Karl Marx is widely recognized as the founding father of Marxism. He was a philosopher, economist, and sociologist from Germany. Marx’s father urged him to study law as a kid, and this, along with his mature experiences, resulted in what we now call Marxism. Despite this, some individuals argue that Marxism is nonsensical since its flaws outweigh its positives and that it has no place in modern society. His theory told about the exploitation of social classes and articulates the cons of capitalism that prevent individuals from being free. He also suggests a solution of socialism in that property should not only benefit the wealthy but the public at a large. Let us check out the pros and cons of Marxism in this article.
Pros of Marxism | Advantages:
- Marxism creates a system of true equality.
- Marxism promotes the development of unions in order to advocate for individual rights. Thus, it protects the rights of union.
- Capitalism encourages competition and innovativeness, it creates a monopoly. Marxism believed that to eliminate monopoly. In addition, the monopoly companies should be state-owned. Through Marxism, people have become more educated on the existing and increasing gap between the wealthy and the poor, globalization of markets.
- The Marxism has a point towards a reduction in debt tendency as communities will be working together to build their society.
- According to Marxism, society is grouped as a whole since all social classes are participating and all power interest groupings are equal. When it comes to growth, profit maximization and resource use are equitable, benefitting the whole society.
- Marxism promotes unions to advocate for personal rights and to prevent management from exploiting employees in order to reach maximum output levels.
Cons of Marxism | Disadvantages:
- Marxism abolish the religion. People have the right to choose their religion. Though it does not support organized religion like Christianity, Hinduism will be used to control people. Thus, it does not allow freedom of worship.
- It negatively affect the education system.
- It eliminates the private ownership concept. Everyone contributes to the good by living in a given place within the community.
- Business under Marxism is basically for the government. Thus, income incentives, lake of innovativeness and lack of motivation. Hence, it does not encourage entrepreneurship opportunities.
- It can lead to communism. It eliminates the possibility of a free market since the government sets prices, hence eliminating free market will. In addition, it is conceivable in Marxism since it does not encourage individuality.
- It is economically deterministic. The shape of society and history was shaped by economic rules.
- Marxism does not function in practice of real world.
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