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Karl Marx   (1818 – 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary. Born in Germany, Marx studied law and philosophy at university. He married Jenny von Westphalen in 1843. Due to his political publications, Marx became stateless and lived in exile with his wife and children in London for decades.

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While many equate Karl Marx with socialism, his work on understanding capitalism as a social and economic system remains a valid critique in the modern era.

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Socialism, calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another. Furthermore, everything that people produce is in some sense a social product, and everyone who contributes to the production of a good is entitled to a share in it.

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In a socialist economy, the function of government is entirely different from the function of government in a capitalist economy. Where the government plays a comprehensive role in almost all economic activities, all decisions related to production, allocation of resources, employment, pricing, and consumption, are completely dependent on the government or its central planning authority.