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Flaws of Marxism. Marxâs communism appears quite logical if his assumptions are correct. However, many of his basic assumptions are in doubt and by his own standards of praxis determining the validity of philosophy communism has failed the test of historical application.
In Marxist theory, socialism, also called lower-stage communism or the socialist mode of production, refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism.lthough Karl Marx and Friedrich Engels wrote very little on socialism and neglected to provide any details on how it might be organized, numerous social scientists and neoclassical economists have used Marx's theory as a basis for developing their own models of socialist economic systems.