USA HISTORY

Detailed explanation-1: -He believed all countries should become capitalist and develop that productive capacity, and then workers would naturally revolt, leading communism whereby the workers would become the dominant social class and collectively control the means of production.

Detailed explanation-2: -In contrast to classical approaches to economic theory, Marx’s favored government intervention. Economic decisions, he said, should not be made by producers and consumers and instead ought to be carefully managed by the state to ensure that everyone benefits.

Detailed explanation-3: -The labor theory of value, decreasing rates of profit, and increasing concentration of wealth are key components of Marx’s economic thought. His comprehensive treatment of capitalism stands in stark contrast, however, to his treatment of socialism and communism, which Marx handled only superficially.

Detailed explanation-4: -He subsequently developed an influential theory of history-often called historical materialism-centred around the idea that forms of society rise and fall as they further and then impede the development of human productive power.