Marx's theory is useful when studying equality and difference.
Karl Marx claimed that industrialisation had created 2 classes
Those that owned the means of producing goods and services( otherwise known as capitialists or "The Rich and Powerful") and those that were the workers (Working Class, employees, the poor)
Marx stated that these two groups had a conflict of interest, the employers wanted to maximise profits by paying minimal wages and the workers wanted better wages (higher standard of living).
Marx said that competition would force many smaller business out of business leaving larger companies a greater market share, who would then use their economic power to control governments, thus controlling to an extent the agents of socialisation i.e Media and school.
In the long run Marx thought that the workers would overthrow capitalism and create communism where everyone would recieve the same amout of good and services and thus would share the same standard of living. This did not happen.
The importance of Marx's theory is that he influenced many other social thinkers by the way he highlighted the importance of conflict between classes and how he highlighted the relationship between the changing nature of production (technology) and the changing nature of the power structure (who has power).
I think Max Weber's theory is better.
I hope these notes help. If you need anything simplified or anything else let me know.
P.S My Class has only 12 people but we have an absolutely awesome teacher and we rarely write or use a text book it is all just discussion and it is amazing how much actually sinks in.
if you need any notes let me know, sac is my best subject, across the assessment tasks I am averaging 95%. I think it is a really interesting subject.