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Hegel proposed a form of idealism in which the development of ideas into their contraries is the guiding theme of human history. This process, dialectic sometimes involves gradual accretion but at other times requires discontinuous leaps -- violent upheavals of previously existing status quo. World-historical figures such as Napoleon Bonaparte are, on the Hegelian reading, symptoms and tools of the underlying impersonal dialectical process rather than shapers of the same.
Marx, and the circle of Young Hegelians of whom he was one, retained much of Hegel's way of thinking. But Marx, "stood Hegel on his head," in his own view of his role, by turning the idealistic dialectic into a materialistic one, in proposing that material circumstances shape ideas, instead of the other way around. In this, Marx was following the lead of another Young Hegelian, Ludwig Feuerbach.
Marx summarized the materialistic aspect of his theory of history, otherwise known as historical materialism, in A Contribution to the Critique of Political Economy:
Marx emphasized that the development of material life will come into conflict with the superstructure. These contradictions, he thought, were the driving force of history. Primitive communism had developed into slave states. Slave states had developed into feudal societies. Those societies in turn became capitalist states, and those states would be overthrown by the self-conscious portion of their working-class, or proletariat, creating the conditions for socialism and, ultimately, a higher form of communism than that with which the whole process began. Marx illustrated his ideas most prominently by the development of capitalism from feudalism and by the prediction of the development of socialism from capitalism.
Political economy is essential to this vision, and Marx built on and critiqued the most well-known political economists of his day, the British classical political economists. Political economy predates the 20th century division of the two disciplines, treating social relations and economic relations as interwoven. Marx claimed the source of profits under capitalism is value added by workers not paid out in wages—a claim he found implied in the works of Adam Smith and especially in David Ricardo but never explicitly formulated. (Some of Marx's insights were seen in a rudimentary form by the "Ricardian socialist" school [1] [2].) He developed this theory of exploitation in Capital: A Critique of Political Economy, a "dialectical" investigation into the forms value relations take.
Capital is written over three volumes, of which only the first was complete at the time of Marx's death. The first volume, and especially the first chapter of that volume, contains the core of the analysis. Hegel's legacy is especially overpowering here, and the work is seldom read with the thoroughness Marx urges in his introduction. The method of presentation proceeds from the most abstract concepts, incorporating one new layer of determination at a time and tracing the effects of each such layer, in an effort to arrive eventually at a total account of the concrete relationships of everyday capitalist society. This investigation is commonly taken to commit Marx to a species of labor theory of value.
Marx critiqued Smith and Ricardo for not realizing that their economic concepts reflected specifically capitalist institutions, not innate natural properties of human society, and could not be applied unchanged to all societies. Marx's theory of business cycles; of economic growth and development, especially in two sector models; and of the declining rate of profit, or crisis theory, are other important elements of Marxist economics.
The Austrian School were the first liberal economists to systematically challenge the Marxist school. This was partly a reaction to the Methodenstreit when they attacked the Hegelian doctrines of the Historical School, though many Marxist authors have argued that the Austrian school was a bourgeois reaction to Marx. The Austrian economists were, however, the first to clash directly with Marxism, since both dealt with such subjects as money, capital, business cycles, and economic processes. Eugen von Boehm-Bawerk wrote extensive critiques of Marx in the 1880s and 1890s, and several prominent Marxists—including Rudolf Hilferding—attended his seminar in 1905-06.
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