Question

Why/How has Marx influenced so many people and nations over the years? Which of his ideas have merit? Why was he generally wrong?

Answer 1

Great ideas have shaped history and among those Marxian literature takes a foremost position. The reason his theories are so popular and have inspired millions is quite simple- Marx went beyond analysing capitalism, his ideas encapsulated the struggles of the two classes:the capitalists, who own productive resources, and the workers, who must work in order to survive.

His work centers around social conflict that uses a materialist interpretation of historical development and takes a dialectical view of social transformation. Marxian ideology was full of ideas of equality, men and women being treated equally, no discrimination etc. which is why it enjoyed such wide acceptance and resonated with many. Most of his theories later developed into the form of governance known as communism. His theory is successful in explaining class struggle and the continuous transformation of society with emphasis on equal distribution of resources as required by the government where communities work together to achieve success.

Some of the major criticisms of Marxist ideology today are as follows-

1. Capitalism today is less exploitative- The theory of incentives and performance oriented rewards has lessened the exploitative nature of capitalism.

2. Autonomy- Many institutions practice autonomy and are not control by people who own the majority of the economic base.

3. Inclusive- Workers are included in the decision making process and are seen as stakeholders.

4. Communist revolutions across the world did not lead to greater equality and freedom as Marx would have hoped. Instead, it is widely recognized that private property rights,intellectual property rights etc. are crucial for the development of new ideas and technology and also for the proper growth of factor and product markets. He disregarded private ownership and limited opportunities for entrepreneurs.