Karl Marx On Socialism Marxist Socialist

Karl Marx and Socialist Thought, Marx On Socialism, Marxist Socialist

It was Marx who turned, the diverse collection of socialist thought into a theoretical structure and social movement that would change society. Marx used the labor theory of value as a critique of capitalism rather than a pillar of capitalism. He argued for a socialist system, in which mankind's goodness would prevail, over a capitalist system based on mankind's greed. Marx's argument was twofold: (1) Capitalism was inherently unstable and would self-destruct, and (2) capitalism was morally wrong as a social structure.

Marx claimed that capitalism was doomed because of its internal contradic­tions and would be replaced by socialism and, eventually, communism. He argued for an alternative vision of economic systems in which the tensions that create internal contradictions within an economic system are allowed for. He argued that when these tensions were considered, it could be seen that capitalism was unstable and would fail.
Marx died in 1883, before the publication of Volume III of Das Kapital, which was published posthumously by his collaborator, Engels. Marx's death, however, did not end the discussion of socialism. During the late 1890s and the early 1900s, significant discussion of Marxian theory continued among intellectuals in general, leading one observer to call this period the golden age of Marxism. That may have been the case, but mainstream economics did not enter into any significant discussion of Marx's views. It had left behind the classical labor theory of value, upon which Marx's views were built, and had embarked upon a new neoclassical approach.