Marxism Terms

Question 1

What Marxism shares with classical political economy

Answer 1

Materiality and Modernization

Question 2

Where Marxism differs from (neo)classical economics

Answer 2

Marxism cares more about fairness and class issues, while neoclassical economics is about individual choices and how markets work.

Question 3

Marxist methodology

Answer 3

1. Starts with commodities
2. Exchange value override use value in capitalism
3. Physical things are a representation of this hidden process
4. Critique of capitalism

Question 4

Extraction of surplus value

Answer 4

Value of a product exceeds the value paid to workers ( Capitalists get richer and workers get poorer)

Question 5

Discuss Tendency for the rate of profit to fall

Answer 5

Capitalists must continue to invest to stay competitive, resulting in further declines in profitability

Question 6

Overaccumulation of capital

Answer 6

too much supply and not enough demand. Therefore companies go bankrupt

Question 7

Spatial fix

Answer 7

To restart economies there is a need for new infrastructures that facilitate new regimes of accumulation

Temporary solution to a perpetual crisis

Question 8

Financialization

Answer 8

growing importance of finance within the capitalist economy

results in excessive debt, asset bubbles, and speculative investment

Question 9

Imperialism

Answer 9

a policy of extending a country’s power and influence through diplomacy or military force

Question 10

Commodification

Answer 10

the action or process of treating something as a mere product. (ex. valentines day)

Question 11

Alienation

Answer 11

Instead of engaging in creative and fulfilling work, workers are reduced to instruments of production, performing repetitive tasks in exchange for wages

Question 12

Hegemony

Answer 12

the domination of society by a ruling class through both coercion and consent.

Question 13

Bourgeoisie vs. Proletariat

Answer 13

The development of capitalism leads to the dominance of the bourgeoisie (capital-owning class), who exploit the proletariat (working class) for profit.

Question 14

Inevitability of Revolution

Answer 14

The concentration of capital and the exploitation of workers create conditions for a proletarian revolution.

Question 15

Communist Goals

Answer 15

The manifesto advocates for the abolition of bourgeois private property, the centralization of production in the hands of the state, and the formation of a classless society.

Key measures include progressive income tax, free public education, and the abolition of inheritance rights.

Question 16

Internationalism

Answer 16

Internationalism is about countries and people cooperating globally to make the world a better, more connected place. It focuses on teamwork and shared values rather than competition between nations.

Question 17

Cultural Hegemony

Answer 17

The ruling class maintains power by shaping dominant cultural norms and values that subordinate groups accept as common sense.

Question 18

Counter-Hegemony

Answer 18

Marginalized groups challenge and disrupt the dominant ideology and power structures of society

Requires cultural and ideological leadership …not just about labor and production.

Question 19

Passive Revolution

Answer 19

change happens gradually or through reform rather than through active revolutionary change. The ruling class maintains power by co-opting elements of the opposition.

Question 20

Application in Popular Culture

Answer 20

Popular culture is not just imposed from above but is a site of struggle where dominant ideologies are challenged, and alternative views are negotiated.