Key Concepts in Marxist Theory

These flashcards cover essential vocabulary and definitions integral to understanding Marxist theory and concepts discussed in the lecture.

Karl Marx

A philosopher and economist known for founding the theory of communism and critiquing capitalism.

Communism

An economic ideology where the means of production are owned communally and workers have a significant role in production decisions.

Historical Materialism

The method of Marxist analysis that focuses on the material conditions of society to explain social phenomena.

Class Struggle

The conflict between different classes in society, resulting from unequal relations of power and production.

Surplus Value

The excess of value produced by the labor of workers beyond the wages they are paid, which is appropriated by capitalists.

Mode of Production

The way in which goods and services are produced in a society, including the social relations involved.

Social Relations of Production

The relationships and structures through which production occurs, including class relations.

Labor Power

The capacity of workers to perform work, which becomes a commodity under capitalism.

Wages

The price paid for labor power, which can be seen as the minimum necessary for subsistence.

Ideology

A system of ideas and ideals, especially one that forms the basis of economic or political theory and policy.

Proletariat

The working class, who do not own the means of production and must sell their labor to survive.

Bourgeoisie

The capitalist class who own the means of production and profit from labor.