Who was Karl Marx? What was his theory of socialism?

Who was Karl Marx? What was his theory of socialism?
Answer:
Karl Marx was a communist who introduced the concept of socialism.
Karl Marx’s Theory:

  • He felt that the industrial society belonged to the capitalists.
  • Capitalists owned the capital invested in industries, but the profit was produced by workers.
  • He believed that the condition of workers would never improve, as long as profit is taken by the capitalists.
  • Marx believed that to free themselves from the capitalists’ exploitation, workers had to form a socialist society where all property was socially controlled.
  • This would be a communist society.
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