Marxist Economic Theory Research Articles

An Extended Exploration on Marx's Thought of Production Function

The topics presented in this paper are all new attempts to some extent, and so far, although there is some kind of attempts to reinterpret Marx's economic theory by using the Cobb-Douglas production function, there are few systematic studies of Marxist economics from the point of view of the production function. This paper reveals clear evidence that Marx had the idea of the production function in Capital and emphasizes that there is no such formulation in Capital as the so-called Marxian value equation c+v+m = w , written in letters, but that the formula W =c+v+m , which appears for the first time in Volume III of Capital, belongs to the typical format of a linear production function. From this it can also be recognized that the vertical Leontief production function actually stems from the decomposition of the variable capital part of Marx's production function. In terms of research methodology, this paper, based on a multi-party series of research results obtained from the study of production functions from the special to the general, after clarifying that the basic characteristic of Marx's production function is a linear production function, it achieves generalization by expanding it into the form. of the CES production function, thus clarifying the intrinsic connection between Marx's linear production function and other forms of production functions. The significance of this paper lies mainly in the fact that by exploring and analyzing Marx's idea of the production thought, we can deepen our understanding of Marx's economic theory, especially by further expanding the model of economic growth derived from the reproduction schema, and be conducive to comparative analyses with the economic theories of other schools of thought.

China’s rise and the United States’ response: implications for the global order and New Zealand/Aotearoa. Part I: Using uneven and combined development theory to explain China’s rise

ABSTRACT Part One of this article provides a novel condensed Marxist account of China’s rapid economic growth which underpins its rising geopolitical and military power. In the vast literature on China’s rise, pro-market reforms and/or state policy-making and interventionism are emphasised as causes, depending on whether a neoliberal or neomercantilist perspective is adopted. Although these accounts contain important elements of truth, Marxist economic theory and the theory of uneven and combined development emphasise the central role played by China’s comparatively high rates of exploitation and profitability in fuelling rapid economic growth. This Marxist perspective informs a critical analysis of China’s hybrid neoliberal policy regime, regionally decentralised system of government, huge trade surpluses and foreign currency reserves, inflows of foreign direct investment, state investment in infrastructure, rising socio-economic inequality, poor social provision especially of public health care, popular support for and potential sources of opposition to the CCP regime, and military modernisation.

Adaptation of Marxian Economic Theory in Digital Currency System Based on Blockchain Technology

Abstract This paper analyzes the current status of digital currency trading in terms of volume, price, and quantity in circulation and compares the statistical descriptions of Bitcoin, Dogecoin, and Ether to illustrate whether cryptocurrencies have the potential to be Marxist world currencies by observing the price volatility and the size of the trading volume. Introducing Bitcoin as a commodity, the relationship between risk volatility, capital control, capital flight, and the Bitcoin premium is mechanistically portrayed. The existence of bitcoin-channeled capital flight is argued based on typical facts and empirical evidence. The results show that as of November 25, 2023, Bitcoin’s single-day volume is about $64 trillion, the highest market share among more than 2,000 currencies in the world. Its single price is volatile, with a high of about $4,500 and a low of about $7. The price of Dogecoin and Ether can fluctuate between 56% and 489%. The Marxist definition of a world currency excludes digital currencies. BTC doesn’t fully align with ECNY, there’s a possibility of a Bitcoin premium, and there’s also a risk of capital flight. Therefore, an adaptive analysis of digital currencies based on blockchain technology based on Marxian monetary and economic theories can provide a clear understanding of the nature of money and monetary functions.

Topicality of K. Marx Economic Doctrine in Today’s Conditions Illustrated by Collective Management Functioning

The article analyzes the role of collective management enterprises as an example of practical application of Marxist economic theory in today’s market economy. The goal of the research is to search for suggestions appropriate for solving the problem of fair distribution of labour product illustrated by functioning of enterprises with collective forms of property in present day economy. This problem was elaborated in works by theoreticians of Marxist and neo-Marxist economic schools and in current conditions of private market economy. A positive aspect of the Marxist theory was identified in the sphere of fair distribution of labour product and aspiration for production democracy. Topicality of these problems in current social and economic conditions was demonstrated. Arising of the concept of public enterprises and its realization within the frames of different economic models was analyzed illustrated by such countries as the US, Great Britain, Italy and some others. Economic results of such enterprises were studied and their higher economic efficiency in comparison with enterprises of other forms of property was shown. The demand for justice in social and economic sphere of production in market economy was highlighted. Special attention was paid to the role of enterprises with collective forms of management in economic systems of Russia and China, the efficiency of collective enterprises was analyzed and legal aspects of their functioning were studied. As a result of the research certain drawbacks in collective enterprise work were revealed, for instance, undeveloped interaction with the banking environment, insufficient legal base of their functioning and poor information of the population. The article proved the importance of enterprises with collective form of management as a factor of labour productivity rising and underlined significance of the social aspect of their work. Topicality of the issue of social justice in labour product distribution was shown in the context of positive heritage of the Marxist theory. On the basis of the research key practical suggestions aimed at developing the system of enterprises with collective form of property were formulated.

The Security Implication of China’s Unlimited Presidential Term on Africa

Purpose: This paper looks at the security implication of China’s policy of unlimited presidential term on Africa, noting that “He that pays the piper determines it pace” as such; Africa being at the receiving end of Chinese aid, goods, services, military supplies and assistance and Chinese military presence in some African countries notwithstanding will continue to depend on the whims and caprices of China.
 Methodology: Using Marxist Economic Theory of Imperialism and Dependency theory, the paper argues that the policy will continue to take advantage of the systemic and structural imbalance of the African economic, political and strategic/military architecture. As such her dependent on China, which in the long-run engenders neo-colonial condition favourable to China’s strategic interest in Africa.
 Findings: The all-pervading Chinese presence in Africa visa-vise her policy of unlimited presidential term serves as instrument of imperialism to Africa, parasitically corroding strategic, national economic base and provokes acute neo-colonialism which at the stance of dependency state. Hence the dire need for a wakeup call to countries of African to develop and incorporate advance security measures to avoid the risk of continual domination of Africa strategic and economic relation by China, which has continued to engenders communal crisis and inter-tribal wars orchestrated by her regular arms sale to African countries, as one will agree that term limit in governance is one of the few checks on the ruler embedded in the state constitution that can quickly bring about a change in government policy and philosophy.
 Unique Contribution to Theory, Practice and Policy: This paper recommends among others, that African countries should carry their destiny in their own hands instead of succumbing to the prevailing China’s national interest (aid) driven interventions which is currently re-championed in her current unlimited presidential term.

Understanding the Modern World with Marx's Political Economic Critical Thinking

How relevant is Marxist economic theory to the problems of today’s world? Did those contradictions that Marx analyses in his Das Kapital disappear? The answer is clear: no, but they have now acquired a larger scale involving some new actors. The faster pace of economic globalisation at the end of the last century has been accompanied by the cross-border development of class relations. Resting on large-scale cross-border operations of transnational corporations, capital is now contributing to the formation of a transnational capita­list class. In today’s world there are new, contradictory relations based on a multitude of inherent contradictions, rendering the world situation more complex: the rich-poor gap brought about by the formation of the transnational capitalist class; the transnational capitalist class and the question of its global hegemony; and the relationship between the transnational capitalist class and the world system. All these factors are of economic nature but their impact goes beyond the economic sphere. The resulting hegemony of the transnational capita­list class pushes the world situation in the direction of economic politicisation and further political militarisation. It is clear that our world is still dominated by the capital, which was discussed by Marx in his critique of political economy. This approach still provides the basic framework for understanding and examining our era.

Did Monetary Policy Cause a Housing in The US In The First Half Of The 2000S

In the early 21st century, a global financial crisis occurred in the global financial history. The US subprime crisis in 2007 has evolved into a global financial crisis, which not only impacted the financial industry of various countries, but also spread to the sandwich economy. In this context, it is of great practical and theoretical significance to timely sort out various academic theoretical views on the causes of the financial crisis and analyze the deep causes of the current financial crisis using Marx's economic crisis theory, which has great enlightenment on the improvement and supervision of China's financial market. Based on data statistics and model recommendations, this paper deeply studies the causes of subprime housing credit in the United States, and concludes that the monetary policy of the Federal Reserve is to a large extent the main cause of the housing crisis in the United States.

K. Marx's Economic Theory and Current Significance

The article is an attempt to estimate K. Marx's economic theory. The following questions are discussed for this purpose: First, what were the true goals of Marx? Second, to what extent are they realistic and how adequate are the categories constructed and implemented by Marx to nature's and society's trends of growth? Third, is it possible to implement Marxist theory in solving contemporary economic and social problems? The purpose of the analysis is not to praise or criticize Karl Marx and, in general, Marxism, which is not so difficult to do based on historical events and facts, but to realistically evaluate Marx's economic theory and identify all the positive things in his teachings that can be used by economic science to help in overcoming obstacles to the development of modern societies.

The Routledge Introduction to the Canadian Fantastic by Allan Weiss

606 SCIENCE FICTION STUDIES, VOLUME 48 (2021) resources. Thus “science fiction remains a Janus-faced discourse, equally available as a tool to critique injustices of the present and inspire better futures or deployed to reconcile us to the inevitability of the future as a continuation of our present consisting of technological capitalism and social injustice” (168). Despite this warning, the strongest note in the conclusion is optimism about sf’s present and future usefulness for critical thinking. The contemporary community of sf fans and writers is “far larger, more distributed, and more heterogeneous than First Fandom was,” which Vint takes as “a chance [for sf] to throw off the weight of the past and free the genre from some of its least admirable moments, such as its perpetuation of settler colonial logics, its militaristic space opera, or its Eurocentric notions of technology” (166-67). Now more than ever, then, sf is “good to think with” (166). The after-matter includes a glossary of technical terms and short lists of recommended reading related to each chapter. These are features directed primarily at outsiders to the study of the genre. Terms such as cyberpunk, cognitive estrangement, and Golden Age are unlikely to require explanation for readers of Science Fiction Studies, nor is the technical vocabulary related to finance and Marxist economic theory likely to be unfamiliar to most literary scholars these days. Nonetheless even these short definitions are worth reading for the clarity and concision with which they convey not just the connotation of a term but often something of its history and importance to controversies within the relevant discipline. I suspect the experience of most readers of this journal would be similar to mine—that some chapters and features covered very familiar ground, while others were full of information and references new to me. The takeaway is that everyone from casual fans to accomplished scholars of sf has something to learn from this remarkably well-written, compact, and very affordable book.—John Rieder, University of Hawai’i, Manoa Introducing ... the Canadian Fantastic. Allan Weiss. The Routledge Introduction to the Canadian Fantastic. Routledge, 2021. 228 pp. $160 hc, $42.95 pbk, $38.65 ebk. A steadfast proponent of Canadian science fiction and fantasy, scholar, editor, and sf author Allan Weiss contributes a valuable resource geared toward the textbook market with the Routledge Introduction to the Canadian Fantastic. It meets its stated goal, to introduce “the history, themes, and critical responses to Canadian fantastic literature” with a broadly ranging approach, taking the term “fantastic” as referring to “genres like science fiction and fantasy, as well as a few that are not normally or adequately covered by these terms” (1). Weiss covers both the English- and Frenchlanguage production of genre-related works across Canada. Although content focuses on a single national corpus, his introductory chapter on terminology provides useful definitions for beginning scholars of sf broadly conceived, and he consistently situates Canadian production within international trends. That initial chapter on terminology begins by diplomatically addressing a polemic triggered by Margaret Atwood’s interventions into the “speculative” 607 BOOKS IN REVIEW vs “science” fiction debates. The book is then organized chronologically, each of its five additional chapters addressing a particular period’s production. Chapters share a common structure, first outlining the context of Canadian history (particularly useful for those teaching in the US or UK), then providing the scientific, technological, and cultural contexts for sf’s development in the Anglo-American world beyond the Confederation. Sections address various subgenres, always beginning with science fiction, then fantasy, and adding sections on utopian/dystopian, magical realist/surrealist, horror, poetry and theatre, and children’s and young adult literature, as appropriate. Each chapter concludes with a reading list of its primary corpus; a secondary source bibliography and index close the volume. Weiss shares his encyclopedic knowledge of Canadian sf and f, while carefully acknowledging existing scholarship, citing significant theorists of sf and fantasy in general, and scholars of Canadian sf and f, in particular. Chapter two outlines the Canadian fantastic’s development from the first novels in English and French, published in the first half of the nineteenth century through 1920. This period is Weiss’s particular forte...

Critique of methodological aspects of the study of value and price in the light of the actualization of Marxist theory

Purpose. The aim of the article is systematization of methodological methods and theoretical substantiation of the essence of value and price on the basis of critical consideration of scientific research of the Marxist theory of labour value. Methodology of research. The theoretical and methodological basis of the study is scientific positions that are reflected in the works of Ukrainian and foreign scientists. In particular, the abstract and logical method is used in solving the tasks set in the work in order to classify the methodological tools of value forms, to diagnose the current state of scientific research on the theory of value and price; inductions and deductions – to identify relationships in the process of typology of different categories; epistemological and dialectical methods – to identify the most common problems of scientific evaluation of labour theory of value. Findings. An analysis of the existing methodological approaches is to the study of the fundamental provisions of the labour theory of value, as well as the categories of “cost” and “price”. Based on this, typical errors are identified and analysed, as well as the difficulties of interpreting value as a category of Marxist economic theory. The factors that led to the emergence of price theory based on the negation of value are studied. The main features of value empiricism are considered, the methodological methods that lead to the emergence of irrational constructions of value and price are highlighted. Originality. The evaluation of pricing theories depending on the recognition of value or price as a key category of the theoretical model was made. Based on the analysis of scientific research, the basic concepts and methodological approaches to explaining value are systematized, as well as the reasons for naturalistic, quantitative, idealistic and other aspects of understanding value or complete neglect of it. The scientific insignificance of using the category “intrinsic value” as a methodological tool for interpreting the Marxist theory of value is proved. Practical value. The essence of value and price is scientifically substantiated on the basis of critical consideration of the corresponding concepts offered by domestic and foreign scientists. Solving the fundamental problems of value and price will contribute to the development of an effective pricing policy for the practical purposes of economic development. Key words: methodology, Marxist theory, capital, cost, value, price, pricing, labour value theory, price theory, value creation, nooeconomics.

Marxist Economics of the Function of Ocean Natural Environment System

Nie, Y., 2020. Marxist economics of the function of ocean natural environment system. In: Guido Aldana, P.A. and Kantamaneni, K. (eds.), Advances in Water Resources, Coastal Management, and Marine Science Technology. Journal of Coastal Research, Special Issue No. 104, pp. 125–129. Coconut Creek (Florida), ISSN 0749-0208.At present, with the accelerating pace of urbanization in China, the relationship between population, natural resources and ecological environment is becoming increasingly tense, and the natural environment of our country is deteriorating. Marxism, as the philosophical theory followed by our country and our Party, has a very important guiding role in analyzing the present situation and dilemma of our country's natural environment and proposing corresponding solutions. Based on Marxist economic theory, this paper analyzes the natural environment of our country, and discusses the close relationship between the two, hoping to enrich the relevant research.

Marxian Socio-Political Economic Theory: Two Schools of Thought: Part-II

Marx, an idealist, who believed ‘Capitalism to be an Evil’ and ‘Socialism a Harbinger of Prosperity’, propagated his economic ideas whose basic Pillar was the Labor Theory of Value (LTV) which included Surplus –Value (SV), Falling Tendency of Rate of Profit, Price of a Commodity, Supply and Demand’ Relation, Inflation and Interest Rates. His Socio-political thought included the state would be the Monopolist without anybody owning any private property with religion being the opiate of the masses. He preached class struggle but ignored the middle class. He wanted to do away the State even with the violent Revolution. All this brought him in conflict both with his contemporary economists as well as with the future generation of economists. The 150 old Socio-political Economic Theory of Marx, though a noble idea, could not stand the test of the times and started falling under its weight. The duality in the minds of the people about its utility and applicability is best described by the celebrated Physicist- Einstein’s viewpoint which speaks volumes of the aura of the man named Karl Heinrich Marx: 
 “I am convinced (that) there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals. In such an economy, the means of production are owned by society itself and are utilized in a planned fashion. A ‘planned economy’, which adjusts production to the needs of the community, would distribute the work to be done among all those able to work and would guarantee a livelihood to every man, woman, and child”
 But look at the lurking fear in the mind of the genius about the ‘planned economy’ as:
 “Nevertheless, it is necessary to remember that a planned economy is not yet socialism. A planned economy as such may be accompanied by the ‘complete enslavement of the individual’. The achievement of socialism requires the solution of some extremely difficult socio-political problems: how is it possible, because of the far-reaching ‘centralization of political and economic power’, to ‘prevent bureaucracy from becoming all-powerful and overweening’? How can the ‘rights of the individual be protected’ and therewith a ‘democratic counterweight to the power of bureaucracy be assured’?”

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

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.

The epistemological crisis of Marxian economic theory

In Ethics in the Conflicts of Modernity, MacIntyre argues that neo-Aristotelians have much to learn from Marx’s economic theory, not only for understanding the nature of capitalism, but also for thinking about alternative social and political institutions. This article outlines the arguments given by MacIntyre for embracing Marxian economic theory and argues that if Marxian economics is a tradition of enquiry, in the MacIntyrean sense of the term, we should take seriously the debates within this tradition in order to conclude whether it has been able to withstand internal and external criticism. I argue that Marxian economic theory, as a tradition of enquiry, has been defeated by its opponents and that a synthesis between Aristotelian moral philosophy and Marxian economics is an obstacle to the development of MacIntyre’s political philosophy.

A New Theory of Imperialism and the Social Revolution

Abstract Grossman’s first major, published study of Marxist economic theory was a devastating critique of Fritz Sternberg’s ambitious and long book, Imperialism. The article exposed the way Sternberg failed to grasp Marx’s method and basic economic arguments, and drew impatient revolutionary conclusions from assumptions of anti-revolutionary revisionism. It also outlined Grossman’s own recovery, restatement and elaboration of features of Marx’s economic analysis, and Lenin’s conception of workers’ revolution. This abridgement consists of the first three sections of the article. An introduction to Grossman’s article is published simultaneously (DOI 10.1163/1569206X-12341756).

Поняття та економічна сутність капітальних інвестицій

Understanding the economic nature of is essential for building their accounting. The purpose of the article is to analyze the evolution of the concept of in the agro-industrial complex as the object of accounting in order to further deepen their economic essence. The author analyzes the economic essence of through the allocation of directions of theories: early mercantilism, late mercantilism, the economic theory of of mercantilism, the formation of the capitalist economy, the school of physiocrats, classical economic science, Marxist economic theory, institutionalism. It was found that attracting all types of takes place in order to obtain additional income from the use of capital. The main factors of production in agriculture were determined, on which the economic efficiency of production depends: land, capital, labor. The main types of in entrepreneurship were allocated: into real assets (physical); in monetary assets; in intangible assets. The regulatory legal approaches to the definition of the category capital investments were analyzed and it was established that they limit the definition of taking into account only fixed assets and long-term financial investments. It is in part contrary to the essence of from the point of view of economy and estimating their economic efficiency. It was grounded that capital investments and capital attachments are identical, have the same essence, but in modern terminology it is worthwhile to use the definition of capital investment, since the process takes place not only in the form of renewal of fixed assets. The use of the definition capital investment is possible only in the context of accounting, in terms of distribution of funds within the enterprise business (internally).

Consumer Finance and Labor Exploitation

Lending to the working class is increasingly becoming an essential feature in modern capitalism. Marxist theory, however, does not possess an adequate account of this phenomenon, particularly its effect on labor exploitation. This paper seeks to show how Marxist economic theory could understand and account for this form of finance. It finds that lending to the working class enables increases in both absolute and relative surplus value. JEL Classification: B51, G21, J50

New aspects of Marx's economic theory in MEGA: Marx's original six-sector model

ABSTRACTMarx's Reproduction Scheme is widely known as one of the first two-sector economic models in the history of economic theories. However, a close investigation into Marx's original shows that his multi-sectoral analysis contains not (only) two-sector models but six-sector ones, which were totally omitted by Engels in his editing the manuscripts for Capital, Volume II. Taking up two interesting theoretical episodes in the ignored six-sector analysis, this paper attempts to make sense of Marx's treatment on the price of production and the dynamic process of traverse between two equilibria.

Nikolay Sieber in the history of prerevolutionary Russian economic thought

This article shows how representatives of various theoretical currents in economics at different times in history interpreted the efforts of Nikolay Sieber in defending and developing Marxian economic theory and assessed his legacy and role in forming the Marxist school in Russian political economy. The article defines three stages in this process: publication of Sieber’s work dedicated to the analysis of the first volume of Marx’s Das Kapital and criticism of it by Russian opponents of Marxian economic theory; assessment of Sieber’s work by the narodniks, “Legal Marxists”, Georgiy Plekhanov, and Vladimir Lenin; the decline in interest in Sieber in light of the growing tendency towards an “organic synthesis” of the theory of marginal utility and the Marxist social viewpoint.

Трансформація поглядів українських дослідників на економічне вчення К. Маркса (кінець ХІХ – початок ХХ ст.)

Трансформація поглядів українських дослідників на економічне вчення К. Маркса (кінець ХІХ – початок ХХ ст.)