Question

______________ refers to the political and economic theories of Karl Marx and Friedrich Engles.
A. Communism
B. Socialism
C. Capitalism
D. Marxism

Answer 1

Hint: Karl Marx and Friedrich Engels were 19th-century German philosophers. They had proposed various thoughts and theories in political science and are considered among the most eminent philosophers.

Complete answer: Karl Marx and Friedrich Engels were philosophers who gave the Marxist theory. It deals with a method of socioeconomic analysis that uses a materialist interpretation of development. It is also known as historical materialism in order to understand class relations and social conflict. Marxism as a political thought has developed into various branches and schools of thought. Therefore there is at present no exclusive or absolute Marxist theory. Some Marxist schools of thought place greater emphasis on selective and particular aspects of classical Marxism. This also implies that they rejected or even modified other aspects of the same theory. Not only that but some schools have gone ahead and combined Marxian concepts and non-Marxian concepts. These have led to contradictory conclusions. Some scholars have argued that there is a movement towards the recognition of historical and dialectical materialism as the fundamental understandings of Marxist schools of thought. However, this view, in particular, has been refuted by post-Marxists such as Ernesto Laclau and Chantal Mouffe.
Therefore option “D” is the correct answer.

Note: Capitalism can be defined as a system in which a country's trade and industry are controlled by private owners for profit. Socialism states that means of production, distribution, and exchange should be controlled or monitored by the community.