Marxism is a social, political, and economic philosophy named after the 19th-century German philosopher and economist Karl Marx. It is a method of socioeconomic analysis that uses a materialist interpretation of historical development, better known as historical materialism, to understand social phenomena within any given society by analyzing the material conditions and economic activities required to fulfill human material needs. Marxism is both a social and political theory, and encompasses Marxist class conflict theory and Marxian economics.

Marxist theories were influential in the development of socialism, which requires shared ownership by workers of the means of production. Marxism argues that capitalism as a form of economic and social reproduction is inherently flawed and will ultimately fail. Capitalism is defined as a mode of production in which business owners (the capitalists) own all of the means of production (the factory, the tools and machinery, the raw materials, the final product, and the profits earned from their sale). Workers (labor) are hired for wages and have no ownership stake and no share in the profits.

Marxism is not a detailed plan for how to create socialism, nor is it a moral philosophy. Instead, it teaches us to approach questions of society from a material basis, analyzing how human life persists through the production of goods and services needed to live. Marxism seeks to explain social phenomena within any given society by analyzing the material conditions and economic activities required to fulfill human material needs.

Marxism is often associated with communism and socialism, but it is important to note that these are distinct concepts. Marxism is a method of analysis, while communism and socialism are political and economic systems that have been influenced by Marxist theory.