In: Economics
4. How relevant is Marxism to the generation of conflict in your society? (Your answer should not lose sight of concepts such as resources, competition, prestige, power, privilege et)
4. Karl Marx and Friedrich Engels developed the theory of communism, a socio-political theory, which believed that capitalism and its causes are the main reasons of conflict in today's society.
According to their theory of communism, the landlord, the businessman, the elites with enormous capital and wealth used it to increase their power, prestige, wealth in the society at the cost of workers, labourers, or in their terms, bourgeoisie. Therefore, it is important to overthrow the capitalist system in order to ensure a conflict-less society.
In my view, some of their concepts as far as resources, competition, etc. are concerned, are true and acceptable to some extent. However, capitalism has proved to be a successful economic system in most of the economies around the world, including in the US, and U.K.
Their proposition to a great extent looked appealing to the masses, however, the fall of communism in 1990s in the world, mainly in Eastern Europe, showed the inapplicability of noble ideas of communism in todays' modern world.