Marxism 101: Wage labour and capital
The current crisis in the world economy shows that the bourgeoisie and their representatives do not understand their own system. They cannot explain why capitalism is stuck in a rut; why the banks and markets are plagued with instability; or where inflation comes from, and how to tackle it.
By contrast, writing over 150 years ago, Karl Marx was able to draw out the fundamental laws and dynamics of the capitalist mode of production: from the labour theory of value, governing the exchange of commodities; to his analysis of exploitation and profit; to his discussions on accumulation, inequality, and overproduction.
In this talk, Natasha Sorrell will outline the basics of Marxist economics, showing how Marx stripped away the mysticism of the market in order to reveal the forces that lie behind the chaos of capitalism.
Armed with these theoretical tools, we can make sense of the economic events taking place today – and fight to overthrow this crisis-ridden system.
Recommended reading: Introduction to Marxist economics
Further reading: Understanding Marx’s Capital: A reader’s guide