Marxism - Criticisms

Criticisms

Criticisms of Marxism have come from various political ideologies. Democratic socialists and social democrats reject the idea that socialism can be accomplished only through class conflict and a proletarian revolution. Many anarchists reject the need for a transitory state phase. Other critiques come from an economic standpoint. Economists such as Friedrich Hayek have criticized Marxism for allocating resources inefficiently.

Some contemporary supporters of Marxism argue that many aspects of Marxist thought are viable, but that the corpus is incomplete or outdated in regards to certain aspects of economic, political or social theory. They may therefore combine some Marxist concepts with the ideas of other theorists such as Max Weber: the Frankfurt school is one example.

V. K. Dmitriev, writing in 1898, Ladislaus von Bortkiewicz, writing in 1906-07, and subsequent critics have alleged that Marx's value theory and law of the tendency of the rate of profit to fall are internally inconsistent. In other words, the critics allege that Marx drew conclusions that actually do not follow from his theoretical premises. Once these alleged errors are corrected, his conclusion that aggregate price and profit are determined by, and equal to, aggregate value and surplus value no longer holds true. This result calls into question his theory that the exploitation of workers is the sole source of profit.