Marxism is a method of analysis of societal development which advocates capitalism will ultimately result into social distribution of assets created by companies. It also say production which is just necessary for society and no excess production for want of profit.
Marxism and Industrial Relations:
Marxism has major impact on development of industrial relations. Distribution of wealth to public and production which is enough for consumption are two important issue that are connected to industrial relations.
Early time before industrial revolution:
Factory owners used to pay worker very less and put them on work for 12-14 hours a day. There was no concept of weekly off also. With the power of money ,capitalist never recognised issue of workers.
With industrial revolution of steam engine lots of work was automated. Also this resulted in division of labour. Now every worker has to do same work repetitively. In this case, it become necessary to keep worker motivated for the work.
With this happening around, lot of instance of dispute between worker and capitalist were noted. Marxism view furthered the demands of worker for more wages. Marxism view of production not for profit but jut satisfying the demand gave new direction to conflict. Factory owner’s decision for more work in order to get more profit was centre of dispute.
Though Marxism model of societal development was in a sense good as it talked about social distribution of assets, it could not be observed to coming into effect except in Soviet Union. After fall of Soviet Union Marxism approach to social development has not shown any major impact .Instead the countries which were labelled Capitalist resorted to various strong dispute resolution mechanism which attempted to reduce or control industrial dispute. These dispute mechanism gave working class the necessary mechanism to curb exploitation by capitalist.