... particularly notorious challenge to capitalism continues to exist to the current day. This is the opposition of socialism. Socialism or communism is a doctrine described by Karl Marx, 1818-1883 which denies the merit of a free market economy. Marx bases this upon his experience of the dismal life of workers in the industrial capitalism he lived (in reality, a phenomenon in no way fundamental to ... capitalism itself). Marx proposes that economies be centrally planned instead of allowed to advance through free markets. He reasons that if no one except the government is allowed to own any...

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• Approx Pages: 19
• Has Bibliography

... would fail in other ways: poor health and education services, low state benefits and pensions and, perhaps the worst in a civilised society, an unfair distribution of income. According to the Karl Marx's Theory, in a free market economy, there would be the exploitation of workers in the labour market. And as resource allocation in the free market economy depends on people income, each ... ...

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