HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the bourgeoisie became the ruling class
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workers controlled the means of production
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governments accepted the capitalist system
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workers negotiated with the capitalists
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Detailed explanation-1: -Like the other classical economists, Karl Marx believed in a labor theory of value (LTV) to explain relative differences in market prices. This theory stated that the value of a produced economic good can be measured objectively by the average number of labor hours required to produce it.
Detailed explanation-2: -Intro. The Communist Manifesto, written by Karl Marx and Friedrich Engels, was first published in 1848. It formed the basis for the modern communist movement as we know it, arguing that capitalism would inevitably self-destruct, to be replaced by socialism and ultimately communism.
Detailed explanation-3: -Karl Marx and Friedrich Engels added other ideas regarding socialism and communism and one such example is the Marxist Theory: Society was capitalist. Capitalists owned capital and profit was by workers. Condition of workers will not improve if profit is collected by capitalists.