One point one. Introduction
One point one. Introduction
In this unit, the student is exposed to the discussion on the Marxist perspective of political economy. The Marxist perspective represents the radical approach to the study of political economy. It is a critique of both the mercantilist and liberal perspectives of political economy. It points out the ills of capitalism and condemns its drive for profit maximization on the altar of the exploitation of masses (workers). The assumption of capitalism that emphasized free market economy puts labour at the mercy of the owners of the means of production. The attempt for primitive capital accumulation by the capitalist makes room for the continual exploitation of labour through the surplus value. The theory also frowns at state control of the economy that occupies the doctrine of mercantilism. As a way out in the Marxian parlance is the total elimination of the state and an entrenchment of a stateless society as a move towards communism will be necessary for the emancipation of the masses.
One point two. Learning Outcomes
One point two. Learning Outcomes
At the end of this unit, you should be able to:
• Discuss the basic tenets of the Marxist theory of political economy
• Analyse Marxist explanation of the state
• Apply the knowledge of Marxism to the understanding of contemporary society
• Make a critique of the Marxist theory of political economy.