Question

"History of Economic Thought" short answer question

List and describe each of the six stages of economic evolution that Marx believed the economy would pass through. (point form is ok)

Answer 1

According to Karl Marx, there are six stages of economic evolution that would allow the economy to pass through;

Primitive communism

The primitive communism is the first stage of economic evolution. Which means that people using primitive mode of agricultural tools and hunting. In this stage, women played a dominant role in primitive agriculture and cattle rearing.

Slavery

Slavery is the second stage. In this stage, all work being done by human labors. The skin of animals and bark of trees are the dressing style. People who have maximum slave earn more income and also they have more powerful in society.

Feudalism

With an increase in the population, hunting is sufficient to feed the economic society. Then people started to own land and humankind began learning the art of sowing and harvesting the land. This is the shift of human labor to land.

Capitalism

This is the fourth stage. Here industrial revolution takes place when people got more ideas from technological use. Here find more innovations and introduction of new technology. This is the major shift where the industrial revolution increased the productivity of agriculture and need to use less land for production. It reduces the importance of land. People who have more capital to become dominant in society.

Socialism

Matured capitalism creates class struggle among workers and capitalist. Then labor becomes unite and control over the capitalist class. Under socialism, the labor class own the companies.

Communism

This is the final stage. Socialism is lead to communism. Here there is no shortage of products.