ABSTRACT

Our next analysis in the promotion of a democratic political economy is based on the theories of Karl Marx (1818–1883), whom we consider the central figure in the history of socialism. While we believe Marx’s conceptualization of a democratic political economy to be superior to those of the Ricardian socialists and Robert Owen, it is admittedly less easy to establish a consensus as to why Marx is preeminent, and it is notoriously impossible to obtain agreement about the significance of his form of social analysis. Still, our adherence to Marx’s analysis of capitalist excesses under the guise of liberalism and his promotion of democratic rights for labor is unwavering. It is precisely because Marxist analysis is both structural and systemic that we argue for its comprehensive application in prioritizing economic reform in our economy.