Marxism includes all the political and economic theories of Karl Marx and Friedrich Engels, which formed the basis of communism. Marxism is based on a materialist interpretation of history. The Marxist analysis leads to the conclusion that capitalism, currently dominant form of economic management, leads to the oppression of the proletariat. A Marxist understanding of history and society has been adopted by academics in a wide range of disciplines including media studies, political science, archaeology, anthropology, aesthetics, economics, education, literary criticism, history, theatre etc.
In the words of B. Carroll Reece, “As the egalitarianism of Marxism is attractive to many, socialism could have attracted many followers in America, anyway. But there is no doubt that it could not possibly have affected us so widely and so deeply as it has, had it not been heavily financed.” Marxists believe that a socialist society would transform society into a communist society.