Question

Was Marx correct?

...read through the appendix and do your outside reading to answer this....start with a quick overview of Marxism and then give an in depth argument for whether he was correct or he was incorrect.

Answer 1

Karl Marx and Friedrich Engels are the founders of communism.

The ideology of communism believed in a socialist society.

According to Marx, the means of production should be in the hands of the people and should not be owned privately. He was against a capitalist economic system. He also believed that industrialization has only brought miseries to working class because of the capitalist system it operated in. His communism work showed that one day the capitalist economic system will crumble across the countries, and communism will take over.

Was he correct ?

No, he wasn't correct.

Following points prove that Marx was not correct:-

( I ) Communism is only present today in Russia, China, and North Korea. Eastern Europe saw the downfall of the Soviet Union in 1990s and with that, communism form of society and the government has become a rarity.

( II ) The world has seen the sustained rise of the capitalist world and its economic system. USA is today the world's richest and most successful nation in the world.

( III ) Rise of China to become the second largest economy is also not because of communism, because China couldn't develop its economy using market structure or economic policies of communism, it adopted globalization, growth of private sector, and international trade.

Therefore, we can conclude that Marx was not correct, however some of his ideas about equality of income etc., can be applied to make the world more peaceful, livable, and equitable.