The law of value is an objective law of commodity production and is the fundamental regulating law of capitalist commodity production. It states that the value of a commodity is determined by the amount of socially necessary labor time in its production. Under capitalism where anarchy of production and competition between laborers for wages and […]
The US was the dominant imperialist force in the post World War II era. It managed the transition from the direct colonies – literally owned and controlled by England, France and Germany – to the neo-colonies, where the newly independent nations entered the world economy. Then began the transition to the global capitalist economy that […]
The value of labor-power is determined by the cost to maintain workers and enable them to labor and to reproduce the next generation. The value of labor-power is determined, as in the case of every other commodity, by the labor-time necessary for the production, and consequently also the reproduction, of this special article. So far […]
In political economy value is the amount of socially necessary labor time in commodities. A commodity is a product made to be exchanged, rather than consumed by the producer. The production of objects for exchange is the characteristic feature of commodity economy. Human beings, rather than machines, are the source and determinant of value in […]
What is Marxist Glossary for the 21st Century As huge numbers of people are suddenly wanting to talk about Marxism and socialism, communism, fascism, etc., the discussion has been impeded by not having a common agreement on the meaning of these words. How can we talk when even those of us who consider ourselves Marxists […]
Ideology is a set of ideas, beliefs, and ethics that expresses and defines relationships among people. It is a shared set of beliefs about how the world is and ought to be. An ideology is a set of conscious and unconscious ideas that motivate one’s goals, expectations and actions. It is a conceptual framework that […]
Political economy: Political economy, in the widest sense, is the science of the laws governing the production and exchange of the material means of subsistence in human society. Production and exchange are two different functions. Production may occur without exchange, but exchange—being necessarily an exchange of products—cannot occur without production. Each of these two […]
A revolution is an abrupt and notable change in the pattern of events, both in its Marxist and non-Marxist meaning. From the standpoint of Marxist philosophy, revolution is composed of both objective and subjective aspects. The economic revolution is objective and takes place as qualitatively new means of production replace the old. On that basis, […]
Relations of production are the connections between people and property, that is, the ownership pattern, in the process of production. The ownership pattern determines the placement and role of classes — exploited and exploiters — in the process of production. The process of production consists of the division of labor, stage of development of technology, […]
Production: Production is the mental and physical power of humanity that operates on nature and changes the material provided by nature to create means of life, goods and services. It is a major component of the economy, and distribution is the other. In the process of production, human beings work not only upon nature, but […]