Economic Theory Of Marxism
' 'Marxsism encompasses an economic theory, a sociological theory, a philosophical method, and a revolutionary view of social change [1]. ' ' There is no single definitive Marxist theory. Marxism builds on materialist understanding of societal development, taking as its starting point the necessary economic activities required to satisfy the material needs of human society. The form of economic organisation or mode of production is understood to give rise to, or at least directly infulences, most other social phenomena – including social relations, political and legal system and idelogy. [2]
Modern bourgeois society, with relations of production, of exchange of property. [3] A society that has conjured up such gigantic means of production
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Underthe capitalist mode of production, this struggle materializes between the minority (the bourgeoisie) who own themeans of production, and the vast majority of the population (the proletariat) who produce goods and services. Taking the idea that social change occurs because of the struggle between different classes within society who are under contradiction against each other, leads the Marxist analysis to the conclusion that capitalism exploits and oppresses the proletariat, which leads to a proletarian …show more content…
Exploitation has been a socio-economic feature of everyclass society, and is one of the principal features distinguishing the social classes. The power of one social class to control the means of production enables its exploitation of the other classes. In capitalism, the labour theory of value is the operative concern; the value of a commodity equals the socially necessary labour time required to produce it. In precapitalist economies, exploitation of the worker was achieved viaphysical coercion.
2.2. Classical Marxism
The term Classical Marxism denotes the collection of socio-eco-political theories expounded by Karl Marx and Friedrich Engels. Classical Marxism distinguishes between “Marxism” as broadly perceived, and “what Marx believed". [6] 2.3. Academic Marxism
Marxism has been adopted by a large number of academics and other scholars working in various disciplines. The theoretical development of Marxist archaeology was first developed in theSoviet Unionin 1929, when ayoung archaeologist named Vladislav I. Ravdonikas (1894–1976) published a report entitled “For a Soviet history ofmaterial culture”. [7]
2.4. Karl Marx and Friedrich
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