What economic system was criticized by Karl Marx in his writings?

Study for the Industrial Revolution Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Karl Marx is renowned for his critical analysis of capitalism, which he examined extensively in his major works, including "The Communist Manifesto" and "Das Kapital." He argued that capitalism is characterized by the exploitation of the working class (the proletariat) by the owning class (the bourgeoisie). According to Marx, capitalism engenders social inequality, as it creates a system where wealth and power are concentrated in the hands of a few, while the majority labor under poor conditions for little return. He posited that this inherent class struggle would ultimately lead to the downfall of capitalism and the rise of socialism and, eventually, communism, where the means of production would be collectively owned. In essence, Marx critiqued capitalism for its tendency to create socioeconomic disparities and for fostering economic systems based on profit over human welfare. Thus, identifying capitalism as the economic system criticized by Marx captures the essence of his ideological contributions and critiques.

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