WORLD HISTORY

Detailed explanation-1: -Marx wanted to end the market, which he saw as deeply oppressive. But the market, at least in theory, can be self-regulating – laissez-faire. If rational individuals pursue their self-interests in a context of private property, social order will emerge from supply and demand and government can be limited.

Detailed explanation-2: -Karl Marx was convinced that capitalism was destined to collapse. He believed the proletariat would overthrow the bourgeois, and with it abolish exploitation and hierarchy. We now know that his prediction was incorrect, and that can trigger a dismissive attitude towards Marx’s theory of history and economics.

Detailed explanation-3: -Marx predicted that class conflict between the bourgeoisie and the proletariat would lead to capitalism’s downfall. According to Marx, under capitalism, workers (the proletariat) must alienate their labor.

Detailed explanation-4: -Detractors feel laissez-faire actually leads to poverty and economic imbalances. The idea of letting an economic system run without regulation or correction in effect dismisses or further victimizes those most in need of assistance, they say.