Is Marxism Still Relevant in Global Political Economy?

Fiazur Rehman- Researcher

4 min read

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1 hour ago

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Introduction

More than a century after Karl Marx wrote Capital, Marxism continues to provoke debate in academic, political, and policy circles.

Declared “obsolete” after the Cold War by many Western scholars, Marxist analysis has nevertheless resurfaced in discussions on global inequality, capitalism’s crises, labor exploitation, imperialism, and financialization.

In an era marked by widening wealth gaps, corporate concentration, debt dependency, and recurring economic crises, the question remains: Is Marxism still relevant in understanding the global political economy (GPE)?

This article critically examines Marxism’s contemporary relevance by situating it within modern global capitalism.

Marxism and Global Political Economy: A Brief Context

Marxism views the global political economy through the lens of:

• Capital accumulation;
• Class relations;
• Exploitation of labor;
• Unequal exchange;
• Structural power of capital over states.