Though attributed to both Marx and Engels, the majority of the Manifesto was written by Marx, which means two things. The first is that it is very well-written. Marx was a great writer 19th-century standards, though by modern standards he's very, very boring.
The second is that it was extremely wrong. Marx had a one-track mind, and that one track was Communism. Everything was subsumed to it, and anything that didn't fit was thrown aside with great disdain. This means that there are things in Marx's writings that simply aren't true. They make sense, though, if you accept the basic premises of Communism.
There's no doubt there were -- and are -- abuses that needed correcting. But this would be forgotten like all those other manifestos if someone hadn't taken it seriously.
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