How has the development of global capitalism changed the nature of socialist economies and developing societies? + insights
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Marxian Political Economy
Authors: Andreas Dimmelmeier, Andrea Pürckhauer und Anil Shah | 18th of December 2016
Patron and academic review: Dr. Johannes Jäger
1. Core Elements
Marxist Political Economy (MPE) denotes a range of political economy perspectives that are broadly connected to and in the tradition of the writings (notably The Communist Manifesto, Grundrisse and Capital) and insights of Karl Marx. Although this research tradition is very diverse and heterogeneous, it is nevertheless possible to identify some common key tenets. Generally, MPE comprises an integrative analysis of the economy, society and politics. These three fields are not considered as isolated but as interdependent structures that evolved historically. The analysis of class struggle, involving the exploitation of labourby capital within the capitalist mode of production, is fundamental to the understanding of dynamics within this analysis.
From this perspective, capital and labour represent two antagonistic classes. The former is primarily characterized by ownership of the means of production, while the latter comprises free wage labourers in a double sense. They are free from control over the means of production and free – compared with the feudal system – to sell their labour power. Capital is central to this and is primarily organized to ensure the profitability of invested money. This is why the famous notion of capital as money which begets money is formalized as M–C–M’.
An integrative economic analysis, in this context, involves moving beyond a sole focus on the functioning of the economy. Thus, under capitalist conditions, labour is not only exploited but also faces alienation. This means that wage labourers are not the directors of their own work. Instead, s/he is employed in the capitalist mode of production, performing specialized tasks in commodity production, without owning the products. Moreover, the capitalist mode of production is not limited to an isolated sphere in society but structures the latter in various ways. For example, through the process of commodification, social relations that were formerly untainted by market logic, are transformed into commercial relationships, relationships of exchange, and relationships of buying and selling.
for
Authors: Andreas Dimmelmeier, Andrea Pürckhauer und Anil Shah | 18th of December 2016
Patron and academic review: Dr. Johannes Jäger
1. Core Elements
Marxist Political Economy (MPE) denotes a range of political economy perspectives that are broadly connected to and in the tradition of the writings (notably The Communist Manifesto, Grundrisse and Capital) and insights of Karl Marx. Although this research tradition is very diverse and heterogeneous, it is nevertheless possible to identify some common key tenets. Generally, MPE comprises an integrative analysis of the economy, society and politics. These three fields are not considered as isolated but as interdependent structures that evolved historically. The analysis of class struggle, involving the exploitation of labourby capital within the capitalist mode of production, is fundamental to the understanding of dynamics within this analysis.
From this perspective, capital and labour represent two antagonistic classes. The former is primarily characterized by ownership of the means of production, while the latter comprises free wage labourers in a double sense. They are free from control over the means of production and free – compared with the feudal system – to sell their labour power. Capital is central to this and is primarily organized to ensure the profitability of invested money. This is why the famous notion of capital as money which begets money is formalized as M–C–M’.
An integrative economic analysis, in this context, involves moving beyond a sole focus on the functioning of the economy. Thus, under capitalist conditions, labour is not only exploited but also faces alienation. This means that wage labourers are not the directors of their own work. Instead, s/he is employed in the capitalist mode of production, performing specialized tasks in commodity production, without owning the products. Moreover, the capitalist mode of production is not limited to an isolated sphere in society but structures the latter in various ways. For example, through the process of commodification, social relations that were formerly untainted by market logic, are transformed into commercial relationships, relationships of exchange, and relationships of buying and selling.
for
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