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I love everyone to say that I love Karl Marx)) Therefore, we are now going to take a quick look from the highest heights on the history of economics from its bell tower.

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Karl was not boring, although he peed posts of 10 million words. On every thousandth page he can meet an excellent joke.

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Ready to carefully plunge into what even the previous generation of economists were plunged with apprehension and disgust?

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So, he distinguished three epochs (formations) of world history according to the criterion of dominant forms of ownership.

✅ primary formation - archaic pre-class societies;

✅ secondary public formation - based on private property and commodity exchange; this formation includes Asian, antique, feudal, and ❗ capitalist modes of production

✅ communist formation.

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💎 In general, capitalism is a mode of production and a type of production relationship based on private property and commodity exchange. Capitalist production is organized for profit,

- and not for personal consumption (as opposed to subsistence farming),

- and not for political obligations (as in feudal or socialist societies).

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These are his main criteria.

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And his place between feudalism and communism, which in turn was planned as the highest stage of development of production relations.

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More on this later.

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