Analysing How Marxist Theory May Transform Papua New Guinea's Economy

Betty Wakia; Zhu Zhe; Xu Yao

doi:10.59890/ijatss.v3i1.229

Authors

Betty Wakia Wuhan University of Technology https://orcid.org/0000-0003-4639-5573
Zhu Zhe Wuhan University of Technology
Xu Yao Wuhan University of Technology

DOI:

https://doi.org/10.59890/ijatss.v3i1.229

Keywords:

PNG, Marxism, Capitalism, Socialism, Communism, Surplus Value

Abstract

This present research proposes that the use of Marxist theory could potentially act as a catalyst in assisting PNG's economic revitalization. The objective of this study is to provide a comprehensive analysis of the core tenets of Marxist economic theory, including the concept of surplus value, with an examination of the historical roots and current condition of capitalism in PNG. This paper aims to thoroughly analyse the economic challenges faced by PNG, a consequence of previous colonial powers' imposition of a capitalist economic system. The ensuing argument asserts that the elimination of capitalism is crucial, and the best strategic approach would include a socialist revolution that would progressively transition into communism. Even though some parts of Marxist ideology can be utopian, especially when it comes to PNG, we argue that the achievement of communalism before colonialism can help socialism and communism come to life in the long run

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