The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value.
Karl Marx's theory of alienation describes the separation and estrangement of people from their work, their wider world, their human nature, and their selves. Alienation is a consequence of the division of labour in a capitalist society, wherein a human being's life is lived as a mechanistic part of a social class.
Jean Baudrillard was a French sociologist and philosopher with an interest in cultural studies. He is best known for his analyses of media, contemporary culture, and technological communication, as well as his formulation of concepts such as hyperreality. Baudrillard wrote about diverse subjects, including consumerism, critique of economy, social history, aesthetics, Western foreign policy, and popular culture. Among his most well-known works are Seduction (1978), Simulacra and Simulation (1981), America (1986), and The Gulf War Did Not Take Place (1991). His work is frequently associated with postmodernism and specifically post-structuralism. Nevertheless, Baudrillard had also opposed post-structuralism, and had distanced himself from postmodernism.
Marxism is a political philosophy and method of socioeconomic analysis. It uses a dialectical and materialist interpretation of historical development, better known as historical materialism, to analyse class relations, social conflict, and social transformation. Marxism originates with the works of 19th-century German philosophers Karl Marx and Friedrich Engels. Marxism has developed over time into various branches and schools of thought, and as a result, there is no single, definitive "Marxist theory". Marxism has had a profound effect in shaping the modern world, with various left-wing and far-left political movements taking inspiration from it in varying local contexts.
Moishe Postone was a Canadian historian, sociologist, political philosopher and social theorist. He was a professor of history at the University of Chicago, where he was part of the Committee on Jewish Studies.
The law of the value of commodities, known simply as the law of value, is a central concept in Karl Marx's critique of political economy first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon with reference to David Ricardo's economics. Most generally, it refers to a regulative principle of the economic exchange of the products of human work, namely that the relative exchange-values of those products in trade, usually expressed by money-prices, are proportional to the average amounts of human labor-time which are currently socially necessary to produce them within the capitalist mode of production.
Criticism of Marxism has come from various political ideologies, campaigns and academic disciplines. This includes general intellectual criticism about dogmatism, a lack of internal consistency, criticism related to materialism, arguments that Marxism is a type of historical determinism or that it necessitates a suppression of individual rights, issues with the implementation of communism and economic issues such as the distortion or absence of price signals and reduced incentives. In addition, empirical and epistemological problems are frequently identified.
Douglas Kellner is an American academic who works at the intersection of "third-generation" critical theory in the tradition of the Frankfurt Institute for Social Research, or Frankfurt School, and in cultural studies in the tradition of the Birmingham Centre for Contemporary Cultural Studies, or the "Birmingham School". He has argued that these two conflicting philosophies are in fact compatible. He is currently the George Kneller Chair in the Philosophy of Education in the Graduate School of Education and Information Studies at the University of California, Los Angeles.
Critique of political economy or simply the first critique of economy is a form of social critique that rejects the conventional ways of distributing resources. The critique also rejects what its advocates believe are unrealistic axioms, faulty historical assumptions, and taking conventional economic mechanisms as a given or as transhistorical. The critique asserts the conventional economy is merely one of many types of historically specific ways to distribute resources, which emerged along with modernity.
Criticisms of the labor theory of value affect the historical concept of labor theory of value (LTV) which spans classical economics, liberal economics, Marxian economics, neo-Marxian economics, and anarchist economics. As an economic theory of value, LTV is widely attributed to Marx and Marxian economics despite Marx himself pointing out the contradictions of the theory, because Marx drew ideas from LTV and related them to the concepts of labour exploitation and surplus value; the theory itself was developed by Adam Smith and David Ricardo. LTV criticisms therefore often appear in the context of economic criticism, not only for the microeconomic theory of Marx but also for Marxism, according to which the working class is exploited under capitalism, while little to no focus is placed on those responsible for developing the theory.
Libidinal Economy is a 1974 book by French philosopher Jean-François Lyotard. The book was composed following the ideological shift of the May 68 protests in France, whereupon Lyotard distanced himself from conventional critical theory and Marxism because he felt that they were still too structuralist and imposed a rigid "systematization of desires". Drastically changing his writing style and turning his attention to semiotics, theories of libido, economic history and erotica, he repurposed Freud's idea of libidinal economy as a more complex and fluid concept that he linked to political economy, and proposed multiple ideas in conjunction with it. Alongside Gilles Deleuze and Félix Guattari's Anti-Oedipus, Libidinal Economy has been seen as an essential post-May 68 work in a time when theorists in France were radically reinterpreting psychoanalysis, and critics have argued that the book is free of moral or political orientation. Lyotard subsequently abandoned its ideas and views, later describing it as his "evil book".
Marxist humanism is an international body of thought and political action rooted in a humanist interpretation of the works of Karl Marx. It is an investigation into "what human nature consists of and what sort of society would be most conducive to human thriving" from a critical perspective rooted in Marxist philosophy. Marxist humanists argue that Marx himself was concerned with investigating similar questions.
In Marxist theory and Marxian economics, the immiseration thesis, also referred to as emiseration thesis, is derived from Karl Marx's analysis of economic development in capitalism, implying that the nature of capitalist production stabilizes real wages, reducing wage growth relative to total value creation in the economy. Even if real wages rise, therefore, the overall labor share of income decreases, leading to the increasing power of capital in society.
Classical Marxism is the body of economic, philosophical, and sociological theories expounded by Karl Marx and Friedrich Engels in their works, as contrasted with orthodox Marxism, Marxism–Leninism, and autonomist Marxism which emerged after their deaths. The core concepts of classical Marxism include alienation, base and superstructure, class consciousness, class struggle, exploitation, historical materialism, ideology, revolution; and the forces, means, modes, and relations of production. Marx's political praxis, including his attempt to organize a professional revolutionary body in the First International, often served as an area of debate for subsequent theorists.
The Economic and Philosophic Manuscripts of 1844, also known as the Paris Manuscripts or as the 1844 Manuscripts, are a series of unfinished notes written between April and August 1844 by Karl Marx. They were compiled and published posthumously in 1932 by the Soviet Union's Marx–Engels–Lenin Institute. They were first published in their original German in Berlin, and there followed a republication in the Soviet Union in 1933, also in German.
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to 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 both connotative and denotative differences. An example of this can be found in the works of Soviet economists like Lev Gatovsky, who sought to apply Marxist economic theory to the objectives, needs, and political conditions of the socialist construction in the Soviet Union, contributing to the development of Soviet Political Economy.
Marxist philosophy or Marxist theory are works in philosophy that are strongly influenced by Karl Marx's materialist approach to theory, or works written by Marxists. Marxist philosophy may be broadly divided into Western Marxism, which drew from various sources, and the official philosophy in the Soviet Union, which enforced a rigid reading of what Marx called dialectical materialism, in particular during the 1930s. Marxist philosophy is not a strictly defined sub-field of philosophy, because the diverse influence of Marxist theory has extended into fields as varied as aesthetics, ethics, ontology, epistemology, social philosophy, political philosophy, the philosophy of science, and the philosophy of history. The key characteristics of Marxism in philosophy are its materialism and its commitment to political practice as the end goal of all thought. The theory is also about the struggles of the proletariat and their reprimand of the bourgeoisie.
The proletariat is the social class of wage-earners, those members of a society whose possession of significant economic value is their labour power. A member of such a class is a proletarian or a proletaire. Marxist philosophy regards the proletariat under conditions of capitalism as an exploited class forced to accept meager wages in return for operating the means of production, which belong to the class of business owners, the bourgeoisie.
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is associated with Marxian critique of political economy, and was further popularised through Marxist economics.
Historical materialism is Karl Marx's theory of history. Marx located historical change in the rise of class societies and the way humans labor together to make their livelihoods.
