What is 'Conflict Theory'?

The conflict theory states that society is in a constant state of conflict due to competition for limited resources. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Term of the Day | Words to Know Conflict Theory Conflict theory, first purported by Karl Marx, is a theory that society is in a state of perpetual conflict because of competition for limited resources. Conflict theory holds that social order is maintained by domination and power (rather than by consensus and conformity). According to conflict theory, all individuals and groups try to maximize their own wealth and power. Those who already have wealth and power will try to hold on to it by any means possible, chiefly by suppressing the poor and powerless. Read More » Related to "Conflict Theory" A Brief History of Economics Economics is a vital part of everyday life. Discover who created economics and the role it plays in global markets. Read More » Capitalism vs. Socialism: What's the Difference? Capitalism promotes free market conditions, whereas socialism incorporates certain elements of centralized economic planning. Read More » SPONSORED BY US Bank Your Finances, Your Way Planning ahead is the key to reaching your goals. These tips and tricks can help you manage your money and make smart financial decisions. Learn More » Which Income Class Are You? Which income class do you belong to and what defines the different classes? We hear it all the time, the middle class is shrinking, but what does the data say? Read More » This Week's Investopedia Express Podcast is Live! On The Investopedia Express this week: What investors need to hear from the Federal Reserve at its last meeting before the U.S. elections, U.S. tech giants are cozying up to India's Reliance Industries, and how individual investors should interpret volatility, with Liz Ann Sonders, the Chief Investment strategist at Charles Schwab. Listen now on: Apple Podcasts » Spotify » Google Podcasts » Related Definitions Karl Marx Karl Marx was a 19th century philosopher, author, and economist famous for his ideas about capitalism and communism. He was the father of Marxism. Read More » The Wealth Effect The wealth effect is a behavioral economic theory suggesting that consumers spend more when their wealth increases, even if their income does not. Read More » Working Class Working class describes persons in low-paying jobs often requiring considerable physical labor but limited skill or education. Read More » Middle Class The middle class refers to individuals who fall between the working class and the upper class. Those in the middle class often are employed as professionals, managers, and civil servants. Read More » CONNECT WITH INVESTOPEDIA Email sent to: mondemand.forex@blogger.com To update your newsletter preferences or unsubscribe, click here. 114 West 41st St, floor 8 New York NY 10036 © 2020, Investopedia, LLC, All Rights Reserved | Privacy Policy