3min chapter

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Lecture #3 Marxist Economics

Policy@McCombs

CHAPTER

Capitalism and Socialism in the Industrial Age

capitalism is a contradictory system whose very nature requires that it be collectively owned. The result of this contradiction is a revolution, resulting in a society where means of production are collective and collectively owned. This is socialism. Socialism is the political economic system uniquely suited to the industrial age. It will be succeeded by another higher system, which eventually came to be called communism. In such cases, old forms had broken down and new ones took their place. An example is the capitalist revolution against the absolute monarchies.

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