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Immiseration Thesis
In Marxist theory and Marxian economics, the immiseration thesis, also referred to as emiseration thesis, is derived from Karl Marx's analysis of economic development in capitalism, implying that the nature of capitalist production stabilizes real wages, reducing wage growth relative to total value creation in the economy, leading to the increasing power of capital in society. The immiseration thesis is related to Marx's analysis of the rising organic composition of capital and reduced demand for labor relative to capital equipment as technology develops. Karl Marx In Karl Marx's early writings of the 1840s, he was influenced by David Ricardo's theory of wages, which held that wages tended down to a subsistence minimum. This was the "Iron law of wages" coined by the socialist Ferdinand Lassalle. In ''On the Question of Free Trade'' (1847), Marx wrote: "Thus, as means are constantly being found for the maintenance of labor on cheaper and more wretched food, the minimum of wages i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxist Theory
Marxist philosophy or Marxist theory are works in philosophy that are strongly influenced by Karl Marx's materialist approach to theory, or works written by Marxists. Marxist philosophy may be broadly divided into Western Marxism, which drew from various sources, and the official philosophy in the Soviet Union, which enforced a rigid reading of Marx called dialectical materialism, in particular during the 1930s. Marxist philosophy is not a strictly defined sub-field of philosophy, because the diverse influence of Marxist theory has extended into fields as varied as aesthetics, ethics, ontology, epistemology, theoretical psychology and philosophy of science, as well as its obvious influence on political philosophy and the philosophy of history. The key characteristics of Marxism in philosophy are its materialism and its commitment to political practice as the end goal of all thought. The theory is also about the struggles of the proletariat and their reprimand of the bourgeoisie. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Variable Capital
Constant capital (c), is a concept created by Karl Marx and used in Marxian political economy. It refers to one of the forms of capital invested in production, which contrasts with variable capital (v). The distinction between constant and variable refers to an aspect of the economic role of factors of production in creating a new value. Constant capital includes the outlay of money on (1) fixed assets, i.e. physical plant, machinery, land and buildings, (2) raw materials and ancillary operating expenses (including external services purchased), and (3) certain faux frais of production (incidental expenses). Variable capital, by contrast, refers to the capital outlay on labour costs insofar as they represent workers' earnings, the sum total of wages. The concept of constant vs. variable capital contrasts with that of fixed vs. circulating capital (used not only by Marx but by David Ricardo and other classical economists). The latter distinction corresponds to the very common dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crisis Theory
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is associated with Marxian critique of political economy, and was further popularised through Marxist economics. History Earlier analysis by Jean Charles Léonard de Sismondi provided the first suggestions of the systemic roots of Crisis. "The distinctive feature of Sismondi's analysis is that it is geared to an explicit dynamic model in the modern sense of this phrase ... Sismondi's great merit is that he used, systematically and explicitly, a schema of periods, that is, that he was the first to practice the particular method of dynamics that is called period analysis". Marx praised and built on Sismondi's theoretical insights. Rosa Luxemburg and Henryk Grossman both subsequently drew attention to both Sismondi's work on the nature of capitalism, and as a reference point for Karl Marx. Grossman in particular pointed out how Sismondi had contributed to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalist Mode Of Production (Marxist Theory)
In Karl Marx's critique of political economy and subsequent Marxian analyses, the capitalist mode of production (German: ''Produktionsweise'') refers to the systems of organizing production and distribution within capitalist societies. Private money-making in various forms (renting, banking, merchant trade, production for profit and so on) preceded the development of the capitalist mode of production as such. The capitalist mode of production proper, based on wage-labour and private ownership of the means of production and on industrial technology, began to grow rapidly in Western Europe from the Industrial Revolution, later extending to most of the world. The capitalist mode of production is characterized by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labour and—at least as far as commodities are concerned—being market-based. Synopsis A "mode of production" (German: ''Pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage Labour And Capital
"Wage Labour and Capital" (German: ''Lohnarbeit und Kapital'') was an 1847 lecture by the critic of political economy and philosopher Karl Marx, first published as articles in the ''Neue Rheinische Zeitung'' in April 1849. It is widely considered the precursor to Marx’s influential treatise ''Das Kapital''. It is commonly paired with Marx's 1865 speech ''Value, Price and Profit''. In 1883, a Russian translation was published as a book and included an excerpt from ''Capital'' volume 1 in the appendix, chapter 23 on ''Historical Tendency of Capitalist Accumulation''. In 1885, a pamphlet version was first published as an English translation. An 1885 pamphlet based on the newspaper articles was published in Hottingen-Zürich without Marx's knowledge and with a brief introduction by Engels. The German edition was revised by Friedrich Engels in 1891 and published by Vorwärts after the Anti-Socialist Laws had lapsed the previous year. In 1893, an updated English translation from the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means Of Production
The means of production is a term which describes land, labor and capital that can be used to produce products (such as goods or services); however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors, or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers. This concept is used throughout fields of study including politics, economics, and sociology to discuss, broadly, the relationship between anything that can have productive use, its ownership, and the constituent social parts needed to produce it. Industrial production From the perspective of a firm, a firm uses its capital goods, which are also known as tangible assets as they are physical in nature. Unf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Centralized State Planning
A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning. The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed. Socialist states based on the Soviet model have used central planning, although a minority such as the former Socialist Federal Republic of Yugoslavia have adopted some degree of market socialism. Market abolitionist socialism replaces factor markets with direct calculation as the means to coordinate the activities of the various socially-owned economic enterprises that make up the economy. More recent approaches to socialist planning and allocation have come from some economists and computer scientists proposing planning mechanisms based on a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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