Neo-Marxism is a term used loosely to describe a variety of 20th century approaches that extend the Marxism theory. Neo-Marxism incorporates elements from other intellectual ways of thinking, such as psychoanalysis.
Neo-Marxist theories stress the monopolistic rather than the competitive nature of capitalism. People who consider themselves to be neo-Marxist try to add supplementary material to the orthodox Marxism theories. The original theory of Marxism revolved around scientific socialism and was later used to build a case for communism. Marxism was both an economic and political theory. Karl Marx and Friedrich Engels were the original creators of this theory. The theory calls for social reform of a society as well.