Relevance of Marxist Philosophy in Contemporary Society and Economy

Abstract

Marxist philosophy has deeply ingrained roots in the society such that it remains relevant even in the 21^st century due to its critique of inequalities birthed by capitalism, ongoing class struggle, critical understanding of globalization and imperialism as well as grave insights into labour exploitation and environmental concerns. Furthermore, Marxist perspective becomes a mandatory presence in discussions about automation and the impact of technology on work, cultural hegemony and its role in shaping ideologies, influence on social movements advocating for justice, as well as plays a great role in imagining alternative economic models, and its capacity to stimulate critical debates about existing systems while acknowledging its historical limitations and variations in interpretation. The paper is, thereby, an attempt to study the relevance of Karl Marx’s Philosophy in the context of contemporary society as well as in the economic sphere. The objective of this paper is to understand the concepts of Marxist philosophy in detail when juxtaposed to the contemporary society and economy to analyze the impact and still prevalent relevance of this perspective in the world order with specific focus on the India which is the 5^th largest economy of the World. Marxist theories and concepts on pauperization, polarization and alienation are discussed in great detail to understand the evolution of Marxism. Various case studies are taken into consideration to understand the Indian scenario, specifically tracing the concept of a Welfare State. The paper thus analyses the underlying ideology and perspective of Marx’s philosophy that charts its own course in a rapidly evolving economy.