Marxism

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Marxism

The economic and social philosophy espousing free access to goods and services, the lack of distinction between classes, the lack of state or government, and common ownership (not state ownership) of the means of production. Marxism asserts that the proletariat (those with no access to capital but who provide most of the labor) will inevitably overthrow the capitalist class and that the state, after a brief period in which it controls the means of production, will fade away to create an ideal society. Marxism is a type of communism. It is named for 19th-century economic philosopher Karl Marx.
References in periodicals archive ?
China remains superficially unchanged, but it too has long abandoned Marxist economics and is moving wholeheartedly toward becoming part of the global capitalist system.
Professor Franko connects these policies to the dependency theory of Fernando Henrique Cardoso and others, showing how this interpretation led to unsuccessful experiments with Marxist economics in the Western Hemisphere.
There are still many who refuse to read Adam Smith and believe in Marxist economics," observes Lee Erickson, "in much the same way, I think, as there are those who refuse to read Darwin and believe in creationism" (17).
This is the reconstruction of Marxist economics as a coherent body of thought, not a collection of quotations.