Game Theory-The New Marxism

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This paper analyzes Marxist economics from the perspective of foreign relations and how foreign relations is conducted based on the benefits that one nation can receive in relations at the expense of other nations. This Marxist perspective is compared to modern game theory and its sub-component, coalition theory in that game theory's basic assumption of zero-sum outcomes is a Marxist interpretation of capitalism in acceptable guise.

From the Paper:

"Marxist economics has suffered in stature chiefly due to its being co-opted by the various communist political regimes that relied on its basic assumption upon which to construct their derivative economic models; most commonly of which was the Soviet economic model with its central planning and misconstrued allocation of resources (Wood, 2004). However, Marxist economics were never fully understood by these communist regimes and certainly not faithfully applied. At its core, Marxist economics accurately reflects the innate shortcomings of free market capitalism and the political structure that arise from them. One of the key differences that Marxist economics points out between itself and that of capitalist economics is the valuation of labor or the labor theory of value (Wood, 2004, pp.136-39)."

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