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Marxist Explanations of the Rise of Contemporary Oligarchy


  • Ivka Tsakova

    () (University of National and World Economy, Sofia, Bulgaria)


The ideas of Karl Marx experience a renaissance in the contemporary world of neoliberal global capitalism. The thesis of the state as a “weapon of class dominance” is especially current in the process of oligarchization of politics under the mask of liberal democracy. We try to explain the rise of the contemporary oligarchy with the methodology of Marxism (neomarxism). The content is structured around three statements: a) The oligarchs are treated as a class; b) Oligarchy is legitimized with ideology; c) Current capital accumulation has reached unprecedented concentration in the hands of the few. The conclusion draws paths for anti-oligarchic resistance.

Suggested Citation

  • Ivka Tsakova, 2018. "Marxist Explanations of the Rise of Contemporary Oligarchy," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 5, pages 395-411, December.
  • Handle: RePEc:nwe:natrud:y:2018:i:5:p:395-411

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    oligarchy; capitalism; class struggle; neomarxism; neoliberalism;

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism


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