Karl Heinrich Marx was born on May 5, 1818, in the city of Trier in Prussia, now, Germany. He was one of seven children of Jewish Parents. His father was fairly liberal, taking part in demonstrations for a constitution for Prussia. His mother, Henrietta, was originally from Holland. Marx attended high school in his hometown from 1830 to 1835. In October of 1835, he started attendance at the University of Bonn, enrolling in non-socialistic-related classes like Greek and Roman mythology and the history of art. Shortly he lest Bonn and enrolled at the University of Berlin to study law and philosophy. Karl Marx has experienced many changes by Industrial Revolution, as he spent big part of his life in England. He witnessed the exploitation of workers, child labour and poverty of many families. He died in London of a lung abscess on March 14, 1883, after the death of his wife and daughter.
The major contribution to the world economy by Karl Marx was development and creation of ideology of communism and socialism. He believed that private property was the cause of the poverty and degradation of the proletariat. Therefore, he came to settle on the idea that no one person should have control over production of good, ownership of land, and management of funds. And no class should be allowed to have control over these things. The goal of such system is to prevent any one person or group of people from becoming radically rich, while others are extremely poor. Karl Marx believed that the exploitation of the working class must come to an end. That end would be achieved through revolution.
Once this was achieved, everybody would work according to their abilities and then be paid accordingly. Soon after, however, technical innovations would create such abundance of goods that “everyone works according to his abilities and receives according to his needs.” Soon thereafter, money would have no place in society. People would be able to take what they want and would be lacking nothing. Marx then believed that the pleasure of seeing the fruits of labor would be enough to cause man to work. Two most known countries influenced by communism are Russia and China.
Today communism is still considered as a major economic structure in countries like China and Cuba. Even though these countries do not have pure command economic systems, still pig part is taken by communism. Government owns major assets, like natural and capital resources. Government also decided how, what, and for whom the production should be made. Marx’s contribution is highly recognized in those countries, as they strongly believe that communism is ideal economic system for the country.
It is clear that any pure economy is unhealthy for the countries economic system, ether communism or capitalism. Today in our world almost every country has mixed economic system, which include both command and market systems. In some countries communism is practiced more than capitalism, in other countries it is reversed. Thus it tell us that Karl Marx had a great contribution to every country in the world, even though his ideology is not fully concerned. Government, to help many poor people uses his ideas of distribution of income. His achievements will be remembered and honored by many generations.
Karl Marx was not successful in his believes, as today there is no pure command economy exists. But parts oh his ideology helped many countries in achieving stable and safe standards of living. Balancing lower and upper classes and making easier life for many people, Karl Marx will be always remembered.