Karl Marx dies in London. One of the most important figures in the development of both economic and political philosophy in both the 19th and 20th centuries, Karl Marx was responsible for the revolutionary communism and some of the most prescient critiques of modern industrial capitalism. With fellow German and socialist Friedrich Engels, Karl Marx wrote some of the most-read political and economic works of the modern era.
The ideas developed by Karl Marx will acquire the label "Marxism," but Marx did not come up with them on his own. Friedrich Engels was important to Marx personally and professionally; had it not been for Engels' constant and selfless financial assistance, Marx would not only have been unable to complete most of his major works, but might have succumbed to hunger and malnutrition.