Marxian economics

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Marxian economics

the body of economic analysis deriving from the work of MARX, especially Capital (1867) (see also CLASSICAL ECONOMISTS). The distinctive approach of Marxian economists involves a general analysis of the long-run accumulation of capital, and developments and crises in the capitalist system (see CRISES OF CAPITALISM). While some Marxian economists apply Marx's own ideas rigidly, others, e.g. the work of Paul Baran and Paul Sweezy (1966), offer reinterpretations of these conceptions. For example, the LABOUR THEORY OF VALUE which is central in classical Marxist economics, is rejected by others, e.g. Pierre Sraffa (1960), Steedman et al. (1981), who nevertheless preserve many of Marx's essential insights compared with more orthodox economics (see also EXPLOITATION). Marxian economics has also been of particular importance in recent years in analysis of the world economy – see DEPENDENCY THEORY.
References in periodicals archive ?
After the disintegration of the USSR Turkmenistan passed through a transitional stage in which it transformed from Marxist economy to market economy.
After Cuban authorities announced in September that they were opening the island's closed Marxist economy to a limited amount of private enterprise, Hidalgo was one of the first to line up for a new business license.
There is no evidence that a Marxist economy works, although perhaps some historians would argue that we have never seen true Marxism in practice.
As the attempt to achieve a global Marxist economy failed, the global market economy will surely also fail without conscience, compassion and care for people.
He said US concerns about the lack of democracy in Cuba and the possible collapse of its Marxist economy make it difficult to maintain a coherent relationship with the island.