Category: Marxist economy

  • Marxism, money and inflation

    Marxism, money and inflation

    After decades of low inflation and rock-bottom interest rates, economies throughout the world are now facing a spectre unseen since the 1970s: rising inflation levels combined with the beginnings of another recession. It is clear that we have entered a new chapter in the crisis of world capitalism, which the strategists of capital themselves are…

  • What is money?

    What is money?

    “The love of money,” the Bible tells us, “is the root of all kinds of evil” (1 Timothy 6:10). After the financial crash of 2008 and the subsequent global economic crisis that continues to plague society today, it is hard not to empathise with these words from The Good Book. Similar language is repeated in…

  • In Defence of Marx’s Labour Theory of Value

    In Defence of Marx’s Labour Theory of Value

    What is value? This question has perplexed the human mind for more than 2,000 years. The classical bourgeois economists grappled with the question, as did Marx. After much deliberation, they correctly concluded that labour was the source of value. This idea then became a cornerstone of bourgeois political economy, beginning with Adam Smith. On this…

  • Technology, innovation, growth, and capitalism

    Technology, innovation, growth, and capitalism

    The Marxist analysis of history – that is, the dialectical and materialist analysis of history – explains that the main motor force in history is the need for society to develop the productive forces: to increase our knowledge of and mastery over nature; to reduce the socially necessary labour time needed to produce and reproduce…

  • The Capitalist Crisis and the Tendency of the Rate of Profit to Fall

    The Capitalist Crisis and the Tendency of the Rate of Profit to Fall

    The following article was originally published in the summer issue of the IMTs theoretical magazine In Defence of Marxism In the last issue of the In Defence of Marxism magazine we polemicized against the theory of “under-consumption” as an explanation of capitalist crisis. In this issue, we wish to look at Marx’s law of the…