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  • Published: 1 Sep 2017
  • DOI: 10.4324/9781138201521-HET12-1


Marxian Economics


This entry begins by setting out the core ideas of Karl Marx (1818–83), with particular reference to the theory of historical materialism and its application to the capitalist mode of production. Marx’s theory of value and distribution receives detailed attention, followed by his models of capital accumulation and economic crisis. Then the post-1883 development of Marxian economics in Germany and Russia is outlined, with particular emphasis on the revisionist controversy, the economic interpretation of imperialist rivalry, and the prospects for the successful establishment of capitalism in Russia. The entry concludes with a brief discussion of the continuing relevance of Marxian economics in the twenty-first century.