Marxism, Communism, Marxian Socio-political Economic Theory and the Socialist World

M L Sehgal

doi:10.14738/assrj.75.8178

Abstract

Marxian model of economic, as enunciated in "Das-Capital" disapproved of the two classical models of economics proposed by Adam Smith and John Maynard Keynes though both had stood the test of the time. Marx’s Economic Theory encompassed the social, historical, and economic points of view based upon the thesis of Hegel's philosophy as well as its antithesis. Marx believed that the concept of relations of production as proposed by Capitalism was vague for the socio-cultural set up of a society. He said that Capitalism would not end up in a quiet death; rather it would have to be broken up with a 'Bang'; maybe by Violent Revolution. Rather than giving some weightage to machines, the paper, or the ’capital’, Marx would put all his eggs on the ‘Labor Class’ as he opined that the ‘Capitalist Class’ exploits the Labor Class. He would proclaim that the sole factor which decided the prices of the commodities was the value of the labor as determined by Labor Theory of Value (LTV) and not by the cost of machines and the capital put in for running the various operation of the establishment. There would be no Ownership of property; State becoming the sole proprietor as everything will be nationalized. Countries like the USSR and East Germany, after being separated from West Germany, because of the execution of treaties of WW-II (1945). North Vietnam, North Korea, Cuba, and Venezuela also turned Socialists. Their economies (GDPs) will make a part of the present study. Poland, Czechoslovakia, Hungry, and China, which also followed the Socialistic pattern, are excluded.

Highlights

It is not possible to make a full and comprehensive evaluation of Marx’s Economic Theory just in one article
Nowadays the word communism usually refers to the political and economic ideologies originating from Karl Marx's theory of revolutionary socialism, which advocates a proletariat overthrow of capitalist structures within society; societal and communal ownership and governance of the means of production; and the eventual establishment of a classless society
Communism is a form of government that falls on the socialism spectrum.[12]

Summary

INTRODUCTION

It is not possible to make a full and comprehensive evaluation of Marx’s Economic Theory just in one article. Volume II: Subtitled as “The Process of Circulation of Capital” Capital Volume II and Das Kapital are both written by Karl Marx This second of three volumes of Das Kapital (German equivalent- Kritik der politischen Ökonomie) was prepared by Friedrich Engels from notes left by Karl Marx and published in 1885. It is divided into three parts: 1. Volume III: Subtitled The Process of Capitalist Production as a Whole It is the third volume of Das Kapital (Kritik der politischen Ökonomie) It was prepared by Friedrich Engels from notes left by Karl Marx and published in 1894. There is Frederick Engels’s Supplement to Capital, Volume III- which consists of three chapters as follows:

Introduction

METHODOLOGY

DISCUSSION

Findings

CONCLUSION