Marxism(redirected from Marxist economics)
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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.