Marx 's Theory Of Socialism

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Karl Marx was a philosopher, economist, sociologist, journalist and revolutionary socialist. Marx defined capital as a social, economic relation between people. In many of his writings, Marx had implied that revolutions within the proletarian society would be inevitable and the proletariat would become the ruling class all over the world (Kreis, S 2000) Marx proposed this theory of revolution based on Hegelian concepts of the dialectic. The philosophical and ideological aims put forward were to bring about his version of socialism, known as communism. During the winter of 1857 Marx produced an outline of his critique of the political economy in an unfinished manuscript called The Grundrisse (Fowkes, B 1997). Marx believed that deficiencies in the economy and social injustices inherent to capitalism would ultimately lead to the breakdown of capitalist societies. He predicted that this breakdown of the capitalist societies would ultimately give rise to communism. For Marx, identifying the fundamental contradictions of the capitalist system of production was the first step in hastening the downfall of what he saw as an unstable, unfair social system.
Marx referred to the relationship between the bourgeoisie and the proletariat to one of inevitable conflict, in that the proletariat is systematically exploited under capitalism. Marx believed that labour is the only real source of wealth. Capital itself; "land factories, ports, railroads, etc.; represents simply stored labour,
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