Feng Wangzhou: On the Problem Logic and Contemporary Value of the Critical Theory of "Transformational Capitalism"
"Political Marxism" is a major current within contemporary foreign Marxism and exerts significant influence in contemporary Anglo-American Marxist academic circles, having formed an academic community spanning three generations. Centering on concepts such as social property relations and class analysis, "Political Marxism" provides an in-depth analysis of the transformational development of capitalism, establishing a critical theory of "transformational capitalism." "Political Marxism" consistently adheres to the method of Marx's historical materialism, proposing a theory of the agrarian origins of capitalism. It argues that capitalism emerged under contingent circumstances within the sphere of English agriculture, profoundly altering the developmental trajectory of Britain and Western Europe. It posits that capitalist society presents a developmental process transitioning from agrarian capitalism to industrial capitalism, subsequently evolving from colonial imperialism into the current stage of "capital imperialism." Furthermore, it argues that capitalist ideology has become an essential component of the capitalist system of rule, forming an ideological chain comprising concepts such as "progress," "democracy," "infinite war," and "liberalism."
"Political Marxism" maintains that contemporary capitalism is experiencing a severe crisis of totality—encompassing class struggle, the economy, ecology, and social relations—which must inevitably lead to the demise of capitalism. It asserts that capitalism must be transcended to achieve a revival of 21st-century socialism. The critical theory of "transformational capitalism" offered by "Political Marxism" provides vital insights for developing 21st-century Marxism, enriching the critical theories of capitalism within contemporary foreign Marxism, and advancing the development of Socialism with Chinese Characteristics in the New Era.
In the 1990s, the Soviet Union collapsed, Eastern Europe underwent drastic changes [1], and the bipolar structure ended, leading to a global trend of "one superpower and many strong powers." The socialist camp ceased to exist, and the proletarian revolutionary movement fell into a low ebb. The "End of History" [2] and the "Demise of Marxism" theses propagated by some Western right-wing scholars became prevalent. Simultaneously, a large number of emerging countries surfaced, while US unilateralism, hegemonism, and power politics became increasingly apparent. Capitalist countries not only intensified the export and expansion of capital abroad but also externalized domestic contradictions, placing the entire world at risk of economic, ecological, and social crises. Following the collapse of the Soviet Union, many Marxist scholars abandoned the critique of capitalism and gave up on the possibility of creating socialism. Rather than upholding and developing the Marxist theory of socialist revolution, they encouraged a focus on so-called small, "realistic" social reforms deemed achievable within a "market society."
Consequently, to oppose the vilification and betrayal of Marxism by right-wing intellectuals, post-Marxists, and certain left-wing intellectuals, "Political Marxism"—represented by Ellen Meiksins Wood and Robert Brenner—ventured deep into the capitalist system to reveal its alienation and internal contradictions. According to the perspective of "Political Marxism," to transcend contemporary capitalism and reconstruct socialism, one must adhere to the views and methods of Marx's historical materialism, reveal the essence and developmental forms of capitalism, and clarify a series of issues such as capitalism's relationship with modernity and globalization. At the same time, one must pay close attention to the contemporary "new socialist" movement and proletarian revolutionary movements in certain regions to explore the path and model for the revival of world socialism in the 21st century.
I. Origins of the Concepts of "Political Marxism" and "Transformational Capitalism"
"Political Marxism" and its critical theory of "transformational capitalism" took shape against a significant background: globalization had made major strides, the political, economic, and social structures of capitalism had undergone important changes, the international communist movement had suffered serious setbacks, socialism was developing through twists and turns, and new social movements and contemporary Western leftist trends were gradually rising. The direct theoretical source of the "transformational capitalism" critical theory is the Marxist doctrine of the critique of capitalism; it is also deeply influenced by early Western Marxism, the Frankfurt School, the British Marxist Historians, Structuralist Marxism, and Analytical Marxism.
"Political Marxism" has developed over more than 40 years, forming a three-generation academic community. The first generation includes Robert Brenner, Ellen Meiksins Wood, Neal Wood, George Comninel, Charles Post, and Harvey Kaye. The second generation includes Hannes Lacher, Benno Teschke, Michael A. Zmolek, Samuel Knafo, and Geoff Kennedy. The third generation includes Xavier Lafrance, Eren Duzgun, and others. Among them, Brenner and Wood are hailed as the two primary standard-bearers. To a certain extent, "Political Marxism" was formed through the collision of various theoretical trends after the 1970s. Historical specificity, class relations, and class analysis constitute its core categories and methods, deepening the historical-political dimension of historical materialism to a significant degree.
The concept of "transformational capitalism" originates from the school’s analysis of the history of capitalist development. This concept highlights the primary theoretical problems of the "Political Marxism" school, identifies its distinct characteristics, and reflects its unique theoretical interests and values. The critical theory of "transformational capitalism" is a central component of the "Political Marxism" thought system, constituting a logically rigorous theoretical framework. Centering on the theme of "transcending capitalism," "Political Marxism" provides an in-depth interpretation of the capitalist system.
II. The Problematic of the Critical Theory of "Transformational Capitalism"
The critical theory of "transformational capitalism" is a conceptual framework covering numerous issues with its own internal logical threads. By grasping this logic and problematic, we can gain a deep understanding of its theoretical aims and developmental trends. "Political Marxism" provides an in-depth discussion on the origin of capitalism, capitalist ideology, the total crisis of capitalism, and the path to transcending it, which together form the "problematic" of the theory.
(i) The Theory of Agrarain Origins of Capitalism Based on the Transformation of Social Property Relations
"Political Marxism" strongly emphasizes the core position of social property relations within capitalist political relations. It argues that capitalism requires an intensified dependence between the state and the market, and the establishment of market dependence promoted the formation of new modes of production. Wood argued that capitalism did not originate from the emergence of cities, the expansion of trade, or even wage labor. It primarily depended on the breaking of traditional peasant life practices, the transformation of agricultural land into entirely private property, and the forceful establishment of market dependence across the English countryside.
Wood critiqued the demographic and absolutist state theories of capitalist origins and rejected the "commercialization model" of explanation, which she considered a circular argument. The commercialization model fails to recognize the unique necessities of capitalism, the distinct way the market operates under the capitalist system, and its unique laws of motion—laws including competition, profit maximization, and capital accumulation, which compel people into the market, the reinvestment of surplus wealth, and efficient production through improved labor productivity. Proponents of the commercialization model also see no need to explain the unique social property relations and the specific modes of exploitation that dictate these laws of motion.
Brenner also contended that both demographic and commercialization models face theoretical dilemmas because they fail to analyze the situation in conjunction with social property relations, nor can they reveal the economic consequences resulting from differences in population and commerce. In Brenner’s view, "social property relations" is a more effective concept than Marx's "social relations of production." What Brenner calls "property relations" refers to the relations between direct producers, among members of the exploiting class (if one exists), and between exploiters and producers. These relations specify and determine the rights of individual economic actors (or households) to生產資料 (means of production) and economic products. Brenner’s social property relations are essentially the relations of production described by Marx; their substance is class relations. Brenner’s concept emphasizes the analysis of both vertical and horizontal systems of class relations, including the vertical relationship between exploiters and producers, as well as the horizontal structural relations within the exploiter and producer classes respectively. The transformation of social property relations directly determines actual class and social relations, as well as society’s mode of operation.
(ii) The Theory of the Transformational Development of Capitalism Driven by Capital (Market) Logic
"Political Marxism" posits that capitalist society exhibits a spiral developmental process, transitioning from agrarian capitalism to industrial capitalism, then to colonial imperialism, and finally to capital imperialism. Throughout this process, social property relations show a continuous trend of transformation.
In the stage of agrarian capitalism, social property relations underwent a major shift. Land gradually became private property, and a new agrarian triad formed in Britain: landlords living on capitalist ground rent, capitalist tenant farmers living on profits, and wage laborers living on earnings. Under new market imperatives, a polarization of the rural population occurred: one pole consisted of increasingly large-scale landowners, while the other consisted of propertyless wage laborers subject to increasing exploitation. However, this competitive pressure and its accompanying new "laws of motion" did not initially depend on the emergence of a mass proletariat, but rather on the widespread existence of market-dependent tenant producers. New conceptions of social property rights directly influenced productive activities, and new principles of value (where value arises from production rather than unequal commodity exchange) governed the development of agrarian capitalism. This became the logic of agrarian capitalism, gradually implemented throughout the English countryside, and gave rise to theories of imperial expansion.
Under the influence of market imperatives, industrial capitalism transformed into a new form: colonial imperialism. This form of imperialism was created by England and driven by the logic of capital (capital accumulation, profit maximization, infinite competition, etc.). Colonial imperialism emphasized the plunder and occupation of colonies, closely linked to the decisive requirements of capitalist social property relations.
In the analysis of contemporary capital imperialism, Wood historicaly compared the differences between ancient empires and modern British and American imperialism. She pointed out that the hallmark of capital imperialism is that exploitation is not based on extra-economic, direct coercion, but on market economic power. Of course, Wood also acknowledged that the establishment and maintenance of market mechanisms require certain political forces and the state for protection; currently, the global capitalist economic system also requires maintenance. Her explanation of capital imperialism is the use of property rights and market power to accumulate surplus value, rather than using political administration or military control to occupy territory. Capital imperialist countries, led by the United States, have achieved hegemony through continuous global capital expansion, a process directly facilitated by globalization. Capital imperialism intervenes and even commits aggression globally, launching infinite wars and leading to dilemmas for world peace and development.
(iii) The Critique of Capitalist Ideology
Rooted in the historical development of capitalist society, "Political Marxism" explains the essence, function, and effects of capitalist ideology from four perspectives.
First, regarding the concept of "progress" as capitalist ideology: the concept of "progress" is directly related to property rights and bears the imprint of the capitalist discourse of power. This causes people to view so-called capitalist progress only in the abstract, even leading them to view capitalist colonial plunder as progressive and just.
Second, regarding democracy as a capitalist ideology, capitalist democracy has already become a tool of its rule, inherent within the system of capitalist domination, and has even become an indispensable component for maintaining imperial hegemony. Along with the development of Western capitalism, the concept of liberal democracy was only widely accepted when this so-called liberal democracy posed no threat to the property rights or the rule of the bourgeoisie; however, this cannot conceal its role in political domination.
Third, regarding the "infinite war" of neo-imperialism as a capitalist ideology, neo-imperialism, represented by the United States, flies the banner of "just war" and uses the excuses of combating terrorism and eliminating "rogue states" in a vain attempt to achieve its goal of global hegemony. The United States utilizes its superior military power to maintain its superpower status, such that no other country or force can contend with it.
Fourth, regarding liberalism as a capitalist ideology, liberalism has not only become an important intellectual weapon for capitalism to resist feudal absolutist power, but has also become the core content of capitalist political rule. Liberalism has developed into an ideology encompassing a Western "progressive" view of history, a liberal-democratic political outlook, and neo-imperialist thought. Within liberal ideology, the Concept of class struggle based on exploitation in the Marxian sense does not exist; it is impossible to reconcile or assimilate the fundamentally antagonistic classes of producers and surplus-extractors.
(4) Theory of the State and Modern International Relations
"Political Marxism" elucidates the connotation of the state from the perspective of the transformation of royal power and the formation of centralized states in Britain, France, and Germany, arguing that the state is closely linked to civil society and the development of capitalism. The evolution of "modern" European nationalism is related to the formation of the state and the centralization of power. In the process of modern state formation, France is an important archetype. The French Revolution promoted the awakening of the French nation and the unification of the state, providing an important model of liberation for other countries in the world, especially European countries, and its influence was even more profound than in France itself. The French Revolution not only promoted Europe's transition from feudal autocracy to a republican system but also marked the beginning of the formation of the state in the modern sense. Its direct impetus lay in the ruling class's response to the threat of revolution and the promotion of Jacobinism.
After breaking through inter-state relations based on the territorial logic of geopolitics, capital began to expand within the scope of global space, forming a globalization centered on the economy and constantly reshaping the face of the world. As Marx and Engels pointed out, the logic of capital requires the expansion of markets and the establishment of various economic and political links on a global scale. On the one hand, through the exploitation of the world market, the bourgeoisie has given a cosmopolitan character to production and consumption in every country, making all nations interdependent; on the other hand, it has forced non-capitalist nations to succumb to the "heavy artillery" [3] of capitalism and incorporated them into the global system of capitalist production. However, Teschke [4] believes this vision emphasizes that capitalist expansion is transnational rather than international. The expansion of capitalism is predicated on the mediation of geopolitics and must be based on the existence of state territorial organizations. "This means that capitalism could not form a state system, but must 'operate itself' through a preset plurality of sovereignties." Precisely because of this, capitalism was born within the dynastic political system and consolidated its territory during the absolutist period; modern capitalist international relations were also formed on the basis of transcending the existing fragmented territorial states.
(5) Theory of the General Crisis of Capitalism
First, the crisis of class struggle. "Political Marxism" holds that the contradiction between labor and capital in contemporary capitalist society has become more salient. The historical encounter and structural opposition between capital and labor are presented more clearly at a time when class antagonism has become quite urgent and visible; the contradictions between workers and capitalists are more universal and irreconcilable. The goal of class struggle in contemporary capitalist society is not merely for economic benefits or job increases, but to eliminate the capitalist relation of wage labor and eliminate the power of the possessors (capitalists) to extract surplus—that is, the power of command over surplus labor. This requires changing capitalist social property relations and changing the distribution between direct producers and exploiters.
Second, the economic crisis. "Political Marxism" holds that capitalism is the first economic system in which the market plays a central role. The market possesses no inherent drive to develop toward replacing past modes of production; this only becomes possible after peasants lose their land. Pursuing profit maximization is a necessary means for producers to maintain survival; firms do not earn profits out of greed, but to satisfy the requirements of market competition. Therefore, the market is a compulsion. So long as productive activity is based on market competition, the contradiction between labor and capital can never disappear. "Political Marxism" argues that the rise of finance capital and neoliberalism is the result, rather than the cause, of capitalist economic crisis; one should not focus on the sphere of production but should instead adhere to Marx's idea that excessive competition in capitalism leads to crisis.
Third, the ecological crisis. "Political Marxism" points out that because the internal contradictions of capitalism are irreconcilable and capitalism has already reached its geographical limits, the era of infinite spatial expansion of capital has ended. Therefore, the greater the profit or so-called growth it pursues, the more severe its cannibalization of human or natural resources becomes. The root of the ecological disasters brought by capitalism lies in the logic of capital. Subject to the logic of capital, contemporary capitalism leads to an increasingly serious ecological crisis, directly affecting the long-term development of humanity.
Fourth, the social crisis. "Political Marxism" points out that while the development of capitalism has promoted the development of productive forces and provided relatively abundant material wealth on the one hand, it has led to an widening gap between rich and poor and social polarization on the other. Contemporary capitalism has realized the universalization of the logic of capital, penetrating into all areas of social life and constantly reenacting "creative destruction," leading to serious social crises.
(6) Theory of Transcending Capitalism
First, one must use a developing Marxism as a critical theoretical weapon. "Political Marxism" believes that capitalism has already become a universal system. With the disintegration of the Soviet Union and the drastic changes in Eastern Europe, the world socialist movement suffered serious setbacks. Therefore, it is necessary to reconstruct historical materialism, develop Marxism, and strengthen confidence in socialism. It is necessary to conduct a comprehensive reflection and clarification of Marxism to manifest its proper scientific and revolutionary nature. Marxism exists not only to criticize capitalism but, more importantly, to construct a brand-new socialism consistent with human development.
Second, one must persist in the revolutionary subjective status of the working class. "Political Marxism" believes that capitalism has no way out and no longer possesses "safety valves"; no path for reform exists outside its own internal laws. Only by carrying out anti-capitalist class struggle can the internal contradictions of capitalism be overcome and the transition to socialism be achieved. Advancing class struggle must rely on the working class. The working class has not been captured by bourgeois ideology, nor has its class consciousness or revolutionary consciousness been dissipated; on the contrary, its strength has increased amidst the globalization of capital.
Third, one must base anti-capitalist revolutionary struggle in the nation-state to achieve genuine democracy. "Political Marxism" points out that the nation-state plays an irreplaceable role in the socialist revolution. Only a socialist country established by seizing state power can transcend the liberal democracy of capitalism, realize genuine democracy, open the path for the process of modernization, and provide a solid foundation for achieving global fairness and justice. To transcend the formal democracy of capitalism, the separation of economic democracy and political democracy should be eliminated to realize genuine socialist democracy.
Fourth, there must be a great transition toward the unity of international revolutionary forces to realize the flying of socialism in the 21st century. "Political Marxism" argues for organizing existing anti-capitalist social forces and reintegrating the power of the working class and the left at a global level. Specifically, it seeks to unite the working class, left-wing intellectuals, and socially marginalized groups. Furthermore, the labor movement should be combined with new social movements (peace movements, ecological movements, women's movements, etc.) to achieve a great global-level alliance, gradually advancing the anti-capitalist struggle and moving toward human liberation through the liberation of the working class.
III. Conclusion
"Political Marxism" is based on the reality of capitalist society, employs the method of Marx's historical materialism, and persists in a total critique of capitalism, attempting to explore a path to transcend it. "Political Marxism" has not departed from the traditional theoretical system of classical Marxism; instead, it combines traditional theoretical issues with realistic problems, fully reflecting its concern for the reality of contemporary capitalism and its courage to innovate theoretically according to changed circumstances. As a developing academic community, "Political Marxism" enriches and develops the social critical theory of contemporary foreign Marxism. It is a continuation and development of the four modes of critique—critique of state capitalism, critique of the consumer society, critique of late capitalism, and critique of global capitalism. It develops the Marxist dialectic regarding the specificity and universality of capitalism, reveals the revolutionary subject, revolutionary institutions, power, and mechanisms for the revival of world socialism, and dispels the infatuation with capitalism. It helps to strengthen the "Four Confidences" [5] and deepens the understanding of the development of contemporary capitalism in the 21st century.