The Marxist theory of class conflict centers around several key ideas: (1) Society is divided into two main conflicting classes - the bourgeoisie who own the means of production and exploit the proletariat working class. (2) This exploitation occurs through surplus value, where workers generate more value than what they are paid. (3) This conflict and exploitation intensifies over time, eventually leading to revolution where the proletariat overthrow the bourgeoisie and establish socialism. Marx saw class conflict and struggle as inherent to capitalism and leading inevitably to its destruction and replacement with a communist, classless society.