Marx’s Textbook Ep.2: The basic dynamics of capitalism

Marx’s Textbook Ep.2: The basic dynamics of capitalism

Episode 2 of Marx's Textbook - a special series of Living the Dream hosted at The Word From Struggle Street blog

In episode 2 of Marx’s Textbook Dave (@withsobersenses) looks at two very different ways of understanding the broad dynamics of capitalism. Mainstream economics asks us to think of capitalism as simply a system of wealth creation and consider questions of what is or isn’t an efficient use of resources and when or if the state should intervene; whilst Marx argues that capitalism is primarily compelled by the drive to make profits and accumulate capital, the source of which is the exploitation of labour and that it has an inherent tendency to crisis and creates the material possibilities of a better society – communism. Which approach is correct? (Spoiler: it is Marx’s – capitalism is a profit driven system of exploitation with a tendency to crisis and we are its gravediggers).

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Bibliography

Littleboy, Bruce, Akila Weerapana, and John B Taylor. 2013. Macroeconomics : Principles and Practice. Asia Pacific: Cengage Learning Australia ProQuest Ebook Central, http://ebookcentral.proquest.com.ezproxy.library.uq.edu.au/lib/uql/detail.action?docID=1990996.

Marx, Karl. 1990. Capital: A Critique of Political Economy. Translated by Ben Fowkes. Vol. 1. London: Penguin Classics.

Marx, Karl. 1991. Capital: A Critique of Political Economy. Translated by David Fernbach. Vol. 3. London: Penguin Books in association with New Left Review.

Marx, Karl. 1992. Capital: A Critique of Political Economy. Translated by David Fernbach. Vol. 2. London: Penguin Classics.