Introduction

For 150 years, the economic and political theories of Karl Marx and Friedrich Engels were closely associated with a number of important political movements. Today any serious reader of Marx and Engels must take a long and careful look at the arguments for the inevitability of socialist revolutions. In addition to a theory of historical change, the doctrines of Marx and Engels provided a political program. Marx and Engels were passionately opposed to the second tenet of traditional liberalism: the belief that a capitalist marketplace is the preferable economic system for all industrial nations. Although they were fully aware and appreciative of the enormous power of capitalism to innovate and to produce wealth, they were also keenly aware of its shortcomings and vocal in their criticisms of the free-market system. They were certain that capitalism and democracy are not compatible in the long run, and many of their reasons for that position are still very important for people to consider.