DEFINITION of ‘Marxism’
Marxism is a social, political and economic philosophy that examines the effect of capitalism on labour, productivity and economic development. Marxism posits that the struggle between social classes, specifically between the bourgeoisie, or capitalists, and proletariat, or workers, defines the development of the state, and the bourgeoisie seek to gain control of the factors of production from the “masses.” Only by eliminating the control of the economy from private ownership will the economy continue to grow.
BREAKING DOWN ‘Marxism’
Because Marxism encompasses social and political ideologies, it is often considered separate from Marxian economics, which focuses on the criticisms of capitalism brought forth by Karl Marx in his 1867 book, “Das Kapital.”