Nature of Capitalist Transformation-Continuing Relevance of Marxism

Continuing Relevance of Marxism James Petras Chronis Polychroniou Since the collapse of Soviet-style planned economies in central and eastern Europe and the disintegration of the former USSR, Marxism has been dismissed by intellectuals of all political stripes as a potentially relevant force. This is profoundly mistaken, for the collapse of bureaucratic collectivism vindicates Marxism in theory and political practice. This paper highlights the relevance of Marxism in understanding the fall of state socialism and the deep structural dynamics and contradictions of contemporary capitalism.