Economics · A History of Economic Thought by V Lokanathan
Chapter 19 : KARL MARX (1818-1883)
Table of contents36 sections
- 1.KARL MARX (1818-1883)
- 2.Key Terms
- 3.📌 Exam Tidbits
- 4.Philosophy
- 5.Key Terms
- 6.📌 Exam Tidbits
- 7.The Marxian System
- 8.Materialistic Interpretation of History
- 9.Class Struggle
- 10.Key Terms
- 11.📌 Exam Tidbits
- 12.Marx the Economist
- 13.Marxism and Classicism
- 14.Key Terms
- 15.📌 Exam Tidbits
- 16.Marxian Economic Analysis
- 17.Falling Rate of Profit
- 18.Concentration of Capital
- 19.Economic Crisis
- 20.Key Terms
- 21.📌 Exam Tidbits
- 22.Marxian Theory of Value
- 23.Key Terms
- 24.📌 Exam Tidbits
- 25.Marxian Theory of Surplus Value
- 26.Key Terms
- 27.📌 Exam Tidbits
- 28.Criticism of Marxism
- 29.Key Terms
- 30.📌 Exam Tidbits
- 31.Marx the Teacher
- 32.📌 Exam Tidbits
- 33.Marxism as an Ideology
- 34.Key Terms
- 35.📌 Exam Tidbits
- 36.Quick-Recall Box
Chapter preview
KARL MARX (1818-1883)
Karl Marx was the founder of scientific socialism, which aimed to demonstrate socialism as a necessary product of historical development.
| Feature | Scientific Socialism | Utopian Socialism |
|---|---|---|
| Basis | Relies on historical development and knowledge of the proletariat. | Proponents were considered dreamers who had no knowledge of the proletariat as such. |
- Biographical Details: Born in Germany to a middle-class Jewish family that later converted to Protestantism. Studied Law, History, and Philosophy at the universities of Bonn, Berlin, and Jena, receiving his doctor of philosophy degree at age twenty-three.
- Life and Exile: Married a baron's daughter who became his devoted lifelong companion. Denied a university teaching post due to his radicalism, he turned to journalism. Exiled from Germany → took shelter in France (studied French socialism and English political economy) → exiled from France at the request of the Prussian government → stayed in Belgium → finally settled in London until his death in 1883.
- London Years: Lived as a recluse, spending most of his time in the British Museum studying political economy. Despite a life marked by illness, poverty, and the death of many of his children, he organized the International Working Men's Association (the "First International").
- Friedrich Engels (1820-95): Marx's close friend, collaborator, and financial supporter. Son of a prosperous German cotton manufacturer in Manchester, England. Met Marx in Paris in 1844. Engels provided continuous financial assistance (saving Marx's family from starvation) and played a substantive role in publishing Marxist literature.
Key Terms
| Concept | Definition |
|---|---|
| Scientific Socialism | Marx's framework aiming to demonstrate socialism as a necessary product of historical development, distinct from utopian dreaming. |
| Utopian Socialism | Pre-Marxian socialist thought characterized by Marx as the work of dreamers who had no knowledge of the proletariat as such. |
| First International | The International Working Men's Association, organized by Karl Marx. |
📌 Exam Tidbits
- Karl Marx (1818-1883): Founder of scientific socialism; organized the First International.
- Friedrich Engels (1820-95): Lifelong collaborator and financial savior of Marx; edited Vols 2 & 3 of Capital.
- Proudhon: Author of The Philosophy of Poverty, which Marx attacked in 1847.
- Karl Kautsky: German…
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