jan 1, 1818 - Karl Marx (1818 – 1883) Marxian

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Marx identified the underlying problems of the
capitalism. Workers have little power in the system and they are also readily replaceable. Market economies are unstable with regular business cycle fluctuations. Marx predicted that capitalism would lead to a social and economic revolution. As a result of the revolution, private ownership would be replaced by collective ownership and there would be a classless society with no inequalities.

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