Marxism 

• Social, political, & economic philosophy

• Karl Marx & Friedrich Engels

• Mid 19th century (The Communist Manifesto was published in 1848)

Marxism is a larger sociopolitical philosophy encompassing principles like conflict theory and Marxian economics outlined in the Communist Manifesto. In writing, it openly challenges capitalism as the world's dominant economic system, stating, "In short, the Communists everywhere support every revolutionary movement against the existing social and political order of things." Very punk of you, Karl.

Marxist thought suggests that the alienation of the proletariat will lead to a revolution to replace capitalism with a communist system. Such a society would see the elimination of exploitation (the result of free market competition), a lack of class distinctions, and collective ownership over production.

Marxism was revolutionary in that it was the antithesis of capitalism; it paved the way for economists, sociologists, and frustrated citizens alike to view class struggle with a critical lens. This ideology has been the basis for social change (e.g., China & Russia) and connected the social equality of the masses to flawed social structures. Although the effectiveness of the resulting societies of Marxist ideology is still disputed to this day, there is no doubt that its analytical framework is a valuable perspective on power and inequality in academia.