Traditional or classical Marxism is a critical conflict theory, based on the work of Karl Marx and Friedrich Engel.

It argues that the economy is the foundation of society. It also argues that class inequality is rooted in the ownership of the means of production. The class structure that is most often discussed is the division between the bourgeoisie (owners) and the proletariat (workers), with the workers being the oppressed group. Neo Marxism is an update to classical Marxism. Erik Olin Wright is a leading Neo Marxist theorist. His work addresses the criticism that society consists of more than two classes. He also addresses the criticism that class differences are due to more than ownership of the means of production. Wright argues that there are multiple classes as different skills make employees more or less valuable to capitalists. Neo Marxism also incorporates some components of analytical conflict theory, such as the work of Max Weber.

Marxism vs Neo-Marxism Marxism and Neo-Marxism are two kinds of political systems or thoughts that differ from each to some extent in terms of their ideologies. Marxism is put forward by the legendary Karl Marx whereas Neo-Marxism is a common term used for several other ideologies that were formed later based on Marxism. This is the main difference between the two terms. Marxism aims at bringing about a kind of equanimity among the people especially between the rich and the poor. It has history as its firm basis and based on the history of society in the past Marxism lays its ideologies for the uplift of the society. It is important to understand that Marxism firmly believes in the implementation of its theoretical interpretations and expects their practical applicability on their own accord. This is the main difference between Marxism and any other system of political thought. It is believed by the political pundits that Marxism is the foundation brick for the formation of several other political thoughts like Leninism, NeoMarxism, Socialism and other economic systems and thoughts as well. Neo-Marxism on the other hand is said to incorporate several ideas and philosophies from Marxism including its critical theory, psychoanalysis and other such ideologies. Some of the examples of Neo-Marxist theories include Weberian sociology and Herbert Marcuse theories. Frankfurt school of Neo-Marxism is said to have implemented many new ideology that shaped the sociological and economic uplift of society. Herbert Marcuse and other members of the Frankfurt School were eminent sociologists and psychologists. Like Marxism, Neo-Marxism is also looked upon as a branch of philosophy. Sometimes the term Neo-Marxism is used in the sense that describes a kind of opposition to some of the ideologies of the foremost Marxist truths. These are the differences between Marxism and Neo-Marxism.

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