Describe Marx and Engels’ views on the development of capitalism found in the Communist Manifesto and compare it to this definition standard of capitalism: “Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.” How would Marx and Engels add to the definition? Formulate a new definition based on your understanding of their work.
Outline the various types of socialism mentioned in the Communist Manifesto. How is socialism distinct from communism, according to Marx and Engels? How is each type of socialism related to the development of capitalism? Try to find examples of each type of socialism in current-day politics to illustrate Marx and Engels’ categories.