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 innova ...