After decades of low inflation and rock-bottom interest rates, economies throughout the world are now facing a spectre unseen since the 1970s: rising inflation levels combined with the beginnings of another recession. It is clear that we have entered a new chapter in the crisis…
“The love of money,” the Bible tells us, “is the root of all kinds of evil” (1 Timothy 6:10). After the financial crash of 2008 and the subsequent global economic crisis that continues to plague society today, it is hard not to empathise with these…
What is value? This question has perplexed the human mind for more than 2,000 years. The classical bourgeois economists grappled with the question, as did Marx. After much deliberation, they correctly concluded that labour was the source of value. This idea then became a cornerstone…
The Marxist analysis of history – that is, the dialectical and materialist analysis of history – explains that the main motor force in history is the need for society to develop the productive forces: to increase our knowledge of and mastery over nature; to reduce…
The following article was originally published in the summer issue of the IMTs theoretical magazine In Defence of Marxism In the last issue of the In Defence of Marxism magazine we polemicized against the theory of “under-consumption” as an explanation of capitalist crisis. In this…
