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POLI 354 (32)
Lecture

Nick Beams “Marxism and the political economy of Paul Sweezy”

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Department
Political Science
Course
POLI 354
Professor
Mark Brawley
Semester
Winter

Description
Nick Beams Marxism and the political economy of Paul Sweezy Sweezy is a radical who critiqued Marxist political economic theories His study of the political economy took place during the Great Depression which shattered many economic theories that believed such an event was impossible decade where Stalinism emerged and then Hitler soon after in Germany in 1933 These events radicalized Sweezy Sweezy criticized Stalinism for turning Marxism into ossified dogmaThe radical intellectuals view on the Russian revolution was supported because they saw it as an important national Russian event not as first world socialist revolution they opposed the core of Trotsky politics his internationalist outlook and his insistence on the struggle for political independence of the working class they believed this was too liberal bourgeoisie of a view The Marxist labor value theory has completely different purposes than the value theory of marginal utility price theoryFalling rate of profits according to Adam Smith is as capital stock increases production increases leading to greater supply leading to higher wages and therefore lower profits According to David Ricardo the falling rate of profits is as capital expands the workforce increases and agriculture also expands which means less fertile land is used to grow the food necessary for the increased workforce and lower fertility
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