Red Menace The Fundamentals of Marxism: Intro to Political Economy
Jan 31, 2021
In this podcast, Alyson and Breht discuss the core concepts of Marxist political economy. They explore the history of political economy, critique capitalist economics, and delve into topics such as class, value, and surplus value. They also address the importance of economic analysis in revolution and distinguish between Marxian economics and Marxism. Overall, this episode provides an engaging introduction to the fundamentals of Marxism and its relevance in today's society.
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Political Economy's Core Definition
- Political economy studies economics as it relates to society, politics, and production historically and as a totality.
- It assumes economics cannot be separated from political forces, unlike modern economics.
Adam Smith's Complex Legacy
- Adam Smith combined moral philosophy with early economic theory to describe capitalism.
- Smith recognized self-interest drives markets but warned of capitalism's negative social effects.
Marx's Critical Engagement with Predecessors
- Marx built on Smith and Mill's labor theory of value and class struggle concepts.
- He critiqued their assumptions and reframed human nature beyond individual self-interest.