Marxist Theory Of Capitalism

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Capitalism has so many definitions. one can say that, “An economic system in which capital and capitalist play the principal part; the system of modern countries in which the ownership of land and natural wealth, the production, distribution, and the exchange of goods and the operation of the system itself are affected by private enterprise and control under competitive conditions.” (Wyld, capitalism). And based on Literature definition “A social system based on the recognition of the individual right, including property rights, in which all property is privately owned.” (Rand, p. 19) Capitalism is that the dominant international style of economics. From this duality, a distinction in Marxist theory has typically been drawn between the examination of the capitalist mode of production in and of itself – the ‘pure’ theory of market economy with its distinct ‘laws of motion’ ; and specific historical periods of capitalist development – monopoly market economy, postwar market economy, neoliberal market economy as examples; and explicit spatially circumscribed cases – East Asian market economy, German market economy, or market economy in my town. The study of the market economy has entailed each the interrogation of the capitalist mode of production as associate abstract-formal object and investigation of the varied historical forms that market economy has taken across time and place. The notion ‘contemporary market economy’ has been invoked in Marxist debates as a general term to talk about the historical phasing and evolution of capitalism.…show more content…
In spite of these reasons, some writers still believe that the public is not amenable towards capitalism as it was in the past.” (Peterson, p.
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