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Is the Marxist critique of capitalism still relevant in the contemporary global political economy - Essay Example

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According to the system, the state has complete ownership and control over entire resources, with all the citizens rendering services only…
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Is the Marxist critique of capitalism still relevant in the contemporary global political economy
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Is the Marxist critique of capitalism still relevant in the contemporary global political economy

This system argues that many businesses would ensure the presence of diverse products and services of topmost quality at a minimal cost. (1)
Probably, the biggest criticism leveled by Marxism is that, Capitalism does not ensure equitable distribution of resources as the economy is primarily controlled by few powerful entities in the market, rather than any authority of the state. This leads to a scenario where the less powerful are subjected to exploitation by the mighty market forces. (2)
In capitalistic economy, a substantial chunk of the manufacturers and producers pertain to the private sector, and are propelled by the major objective of enhancing profit. In this quest of theirs’, there is every possibility of the interests of the weak market entities getting jeopardized. (2)
Over the past two decades, there has been a phenomenal surge in growth of technology and telecommunications. The advent of Internet has made the globe a very small place, with the geographical distances being of almost no relevance. As a matter of fact, this technological surge played a pivotal role in speeding up the process of globalization. Interactions, both commercial and political, among various countries have now become the order of the day. The rapid strides taken by the sphere of telecommunications led to the advent of many business entities, which are being enabled to carry on operations in many economies in a highly amicable environment.
These state of affairs led to a scenario conforming to the tenets of Capitalism – countless business conglomerates have emerged, and which are now wielding tremendous economic power. Capital in the market is now being controlled by numerous forces. An extensive range of products and services are now being offered to consumers, especially in relation to the scenario of the past era where choices for consumers were limited. At ... Read More
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