Karl Marx’s Economic Theory:

It is also called Marxian economics, is a critical commentary on capitalism and historical materialism theory stressing class conflict and labor exploitation. It contends that capitalism, as defined by private control of the means of production and wage labor, is unstable in nature and will be overthrown by socialism in due course.
Under Marx’s ideology, socialism would ultimately be replaced by communism, a classless, stateless society in which resources would be allocated according to needs.
Essentially, Marx’s economic theory offers a critical critique of capitalism, exposing its own contradictions and advocating a revolutionary restructuring of society.
He contended that the ruling class becomes more affluent by wringing value out of cheap labor offered by the working class under this economic system. Unlike in classical methods to economic theory, Marx believed that there should be intervention by the government.
He stated that economic decisions should not be left to producers and consumers.