The Communist Manifesto : Socialism And Communism

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In order to discuss the different ways in which economists considered societies could resolve the economic calculation problem and the implications of the economic calculation debate it is important to consider different view points of influential economists from all over the world.

Revolutionary socialist Karl Marx believed that the economic calculation problem should be solved adopting a communist approach; he expressed his ideas in his most notable work “The Communist Manifesto” in 1848. Marx believed that capitalism should be replaced by socialism and eventually communism and it should be done through abolishing markets, prices and private property. To understand Marx’s ideas it is important to define capitalism socialism and communism. Capitalism can be defined as ‘an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state’. On the other hand socialism can be defined as ‘a political and economic theory of social organization, which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole’.
Finally, communism as defined in the Oxford dictionary is ‘a theory or system of social organisation in which all property is owned by the community and each person contributes and receives according to their ability and needs’.

Influenced by Marx’s work Vladimir Lenin, Russian revolutionary politician, implemented communist
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