ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In the 1840s, German philosopher and sociologist Karl Marx, who was living in England after fleeing the authorities in Prussia, where he was considered a political threat, began publishing books in which he outlined his theories for a variety of communism now known as Marxism.

Detailed explanation-2: -Karl Marx is best known for his theories that led to the development of Marxism. His ideas also served as the basis for communism. His books, Das Kapital and The Communist Manifesto formed the basis of Marxism.

Detailed explanation-3: -How did Karl Marx develop his ideas? Marx built on the analyses of a number of earlier socialist writers – most notably Robert Owen, Charles Fourier and Henri de Saint-Simon – who had from around 1815 onwards contended that capitalism needed to be replaced by a system based on common ownership and/or management.

Detailed explanation-4: -The Father of Communism, Karl Marx, a German philosopher and economist, proposed this new ideology in his Communist Manifesto, which he wrote with Friedrich Engels in 1848. The manifesto emphasized the importance of class struggle in every historical society, and the dangerous instability capitalism created.