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Old theories and new capitalism: The actuality of a marxist economics

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Chapter Summary

This chapter elaborates on two themes. Firstly, the tendencies and mechanisms that have emerged in world capitalism in the last decade or so pose a major analytical challenge. Secondly, the concepts fashioned by Marx in the nineteenth century provide us with the keys - their utilisation requires and governs a deepening of them. The operation of capitalism has two major features. The first concerns the new tendencies of technical change and distribution. The second involves the neoliberal course of capitalism, in both its national characteristics and its international features. The chapter focuses on bringing out the explanatory power of Marxist concepts with respect to the contemporary world, while restricting critical remarks about other theories, especially the dominant neoclassical economics. In the history of Marxism and the socialist movement, the idea of the necessary supersession of capitalism has always been based on the critique of the anarchy peculiar to the system.

Keywords: capitalism; Marxist economics



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