Theories Of Political Economy

political economy

The material premises for the replacement of old production relations by new ones come up and develop throughout the womb of the old formation. The new manufacturing relations open up scope for the development of the productive forces.

The determining position among the many means of labour is performed by the instruments of production. These comprise the varied kinds of instruments which man makes use of in his working activity, beginning with the crude stone implements of primitive man and ending with fashionable machinery. The stage of development of the instruments of manufacturing provides the criterion of society’s mastery over nature, the criterion of the event of production. Economic epochs are distinguished one from one other not by what’s produced but by how materials wealth is produced, with what instruments of production.

At the identical time they have maintained as their level of departure the necessity to hold to the … Read More