What is the Labour Theory of Value?
In this episode of Marxist Voice, Joe Russell discusses Marx’s completion of the Labour Theory of Value.
Economics
This category is for Marxist economic theory and economic history. For news and analysis of the present-day economy, head to Economy.
‘A Nation of Shopkeepers’: The egotism of the petty bourgeoisie
‘A Nation of Shopkeepers’, by academic Dan Evans, argues that the working class has shrunk, giving way to a ‘new petty bourgeoisie’. He does this by changing the definition of class to a set of cultural values, abandoning the Marxist standpoint altogether.
AI, automation, and the future of work
With the recent rise of artificial intelligence, the capitalist press has gone into overdrive, peddling wild fantasies about the future of work. But are the bots coming for white-collar jobs? And what does this all mean for the class struggle?
The decline of the dollar: Another pillar of the postwar order begins to crumble
With his sledgehammer approach to the political and economic status quo, President Trump is unleashing chaos upon the world order. In this article, Adam Booth analyses the decline of the dollar as the world’s currency, and its implications for capitalism as a whole.
Monopoly capitalism, imperialism, and the world economy
In his masterpiece ‘Imperialism’, Lenin explained how the monopolies and banks rule over us, engendering conflict, chaos, and crisis. Today’s tumultuous situation is proof of this analysis. We need a revolution to expropriate the billionaires.
The global arms race intensifies: Imperialism, militarism, and capitalism
Across Europe, governments are hiking up ‘defence’ spending, whilst carrying out cuts and attacks on workers to pay for it. Rob Sewell explains the economics behind this ‘military Keynesianism’, and why it provides no way out for the capitalist system.
Trump’s tariff programme deepens protectionist tendencies in world economy
Trump is set to announce a barrage of new tariffs, in an attempt to stem the decline of US capitalism. Here, Niklas Albin Svensson outlines the Marxist position on the ‘free trade vs protectionism’ debate, and how tariffs will impact the world economy.
Communism versus ‘degrowth’: How to combat the climate crisis
The notion of ‘degrowth’ – which advocates cutting down production to save the planet – has gained popularity within the climate movement. But there’s nothing radical about these academic, reformist ideas. Here, Lubna Badi provides a Marxist response to ‘degrowth’.
The global crisis of 1973-75: A turning point for capitalism
50 years ago, after the long postwar boom, the world economy experienced its first truly global crisis. Falling output and spiralling inflation combined to devastate the working class. Today, capitalism faces similar turmoil. It must be overthrown.
Workers’ control: Who should run our workplaces?
Across Britain, industry is going to the wall. Steelworkers in Port Talbot are being thrown on the scrapheap. Automation threatens to destroy swathes of jobs. To protect our lives and livelihoods, we need socialist planning and workers’ control.
The Soviet economy: how it worked, and how it didn’t
In this talk, Adam Booth uncovers the dynamics and laws of the early Soviet economy, providing insight into the potential of economic planning today, and a glimpse of what a future communist society might look like.
2023: Another global recession is coming
Contradictions are mounting for capitalism. The system is being thrown from one crisis to the next. Inflation, debt, and financial instability all threaten the world economy. A new slump looms. The only way out of this impasse is through revolution.