The Fundamentals of Marxism: Intro to Political Economy
Jan 31, 2021
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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.
Marxist political economy analyzes the interconnection of economics and politics, providing a comprehensive critique of capitalism.
The means of production encompass the tools, materials, and labor that drive social and historical evolution.
Class struggle arises from the conflict between the capitalist class, owning the means of production, and the proletarian class, selling their labor to capitalists.
Deep dives
The Concept of Political Economy
Political economy is a term that originated in the 18th and 19th centuries, referring to the interconnection of politics and economics. It recognizes that economic outcomes are influenced by political forces. Marx falls within this tradition, examining the relationship between economics and politics. In particular, he focuses on understanding social change and the historical transformation of capitalist society.
The Means of Production and Productive Forces
The means of production refer to the tools, machines, raw materials, and land used to produce goods and services. It is through the means of production that the productive forces operate, which include both the means of production and human labor. Marx emphasizes that labor is the source of value and that the productive forces drive social and historical evolution.
Class and Class Struggle
Marx defines class based on the relationship to the means of production. The two main classes under capitalism are the capitalist class, which owns the means of production, and the proletarian class, which sells their labor to the capitalists. Class interests are at odds with each other, leading to class struggle and social instability.
Use Value and Exchange Value
Use value refers to the utility or satisfaction a commodity provides. Exchange value, on the other hand, represents the value of one commodity compared to another in the process of exchange. Exchange value is measured by money, and commodities are produced for their exchange value in the market.
Marxist Political Economy: Foundations of Marxist Political Theory
Marxist political economy provides a comprehensive analysis and critique of capitalism, highlighting its historical rise, domination, and the exploitation of the working class. It separates socialist ideas from utopian visions and provides a scientific footing for anti-capitalist struggles. Understanding Marx's political economy is vital to formulating a cure for the disease of capitalism by diagnosing its problems accurately. It reveals the cyclical crises, inequality, poverty, and other issues inherent in capitalism, ultimately pointing towards the necessity of proletarian revolution.
Commodity Fetishism: Understanding the Mysteries of Commodities
Commodity fetishism refers to the perception of commodities as having inherent value, obscuring the social relations and labor involved in their production. When commodities become objects of exchange, their ties to human labor are severed. This understanding shapes consumerist culture, where commodities are seen as signs of social status rather than products of labor. Commodity fetishism, as explained by Marx, hinders our ability to recognize the exploitation and social processes behind the circulation of commodities. By unpacking this concept, we gain insight into the alienating nature of capitalism and the importance of recognizing its inherent contradictions.
In this episode, Alyson and Breht introduce the core concepts of Marxist political economy by an analysis of the history of political economy, core economic concepts in Marxism, and much more! Outline for this episode with timestamps Political Economy:
[5:00] Definition: Political economy as the study of economics as played out in reality. Economics in relation to society, production, culture, politics, etc.
[12:28] History: Adam Smith’s development of economics in the wealth of nations, alongside Mill’s principles of political economy.
[20:05] So what does Marxism have to do with political economy?
[33:31] Critique of capitalist economics today
The Details and Concepts 1) [35:30] the Means of Production and Productive Forces 2) [43:20] Class as a relation to Production 3) [47:00] Value, Use, and Exchange 4) [58:05] Surplus Value and Wages 5) [61:09] Money, Capital, and the M-C-M Cycle 6) [68:35] Commodity Fetishism Closing Questions: Questions:
[74:43] Why does this matter? If Marxism is about revolution, what's the deal with all this abstract economic analysis?
[78:13] Marxian economics vs Marxism: what's the difference, is there an issue with the former?
