Karl Marx was a social thinker who believed in the principle of socialism. He argued that the industrialists and capitalists who own the factors of production earn profits because of the hard work put in by workers. The capitalists pocket the profits and do not share it among workers. Marx advocated that the working class will remain poor and their condition will not improve until and unless profits are shared by industrialists. He believed that industrialists will not readily share their profits with workers. The latter thus have to free themselves from the exploitation of industrialists by establishing a radical socialist classless society where all industries and  property are owned by the state.

The idea that "SOCIALISM" and "COMMUNISM" were two successive phases of post-capitalist society is not to be found in Marx, but derives from Lenin...

Karl Marx's theory of socialism, often referred to as Marxism, is a socio-economic theory that advocates for the collective ownership and control of the means of production. Marx believed that capitalism created an inherent class struggle between the bourgeoisie (capitalist class) and the proletariat (working class), leading to exploitation and alienation. According to Marx, socialism was the necessary transition stage between capitalism and communism, where the proletariat would overthrow the bourgeoisie and establish a classless society.

The Key Principles of Karl Marx's Theory of Socialism:

1. Historical Materialism:
Marx's theory is based on the concept of historical materialism, which suggests that the development of society is driven by material conditions, particularly the mode of production. He argued that the transition from feudalism to capitalism was marked by the rise of the bourgeoisie and the proletariat.

2. Dialectical Materialism:
Marx applied dialectical materialism to analyze social and economic development. He believed that contradictions within the capitalist system, such as the struggle between the bourgeoisie and the proletariat, would eventually lead to its downfall.

3. Class Struggle:
Marx viewed society as being divided into two main classes: the bourgeoisie, who owned the means of production, and the proletariat, who only had their labor power to sell. He argued that the conflict between these classes was the driving force behind historical change.

4. Exploitation and Alienation:
Marx argued that under capitalism, the bourgeoisie exploited the proletariat by extracting surplus value from their labor. This exploitation led to alienation, where workers became disconnected from the products of their labor and their true human essence.

5. The Dictatorship of the Proletariat:
Marx believed that the proletariat would eventually overthrow the bourgeoisie through a revolution and establish the dictatorship of the proletariat. This transitional phase would involve the proletariat seizing control of the state apparatus to reorganize society and redistribute wealth.

6. Collective Ownership and Central Planning:
In the socialist stage, Marx advocated for the collective ownership of the means of production. He argued that production should be planned and directed by the working class, rather than being driven by the profit motive of capitalists. This would eliminate exploitation and promote equality.

7. Transition to Communism:
Marx envisioned socialism as a transitional stage that would eventually lead to communism. In a communist society, there would be no need for a state or class distinctions, as the means of production would be collectively owned and wealth would be distributed according to each individual's needs.

Overall, Karl Marx's theory of socialism emphasizes the need to overcome the inequalities and exploitation of capitalism through the collective ownership of the means of production and the establishment of a classless society.