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TERM OF THE DAY Marxism A system of economic, social, and political philosophy based on ideas that view social change in terms of economic factors. A central tenet is that the means ofproduction is the economic base that influences or determines the political life. Under Marxism, outdated class structures were supposed to be overthrown withforce (revolution) instead of being replaced through patient modification. It heldthat as capitalism has succeeded feudalism, it too will be removed by a dictatorship of the workers (proletariat) called socialism, followed quickly and inevitably by a classless society which governs itself without a governing class or structure. Developed in the 19th century jointly by two lifelong German friends living in London - Karl Marx ... Learn more about this term Usage Example Marxism says that economies can only grow when control is not held by private ownership but instead by the people.

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FEATURED ARTICLE Writing a Business Plan: 9 Essential Sections A formal business plan is an important document for any business. Entrepreneurs just starting out may find putting their thoughts, goals and in some cases...