Economics wealth (capital) and a constant population size. Marxist (later, Marxian) economics descends from classical economics. It derives from the work of Karl Marx. The first volume of Marx's major work, "Das Kapital", was published in German in 1867. In it, Marx focused on the labour theory of value and the theory of surplus value which, he believed, explained the exploitation of labour by capital. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid
Timeline of Karl Marx Republic of China in 1949. Many labour unions and workers' parties worldwide are influenced by Marxism, while various theoretical variants, such as Leninism, Stalinism, Trotskyism, and Maoism, were developed from them. Marx is typically cited, with Émile Durkheim and Max Weber, as one of the three principal architects of modern social science. The list on the left recounts significant events in the life of Karl Marx, and his friends and family. The list on the right provides contextual information, recounting wider political and historical events that had an effect on Marx. Timeline of Karl Marx Karl Marx (5 May 1818