Marxian theory of economy production

The Marxian theory of economy production
The Marxian theory opposed against the classical theory of production which was popularly spread by Adam smith among others. The Marxian recognized the existence of class struggle, both in the slave ownership system and the capitalist system. The major proponent of Marxian theory is karl marx , who also happen to be one of the leading figure in political science, in his theory economy production , he emphasis the importance of government interfere to the production, distribution and consumption of material wealth. Though the Marxian scholars have a major point, owning on a strong ground against classical approach of production which preach and support policies concerning reduction, privatization and commercialization.
The Marxian theory can also be referred to as socialist economic system or socialism. It prevent exploitation of the masses by the private individual and places the mean of production and distribution of goods and service in the hands of the government of the state.
Advantages of Marxian economy system of production

1. It prevent exploitation of the masses by private individuals
2. It give rooms for even distribution of material wealth in the society
3. It alley the fear of unemployment since every means of production is been controlltheby thr government of the society.
   Disadvantages of Marxian economy system of production
4. Low quality of goods and service been provided by the government
5. Its preaches laziness among the citizens
6. It discourage free enterprise
   Written by
   Bukoye olakunle fikayo