It was a favorite subject of every one of us in the Master of Applied Economics course and the Professor was a fan of Karl Marx, way back in '74. Some of us were also fans of Socialism as propagated by Dr. Ram Manohar Lohia and some were die-hard RSS/ JanSangh fans.
What is Marxism : the political and economic theories of Karl Marx and Friedrich Engels, later developed by their followers to form the basis of communism.
In a Global scenario, it is felt important for the C Suite Members to be aware of the Marxism/ Socialism which are still popular in many countries of the world.
BREAKING DOWN 'Marxism'
Because Marxism encompasses social and political ideologies, it is often considered separate fromMarxian economics, which focuses on the criticisms of capitalism brought forth by Karl Marx in his 1867 book, "Das Kapital."
Marx's Views on Capitalism
Marx saw capitalism as one step in the historical progression of economic systems. According to Marx, the inherent inequalities of the capitalist economic system cause tensionsbetween business owners and workers. The resulting conflicts will eventually lead to a revolution in which capitalism is abolished. As a result of the revolution, Marx predicted that private ownership would be replaced by collective ownership.
Marx believed capitalism is grounded in commodities, which are things bought and sold. In Marx's view, an employee's labor is a form of commodity. However, since ordinary laborers do not own modes of production such as factories, buildings and materials, they have little power in the capitalist economic system. Workers are also readily replaceable in periods of high unemployment, further devaluing their perceived worth.