A History of Modern Political Economy

Do technologies used in dementia care become commodities? is there such a thing present in current society as ‘ Commodity Fetishism’? Do we consume certain technologies just for other values which are promoted by the market?

Questions Questions!

Media Studies 101

The history of modern political economy traces back to the works of Adam Smith and Dave Ricardo, who writing in the 18th and 19th Century outlined a model which was broadly supportive of the developments of economic markets and free trade, and was based upon a labour theory of value, which suggested that the value of the goods and commodities produced is directly related to the amount of labour which goes into making that product. Smith and Ricardo’s work was taken up in the mid 19th century by Karl Marx who in 1867 published Capital: Critique of Political Economy, which functioned as a critique of the emergent political economy of capitalism during the industrial revolution. Marx’s major contentions are worth exploring here, as his work remains a foundation for studies of PE, and the basic concepts and categories he proposed are still commonly employed…

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