Capitalism and Marx

Capitalism and Marx

Main article: Marxian economics

Karl Marx provided a fundamental critique of classical economics, based on the labour theory of value.

Just as the term "mercantilism" had been coined and popularised by its critics, like Adam Smith, so was the term "capitalism" or Kapitalismus used by its dissidents, primarily Karl Marx. Karl Marx (1818–1883) was, and in many ways still remains the pre-eminent socialist economist. His combination of political theory represented in the Communist Manifesto and the dialectic theory of historyinspired by Friedrich Hegel provided a revolutionary critique of capitalism as he saw it in the nineteenth century. The socialist movement that he joined had emerged in response to the conditions of people in the new industrial era and the classical economics which accompanied it. He wrote his magnum opus Das Kapital at the British Museum's library.

http://en.wikipedia.org/wiki/History_of_economic_thought#Capitalism_and_Marx