In economics, a free market is a system in which the prices for goods and services are self-regulated by the open market and by consumers. In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority, and from all forms of economic privilege, monopolies and artificial scarcities. Proponents of the concept of free market contrast it with a regulated market in which a government intervenes in supply and demand through various methods such as tariffs used to restrict trade and to protect the local economy. In an idealized free-market economy, prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy.
A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
Finance capitalism or financial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system.
Paul Marlor Sweezy was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine Monthly Review. He is best remembered for his contributions to economic theory as one of the leading Marxian economists of the second half of the 20th century.
Immanuel Maurice Wallerstein was an American sociologist and economic historian. He is perhaps best known for his development of the general approach in sociology which led to the emergence of his world-systems approach. He was a Senior Research Scholar at Yale University from 2000 until his death in 2019, and published bimonthly syndicated commentaries through Agence Global on world affairs from October 1998 to July 2019.
Harry Samuel Magdoff was a prominent American socialist commentator. He held several administrative positions in government during the presidency of Franklin D. Roosevelt and later became co-editor of the Marxist publication Monthly Review.
John Bellamy Foster is an American professor of sociology at the University of Oregon and also editor of Monthly Review. He writes about political economy of capitalism and economic crisis, ecology and ecological crisis, and Marxist theory. He has given numerous interviews, talks, and invited lectures, as well as written invited commentary, articles, and books on the subject.
Monopoly Capital: An Essay on the American Economic and Social Order is a 1966 book by the Marxian economists Paul Sweezy and Paul A. Baran. It was published by Monthly Review Press. It made a major contribution to Marxian theory by shifting attention from the assumption of a competitive economy to the monopolistic economy associated with the giant corporations that dominate the modern accumulation process. Their work played a leading role in the intellectual development of the New Left in the 1960s and 1970s. As a review in the American Economic Review stated, it represented "the first serious attempt to extend Marx’s model of competitive capitalism to the new conditions of monopoly capitalism." It attracted renewed attention following the Great Recession.
The Origin of Capitalism is a 1999 book on history and political economy, specifically the history of capitalism, by the political theorist Ellen Meiksins Wood, written from the perspective of political Marxism. It was reviewed as an "Outstanding Academic Book" by Michael Perelman.
Labor and Monopoly Capital: The Degradation of Work in the Twentieth Century is a book about the economics and sociology of work under monopoly capitalism by the political economist Harry Braverman. Building on Monopoly Capital by Paul A. Baran and Paul Sweezy, it was first published in 1974 by Monthly Review Press.
Alfredo Saad-Filho is a Marxian economist.
Political Marxism (PM) is a strand of Marxist theory that places history at the centre of its analysis. It was developed as a reaction against ahistorical models of Marxist analysis in the debate on the origins of capitalism. The political Marxist critique brought social agency and class conflict to the centre of Marxism. In this context, Robert Brenner and Ellen Wood developed political Marxism as a distinct approach to rehistoricize and repoliticize the Marxist project. It was a movement away from structuralist and timeless accounts towards historical specificity as contested process and lived praxis. This research programme has since expanded across the social sciences to include the fields of history, political theory, political economy, sociology, international relations, and international political economy.
Robert J Holton is Emeritus Professor of Sociology at Trinity College, Dublin, and Adjunct Professor of Sociology at the Hawke Research Institute, University of South Australia. He is a specialist in social theory, historical sociology and the study of globalization.
The Theory of Capitalist Development is a 1942 book by the Marxian economist Paul Sweezy, in which the author expounds and defends the labor theory of value. It has received praise as an important work, but Sweezy has also been criticized for misrepresenting Karl Marx's economic theories.
Neo-Marxism is a Marxist school of thought encompassing 20th-century approaches that amend or extend Marxism and Marxist theory, typically by incorporating elements from other intellectual traditions such as critical theory, psychoanalysis, or existentialism.
Marxism was introduced by Karl Marx. Most Marxist critics, who were writing in what could chronologically be specified as the early period of Marxist literary criticism, subscribed to what has come to be called "Vulgar Marxism." In this thinking of the structure of societies, literary texts are one register of the superstructure, which is determined by the economic base of any given society. Therefore, literary texts are a reflection of the economic base rather than "the social institutions from which they originate" for all social institutions, or, more precisely human–social relationships, are in the final analysis determined by the economic base. According to Marxists, even literature itself is a social institution and has a specific ideological function, based on the background and ideology of the author. The English literary critic and cultural theorist Terry Eagleton defines Marxist criticism this way:
Marxist criticism is not merely a 'sociology of literature', concerned with how novels get published and whether they mention the working class. Its aim is to explain the literary work more fully; and this means a sensitive attention to its forms, styles and, meanings. But it also means grasping those forms, styles and meanings as the product of a particular history.
The socialist mode of production, also referred to as the communist mode of production, the lower-stage of communism or simply socialism as Karl Marx and Friedrich Engels used the terms communism and socialism interchangeably, is a specific historical phase of economic development and its corresponding set of social relations that emerge from capitalism in the schema of historical materialism within Marxist theory. The Marxist definition of socialism is that of an economic transition. In this transition, the sole criterion for production is use-value, therefore the law of value no longer directs economic activity. Marxist production for use is coordinated through conscious economic planning. Distribution of products is based on the principle of "to each according to his contribution". The social relations of socialism are characterized by the proletariat effectively controlling the means of production, either through cooperative enterprises or by public ownership or private artisanal tools and self-management. Surplus value goes to the working class and hence society as a whole.
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to the critique of classical political economy in the research by Karl Marx and Friedrich Engels. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other, and in many cases Marxian analysis is used to complement or supplement other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage rather than being synonymous. They share a semantic field while also allowing connotative and denotative differences.
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is now generally associated with Marxist economics.
Theory of Imperialism concerns the global systemic outcomes of the tendency for the rate of profit to fall in the capitalist system, and the objective impact of the consequences of those dynamics, and counter-tendencies in the world economy which are now generally associated with Marxian economics. As such it is often considered distinct and differentiated from the history of imperialism that extends through earlier historic periods and economic formations. J. A. Hobson's liberal critique of the emerging phenomenon has been considered as seminal by many writers on the subject, preceding and influencing Hilferding, Lenin "the principal English work on imperialism" and Luxemburg's formulations and teaching. However recent scholarship has unearthed and documented the preceding debates about imperialism that led up to World War I.
