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[BEST OF] The Fundamentals of Marxism: Intro to Political Economy

Rev Left Radio

Breht O'Shea

Philosophy, Society & Culture, News, Politics

4.83.6K Ratings

🗓️ 10 June 2025

⏱️ 87 minutes

🧾️ Download transcript

Summary

ORIGINALLY RELEASED Feb 3, 2021

In this episode of Red Menace, Alyson and Breht introduce the core concepts of Marxist political economy by an analysis of the history of political economy, core economic concepts within Marxism, and much more! Make sure to subscribe to Red Menace on your favorite podcast app, and leave us a positive review! 
 
Outline for this episode with timestamps
 
Political Economy:
 

[5:00] Definition: Political economy as the study of economics as played out in reality. Economics in relation to society, production, culture, politics, etc.

[12:28] History: Adam Smith's development of economics in the wealth of nations, alongside Mill's principles of political economy.

[20:05] So what does Marxism have to do with political economy?

[33:31] Critique of capitalist economics today

The Details and Concepts
 
 [35:30] the Means of Production and Productive Forces

 [43:20] Class as a relation to Production

 [47:00] Value, Use, and Exchange

 [58:05] Surplus Value and Wages

 [61:09] Money, Capital, and the M-C-M Cycle

 [68:35] Commodity Fetishism Closing Questions
 
Questions:

[74:43] Why does this matter? If Marxism is about revolution, what's the deal with all this abstract economic analysis? 

[78:13] Marxian economics vs Marxism: what's the difference, is there an issue with the former?

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Transcript

Click on a timestamp to play from that location

0:00.0

Hello, everyone and welcome back to Red Menace.

0:18.8

So we've done a lot of current event episodes the last while because there's been a lot of current events happening.

0:25.1

But now we're sort of getting back to our roots and we're doing a more classic Red Menace theory text episode.

0:33.1

But instead of focusing on a singular text, we're doing what we've promised for a few months now, which is to do another intro to Marxism episode, this time focusing on political economy.

0:43.6

Our last intro to Marxism was very well received, and we've got a lot of positive feedback on that,

0:48.7

but it was really centered around historical materialism, dialectics, etc.

0:53.0

We touched, you know, a little bit on

0:55.2

political economy, but with no real depth. So afterwards, we both agreed we needed to go in that

0:59.7

direction. And that's what we're here to do today. Thank you, as always, to all of our Patreon

1:04.3

supporters. If you have a little bit of extra money laying around and you want to get access to

1:08.4

bonus content that Allison and I do, you know,

1:11.3

feel free to join our Patreon.

1:13.3

If not, money's tight for everybody.

1:15.3

We understand something as easy as sharing this episode with a friend or leaving a

1:19.5

positive review on Apple Podcasts does a lot.

1:23.0

And it really is something we deeply appreciate.

1:26.5

But without further ado, let's get into this big sort of topic.

1:30.5

It was challenging in some ways, but hopefully, you know, we'll provide a solid introduction

1:36.0

to this element of Marxism, which can sometimes be overlooked or under-emphasized.

1:41.2

So with all of that in mind, Alison, what do we want to do? What do we want

1:45.2

to accomplish with this episode overall? Yeah. So again, this is kind of, you can think of it

1:50.2

maybe as a compliment to the Marxism 101 episode that we did. So we did that introductory

...

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