Rev Left Radio [BEST OF] The Fundamentals of Marxism: Intro to Political Economy
Jun 10, 2025
Dive into the core concepts of Marxist political economy with insights on the evolution of economic thought. Discover the clash between the capitalist class and the proletariat, and learn how contemporary economics often overlooks vital social contexts. Explore the distinctions between use value and exchange value and the implications for labor exploitation. Unpack the fascinating concepts of money, capital, and commodity fetishism, revealing how profit-seeking transforms social relationships and economic realities.
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Political Economy Intertwines Economics & Politics
- Political economy studies economics in relation to politics, society, and culture, emphasizing their inseparability.
- Marx's work fits into this tradition by analyzing capitalism through interconnected economic and political lenses.
Adam Smith's Market Duality
- Adam Smith saw free markets as self-interest leading to collective prosperity, without individuals intending that outcome.
- This self-interest drives growth but also enables exploitative behaviors capitalists engage in to maximize profits.
Smith's Early Class Conflict Insights
- Adam Smith recognized class struggle, noting workers and capitalists have opposing interests and unequal bargaining power.
- He understood the state's role in supporting capitalists over workers, prefiguring Marxist ideas on class relations.
