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Marx’s Capital: the Revolt against Classical Economics

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  • Widodo, Tri

Abstract

This paper describes the general idea of Marxian economics, especially the Marx’s Capital, and compares it with that of the classical economics. First, while the classical economics regards capitalist system as a part of the natural law, Marx, in contrasts, considers capitalist system as a stage of the transition process from the feudal economy in the past to the socialist economy in the future, where private property no longer exists. Second, while the classical economists argue that economic life can be regarded as the result of the harmony of interests between the various components of society, Marx, in contrast, considers the economic life as conflicts of interests between owners of property and workers.

Suggested Citation

  • Widodo, Tri, 2008. "Marx’s Capital: the Revolt against Classical Economics," MPRA Paper 78166, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:78166
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    File URL: https://mpra.ub.uni-muenchen.de/78166/1/MPRA_paper_78166.pdf
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    References listed on IDEAS

    as
    1. John Milios & Dimitris P. Sotiropoulos, 2009. "Capitalist Mode of Production and Monopolies," Palgrave Macmillan Books, in: Rethinking Imperialism, chapter 6, pages 112-120, Palgrave Macmillan.
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    More about this item

    Keywords

    Marxian; Capital accumulation; Labor theory of value;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist

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