answer 1

Karl Marx (1818-1883) and Friedrich Engels (1820-1895) added other ideas to this body of arguments. Marx argued that industrial society was ‘capitalist’. Capitalists owned the capital invested in factories, and the profit of capitalists was produced by workers. The conditions of workers could not improve as long as this profit was accumulated by private capitalists. Workers had to overthrow capitalism and the rule of private property. Marx believed that to free themselves from capitalist exploitation, workers had to construct a radically socialist society where all property was socially controlled. This would be a communist society. He was convinced that workers would triumph in their conflict with capitalists. A communist society was the natural society of the future.
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Answer 2

Marxism has three fundamental components: Philosophical, Economical and Political. Philosophy of Marxism is Dialectical Materialism. It is the theory that everything contains opposing forces in itself. The dialectic between those two forces leads to the creation of a new being from the old.