MACH, Ernst   (1838-1916) 
Austrian physicist and philosopher. Mach was one of the founders of 
“empirio-criticism”, a form 
of positivism or idealist 
empiricism. Mach viewed reality as a “complex of sensations”, 
which is a prominent form of subjective idealism. 
Lenin strongly criticizes Mach’s views, and subjective idealism in general, in his important
philosophical work, Materialism and
Empirio-Criticism (1908). 
             One of Mach’s idealist notions was that a 
great many entities we talk about in science, such as molecules and atoms, do 
not actually have any real existence, but are merely “theoretical constructs” which we have 
found to be useful in conceptualizing how the world works despite their non-existence! In 
the case of atoms and molecules, it was only in his old age, shortly before his death, and 
long after the further absolute confirmation of the existence of molecules and atoms by 
many experiments, and with Einstein’s theoretical explanation of Brownian motion which 
depended on the actual existence of atoms and molecules, did Mach finally, yet still 
reluctantly, admit that atoms probably really did exist. 
MACROECONOMICS 
A term used (mostly in bourgeois economics) to refer to the study of the whole economy, or 
large areas of the economy, as opposed to microeconomics. 
MALTHUS, Thomas Robert   (1766-1834) 
English cleric and economist. He was an ideologist of the landed aristocracy which had
become merged with the bourgeoisie and an apologist for capitalism. His famous (and 
erroneous) theory that the population would always expand to the point that the masses
would always be driven down to the bare subsistence level was put forward to explain away
the qualitatively increased misery that the development of capitalism was causing in 
Britain. In his economic writings he tended to plagiarize others, especially 
Sismondi.
MAO ZEDONG [Mao Tse-tung]   (1893-1976) 
[To be added...] 
MARCUSE, Herbert   (1898-1971) 
German-American philosopher of the “Frankfort School”. [More to be added...] 
MARGINALIST THEORY 
[To be added... ]
“MARKET SOCIALISM” 
An attempt to combine “socialism” with capitalism, and in particular with the capitalist
commodity market (including the market for labor-power). 
From the revolutionary Marxist (Marxist-Leninist-Maoist) perspective this makes no sense 
whatsoever, because we define socialism as the transitional 
stage between capitalism and 
communism. But various types of 
revisionist thinkers view “socialism” as merely a 
modification of capitalism, and sometimes even such a slight modification that some of 
them consider a lightly “regulated” capitalist welfare state (such as in Scandinavia)
to be “socialism”!
             Clearly nothing like European
social democracy can be in any way viewed as genuine 
socialism, either economically or politically. But couldn’t we imagine a society 
where there are really no capitalists, but still separate, decentralized state-run 
enterprises that use a market to sell commodities to each other, and sell mass-consumption 
commodities to the people? Couldn’t there still be a labor market as well, with these 
enterprises hiring workers, and even continuing to extract 
surplus value from them—but then turning 
all of this surplus value over to the state for the expansion of production and
for public purposes (education, health care, retirement benefits, and so forth), with no 
“profits” going to any rich owners of the enterprises (because there are none)?
             One important thing to seriously ponder in
a thought experiment of this kind is just how stable such a system would be. In 
fact it would be extremely unstable, and would inevitably degenerate back into traditional
capitalism. There would still be foremen, supervisors, layers of management of plants and
enterprises, influential people running the government and the dominent political parties,
and so forth. And these people would soon develop (if they didn’t already have) special
interests of their own, both as individuals, and collectively as a new social class. In
other words class society would soon reassert itself, and we would soon be back in the
horrible capitalist world where we live today.
             “But couldn’t we keep such tendencies 
under control?” someone might ask. “Couldn’t we perhaps use the methods developed in Mao’s
China to have managers also engage in productive labor, to rotate streams of ordinary workers 
into management and government positions for limited periods of time, etc. Couldn’t we even 
engage in struggle against those who get too uppity and start to gather too many 
private privileges and too much individual power, and so forth?” The answer is that this 
sort of thing might work for a while, and will have to be made to work during the 
relatively short socialist transition period to communism. But if society is organized in 
such a way that these measures are permanently necessary, then an eventual breakdown 
and return to capitalism is inevitable. The entire underlying material basis for capitalism 
must be destroyed, and destroyed down to its lowest roots, if capitalism is itself to be 
destroyed once and for all.
             And here is where it is necessary to come
to understand the nature of bourgeois “right”,
and how it grows out of the commodity form itself. If you have commodities, if you have
commodity exchange, if you have the extraction of surplus value (even if for a time it
is somehow arranged that it is put to public uses), then eventually you will have
a complete system of capitalism again, because capitalism grows out of those 
seeds.
             What we revolutionary Marxists are trying
to do is to transform society so that classes no longer exist, so that class struggle no
longer needs to exist, and so that not even any “struggle” to prevent the development 
of classes again is necessary any more! There is a way to do this, but it requires 
uprooting capitalism completely, and on a world scale, down even to the existence of 
commodity markets and the commodity form. And this is why we are also determined opponents
of any “market socialism” schemes.
             The main motivation for favoring “market 
socialism” comes from those who can only conceive of socialism in the form it took in the 
Soviet Union, and view that failure as something that is inevitable in a “command economy”. 
Thus they are straining their brains to think of another way to make socialism work. Well,
there is another way, a way that was outlined by Marx, Lenin and Mao. And that way is not
the state capitalism of the revisionist Soviet Union nor is it “market socialism”. Those 
who champion that last scheme have just not investigated the problem deeply enough to 
understand the inherent flaws in their proposals.
             For those seeking to look into the question
of “market socialism” further, I suggest first seriously studying the great work by Marx,
“The Critique of the Gotha Programme” (1875) which is available online at:
http://www.marxists.org/archive/marx/works/1875/gotha/index.htm.
MARX, Karl   (1818-1883) 
The primary founder, along with Frederick Engels, of the science 
of society and social revolution which is now customarily known as Marxism. 
[More to be added...] 
“As to myself, no credit is due to me for discovering either the existence of classes in modern society or the struggle between them. Long before me bourgeois historians had described the historical development of this class struggle and bourgeois economists the economic anatomy of the classes. What I did that was new was to demonstrate: 1) that the existence of classes is merely linked to particular historical phases in the development of production, 2) that class struggle necessarily leads to the dictatorship of the proletariat, 3) that this dictatorship itself only constitutes the transition to the abolition of all classes and to a classless society.” —Marx, Letter to Joseph Weydemeyer, March 5, 1852, Marx-Engels Selected Correspondence (Moscow: 1975), p. 64; in a slightly different translation in MECW 39:62.
“These two great discoveries, the materialist conception of history and the revelation of the secret of capitalistic production through surplus-value, we owe to Marx. With these discoveries socialism became a science. The next thing was to work out all its details and relations.” —Engels, Anti-Dühring (1878), MECW 25:27.
MARXISM 
 
1. [As used by Marxists-Leninists-Maoists:] The science of society and social revolution, 
as originally established by Karl Marx and 
Frederick Engels, and elaborated and extended by many others, 
especially V. I. Lenin and Mao Zedong. 
Short-hand for Marxism-Leninism-Maoism. 
2. [As used by non-Marxists:] The ideas of Karl Marx (and sometimes Engels), as interpreted 
and distorted by bourgeois professors and other ideologists. 
MARXISM-LENINISM-MAOISM 
[To be added...] 
MARXIST-LENINIST CLASS INTEREST THEORY OF ETHICS 
See: CLASS INTEREST THEORY 
OF ETHICS. 
MASS LINE 
The method of revolutionary leadership summarized by the phrase “from the masses, to
the masses”.
“The mass line is the primary method of revolutionary leadership of the masses, which is employed by the most conscious and best organized section of the masses, the proletarian party. It is a reiterative method, applied over and over again, which step by step advances the interests of the masses, and in particular their central interest within bourgeois society, namely, advancing towards proletarian revolution. Each iteration may be viewed as a three step process: 1) gathering the diverse ideas of the masses; 2) processing or concentrating these ideas from the perspective of revolutionary Marxism, in light of the long-term, ultimate interests of the masses (which the masses themselves may sometimes only dimly perceive), and in light of a scientific analysis of the objective situation; and 3) returning these concentrated ideas to the masses in the form of a political line which will actually advance the mass struggle toward revolution. Because the mass line starts with the diverse ideas of the masses, and returns the concentrated ideas to the masses, it is also known as the method of ‘from the masses, to the masses’. Though implicit in Marxism from the beginning, the mass line was raised to the level of conscious theory primarily by Mao Zedong.” —Scott H., The Mass Line and the American Revolutionary Movement, Chapter 43.
See also: MASS PERSPECTIVE below.
MASS PERSPECTIVE
“A mass perspective is a point of view regarding the masses 
   which recognizes: 1) That the masses are the makers of history, and that revolution 
   can only be made by the masses themselves; 2) That the masses must come to see through 
   their own experience and struggle that revolution is necessary; and 3) That the 
   proletarian party must join up with the masses in their existing struggles, bring 
   revolutionary consciousness into these struggles, and lead them in a way which brings 
   the masses ever closer to revolution. A mass perspective is based on the fundamental 
   Marxist notion that a revolution must be made by a revolutionary people, that a 
   revolutionary people must develop from a non-revolutionary people, and that the people 
   change from the one to the other through their own revolutionizing practice.
              “The relation between the 
   mass line and a mass perspective is simply that only those with a mass perspective 
   will see much need or use for the mass line. It is possible to have some notion of 
   the mass line technique, and yet fail to give it any real attention because of a weak 
   mass perspective. On the other hand, it is also possible to have a mass perspective
   and still be more or less ignorant of the great Marxist theory of the mass line.
              “The mass line and a mass 
   perspective are nevertheless best viewed as intimately related, as integrated aspects 
   of the Marxist approach toward the masses and revolution. I have found the most 
   felicitous phrase for both aspects together is ‘the mass line and its associated mass
   perspective’.” —Scott H., 
   The Mass Line and the American Revolutionary Movement, Chapter 43.
See also: SECTARIAN
MASSES 
[To be added...] 
             See also: 
PEOPLE, The 
MATERIAL INTERESTS 
[To be added...] 
MATERIALISM 
[To be added...] 
MATERIALISM AND EMPIRIO-CRITICISM 
This is a great philosophical work by Lenin which defends and develops scientific 
materialism. It was written in 1908 and first published in May 1909. Its purpose was to 
combat various Kantian, religious and other 
idealist doctrines which were becoming popular among a certain 
strata of the Russian revolutionary movement, including among some of the Bolsheviks. 
             In the late 19th century, physics 
entered into a period of crisis with the discovery of radioactivity and other anomalies, and 
the advent of the earliest quantum-related speculations. Thus some of the materialist 
assumptions, that most physicists had explicitly or tacitly assumed, came into question, 
especially by scientists and philosophers who had been strongly influenced by Kant or early 
forms of positivism. These idealist theories spread beyond 
physics and philosophy, and led to a resurgence of subjective 
idealism among intellectuals. It was the intrusion of this trend into the revolutionary 
movement itself that alarmed Lenin, and moved him to write this book. 
             Since at the beginning of the 21st 
century Kantianism and various other forms of philosophical idealism are once again quite 
rampant, even among some philosophers who claim to be Marxists or influenced by Marxism, and 
since these people are misleading many young revolutionaries in the universities, it is all 
the more important to once again promote the serious study of Lenin’s Materialism and 
Empirio-Criticism. 
MATHEMATICAL LOGIC 
“Logically” this should mean the mathematical development of any form of logic. In practice, 
in bourgeois society, it usually just means the mathematical development of the various 
kinds of deductive logic. It is almost always propounded 
in axiomatic form, that is, along the same lines as geometry usually is, with axioms, 
postulates, theorems, proofs, and so forth. As with most of modern mathematics, it can soon 
become highly abstruse to the point where only specialists can easily understand the more 
complex arguments and proofs. 
MATHEMATICS — And the World 
[To be added... ]
“But it is not at all true that in pure mathematics the mind deals only with its own creations and imaginations. The concepts of number and figure have not been derived from any source other than the world of reality. The ten fingers on which men learnt to count, that is, to perform the first arithmetical operation, are anything but a free creation of the mind. Counting requires not only objects that can be counted, but also the ability to exclude all properties of the objects considered except their number—and this ability is the product of a long historical development based on experience.... Like all other sciences, mathematics arose out of the needs of men: from the measurement of land and the content of vessels, from the computation of time and from mechanics. But, as in every department of thought, at a certain stage of development the laws, which were abstracted from the real world, become divorced from the real world, and are set up against it as something independent, as laws coming from outside, to which the world has to conform. That is how things happened in society and in the state, and in this way, and not otherwise, pure mathematics was subsequently applied to the world, although it is borrowed from this same world and represents only one part of its forms of interconnection—and it is only just because of this that it can be applied at all.” —Engels, Anti-Dühring (1878), MECW 25:37.
MATTER 
[To be added... ]
MAXIM 
See: MORAL MAXIM 
MEANS OF PRODUCTION 
The totality of the material elements of economic production, including the factories, 
mines, machinery, tools, raw materials, means of transport, etc. (Human labor, the work 
force, is not included in this category; the means of production together with the people 
necessary to utilize them are collectively known as the
productive forces.)
MECHANICAL MATERIALISM 
A crude and simplistic form of materialism which views all
nature as being constructed on basic mechanical principles such as those which govern
old-fashioned clocks. This is the most common sort of naive 
materialism.
META-ETHICS 
[To be added...] 
METAPHYSICS 
1. [In Marxist usage:] Views which are opposed to dialectics, such as views which
deny the unity and connections which exist among things in the world, or which deny
the struggle of opposites that exist within things, or which take a static view of the
world or parts of it and deny the possibility of any development. 
2. [In non-Marxist usage:] The branch of philosophy, or philosophical views, which are 
concerned with the ultimate nature of reality, which sorts of things truly exist, which 
things depend on the existence of other things, etc. The primary sphere here is also 
called ontology. 
             See also: 
Philosophical doggerel 
about metaphysics. 
 “To the metaphysician, things and their mental reflexes, ideas, are 
     isolated, are to be considered one after the other and apart from each other, are
     objects of investigation fixed, rigid, given once for all. He things in absolutely
     irreconcilable antitheses.... For him a thing either exists or does not exist; a 
     thing cannot at the same time be itself and something else. Positive and negative
     absolutely exclude one another; cause and effect stand in a rigid antithesis one to
     the other.
                   “At first sight this mode of
     thinking seems to us very luminous, because it is that of so-called sound common
     sense. Only sound common sense, respectable fellow that he is, in the homely realm
     of his own four walls, has very wonderful adventures directly he ventures out into
     the wide world of research. And the metaphysical mode of thought, justifiable and 
     and even necessary as it is in a number of domains whose extent varies according to
     the nature of the pariticular object of investigation, sooner or later reaches a
     limit, beyond which it becomes one-sided, restricted, abstract, lost in insoluable
     contradictions. In the contemplation of individual things, it forgets the connection
     between them; in the contemplation of their existence, it forgets the beginning and
     end of that existence; of their repose, it forgets their motion. It cannot see the
     wood for the trees.” —Engels, Anti-Dühring, MECW 25:22-23.
MICHURIN, Ivan Vladimirovich   (1855-1935) 
Russian horticulturalist whose theory of cross-breeding was based on the idea that
acquired characteristics of plants and animals could be inherited. Unfortunately, this
erroneous theory was adopted by Trofim Lysenko and became for 
a long while the official doctrine of the Soviet Union during the years of Stalin and 
Khrushchev. This led to considerable damage to Soviet genetic research and Soviet 
agriculture.
MICROECONOMICS 
A term used (mostly in bourgeoic economics) to refer to studies or descriptions of small 
and semi-isolated parts of the economy, such as how individual firms or households 
typically function from an economic perspective. Compare with 
macroeconomics which studies the overall operation of the
economy.
“MIDDLE CLASS” 
[In common bourgeois usage:] A vague sort of class category, or occasionally more 
precisely defined on the basis of arbitrary family income ranges, such as “families which 
have an income of more than $20,000 per year and less than $500,000 per year”. As this 
example shows, the “middle class” in current establishment parlance includes the greatest 
part of the American population.
             While bourgeois writers prefer not to talk 
about social classes at all, they are sometimes forced to do so. But when they do, they do 
not use Marxist class terms which are defined on the basis of definite relationships of 
groups of people to the means of production. Instead, 
vaguely or arbitrarily defined “classes” such as the middle class are referred to. 
The bourgeois term the “middle class” is the rough equivalent to the Marxist term the
petty bourgeoisie, though the bourgeois term also 
includes much of what we would call the working class or 
proletariat.
 
             [More to be added... ] 
MILL, James   (1773-1836) 
British economist and philosophers, who vularized the political economy of 
Ricardo. James Mill was a close friend 
of Jeremy Bentham and the father of John Stuart Mill.
MILL, John Stuart   (1806-1873) 
British economist and positivist philosopher. Following in the footsteps of his father,
James Mill (see above), and his godfather Jeremy Bentham,
he became the most famous proponent of utilitarianism,
in the hedonistic form that Bentham gave to it.
             Also following in the footsteps of Bentham 
and his father, he became the most prominent vulgarizer of classical political economy in 
the 19th century. He advocated conciliation between the interests of the 
bourgeoisie and the interests of the working class, and thought that the contradictions 
of capitalism could be overcome by reforming the methods of distribution into some vague 
bourgeois version of “socialism”.
MIND 
A set of ways of looking at the brain at work. In other words, a set of aspects, 
characteristics or functions of the brains of advanced animals (especially humans of course). 
Thus thinking is a high-level characterization of one sort of operation that a brain 
carries out, while a thought is a high-level characterization of the results of that 
brain process in a specific situation. Awareness, concern, boredom, 
worrying, happiness and all the countless other such mental states, are 
abstract characterizations of the physical states of the brain (which, if they could be 
described in purely neurophysiological terms would be incomprehensibly complex compilations 
of the states of neural networks and of millions or billions of individual neuronal states). 
The mind is not “identical to” the brain; it is rather the collection of all the high-level 
abstract views which we must necessarily have about how our brain is functioning.
             See also: 
FUNCTIONALISM and 
philosophical doggerel about
mind and matter. 
MIND-BODY PROBLEM 
The most basic question of philosophy: what is the nature of the relationship between 
mind and body (or between mind and brain, or mind and matter). The two big schools of
thought are materialism (that matter is primary and mind is a 
characteristic or function of certain highly complex organizations of matter such as 
brains) and idealism (that mind or “spirit” is primary 
and that matter—if it really exists at all—is somehow a creation or outgrowth of mind). 
Dualism, the view that mind and matter are completely 
independent, is often considered a third option, though to materialists it just seems to 
be a variety of idealism since it denies that mind is a function or characteristic of 
certain complicated organizations of matter (brains). 
MONAD 
[In the philosophy of Leibniz]: The supposed “ultimate” units 
of reality which give rise to matter and mind. Thus an entity postulated to underly a 
dualistic conception of the world. The notion is clearly 
incoherent. God is supposed to be the “supreme monad”, whatever that means. 
MONETARISM 
A complex of various theories in bourgeois economics, championed by reactionary economists
such as Milton Friedman. Two prominent specific monetarist theories are:
1. The theory that inflation is basically caused by the undue 
expansion of the money supply. (Marxist political economy pretty much agrees with this!)
2. The theory that capitalist economic crises (recessions and depressions) are caused by 
mismanagement of the money supply. (This is utter bourgeois stupidity!)
“MONETARY POLICY” 
[In bourgeois economics:] Attempts to control a capitalist economy simply through the
manipulation of the money supply and interest rates. While such measures can be effective
in “fine tuning” the economy in ordinary times (non-crisis situations), when a major
economic crisis breaks out “monetary policy” soon proves virtually useless.
MONISM 
The view that everything in the world is derived from, or can be explained by, the 
existence of just one fundamental type of thing. There are various kinds of naive monism
(“all is made of water”), but the more modern view of monism is just that it is a denial
of dualism. Dialectical materialism is a type of monism because 
it holds that although mind exists, it exists as a set of characteristics or functional 
aspects of the brain (i.e., of highly organized matter in motion). That is, matter is
primary, and mind depends on matter, is an “outgrowth” or “development” or set of
aspects or characteristics of certain complex forms of matter (brains, or their 
equivalent).
MONOPOLY 
[To be added... ]
             See also: 
OLIGOPOLY. 
MONOPOLY CAPITAL (1966 Book) 
This is an influential book written by Paul M. Sweezy and 
Paul Baran, and published in 1966. There are widely differing opinions as to just how 
correct and important this book is. John Bellamy Foster, who is now the editor of the 
magazine Sweezy co-founded, Monthly Review, talks 
about the book in rather glowing terms:
“The appearance in 1966 of Monopoly Capital by Baran and 
     Sweezy (published two years after Baran’s death) represented a turning point in 
     Marxian economics. Although described by the authors themselves as a mere 
     ‘essay-sketch’, it rapidly gained widespread recognition as the most important
     attempt thus far to bring Marx’s Capital up to date, as well as providing
     a formidable critique of prevailing Keynesian orthodoxy.
                   “Where Sweezy himself was
     concerned, Monopoly Capital reflected dissatisfaction with the analysis of
     accumulation and crisis advanced in The Theory of Capitalist Development
     [his book from 1942]. His earlier study had been written when mainstream economics
     was undergoing rapid change due to the Keynesian ‘revolution’ and the rise of
     imperfect competition theory. Thus, he had provided a detailed elaboration of both
     Marx’s theory of realization crisis (or demand-side constraints in the accumulation
     process), and of work by Marx and later Marxian theorists on the concentration and
     centralization of capital. As with mainstream theory, however, these two aspects
     of Sweezy’s analysis remained separate; and hence he failed to develop an adequate
     explanation of the concrete factors conditioning investment demand in an economic
     regime dominated by the modern large enterprise. It was essentially this critique
     of Sweezy’s early efforts that was provided by Josef Steindl in Maturity and
     Stagnation in American Capitalism (1952: 243-6), who went to show how a more
     unified  theory could ‘be organically developed out of the underconsumptionist
     approach to Marx’ based on Michal Kalecki’s model of capitalist dynamics, which
     had connected the pehenomenon of realization crisis to the increasing ‘degree of
     monopoly’ in the economy as a whole.
                   “In fact, it was out of this
     argument, as outlined by Steindl, that the underlying framework for Baran and
     Sweezy’s own contribution in Monopoly Capital was derived. Thus, they
     suggested that Marx’s fundamental ‘law of the tendency of the rate of profit to
     fall’ associated with accumulation in the era of free competition, had been
     replaced, in the more restrictive competitive environment of monopoly capitalism,
     by a law of the tendency of the surplus to rise (defining surplus as the gap, at
     any given level of production, between output and socially necessary costs of
     production). Under these circumstances, the critical economic problem was one of
     surplus absorption. Capitalist consumption tended to account for a decreasing
     share of capitalist demand as income grew, while investment was hindered by the
     fact that it took the form of new productive capacity, which could not be
     expanded for long periods of time independently of final, wage-based demand. 
     Despite the fact that there was always the possibility of new ‘epoch-maing 
     innovations’ emerging that would help absorb the potential economic surplus, all
     such innovations—resembling the steam engine, the railroad and the automobile
     in their overall effect—were few and far between. Hence Baran and Sweezy
     concluded that the system had a powerful tendency toward stagnation, largely
     countered thus far through the promotion of economic waste by means of ‘the sales
     effort’ (including its penetration into the production process) and military
     expenditures, and through the expansion of the financial sector. All such 
     ‘countervailing influences’ were, however, of a self-limiting character and could
     be expected to lead to a doubling-over of contradictions in the not too distant
     future.” —John Bellamy Foster, “Paul Malor Sweezy”, in John Eatwell, et al., eds., 
     The New Palgrave: Marxian Economics (1990), p. 352-3.
However, to my eyes much of this seems to be unnecessary and even downright 
wrong. Yes, there is a more fully coherent “underconsumptionist” approach (or 
overproductionist approach, I would prefer to say) than Sweezy put forward in his 
1942 book, and it comes straight out of Marx himself. The problem, it seems to me, is 
that not only in 1942, but also in this 1966 book Monopoly Capital there 
is an unnecessary and incorrect adulteration of Marx with Keynesian conceptions. Thus 
contrary to Foster’s comment that this book provides “a formidable critique of prevailing 
Keynesian orthodoxy”, I would say the book has still not sufficiently broken
with Keynesianism!
             The basic problem with capitalism is
that it does not pay the workers enough to buy back all that they produce for the
capitalists. The capitalists themselves can for a long while spend a large part of the 
surplus value they extract from the workers in building new factories and buying more 
machinery. And for a fairly long while they can still sell the output from these new and 
old factories by granting credit to the workers and by having the government borrow money 
from the rich (or else simply print up money) to buy weapons, military supplies, and 
other commodities. In other words, the continual and ever-faster expansion of debt can 
keep the system working for quite a while. But eventually this massive credit bubble 
must pop, and then—according to Marx—the only thing that can clear the ground for 
a new expansion is the destruction of all the old excess capital, including that 
massive overhang of excess factories and machinery that was artificially built up during 
the long credit boom. This is really pretty much all there is to it, and no Keynesian 
conceptions at all are necessary to further explicate the situation.
             It is true that Sweezy and Baran were
right to point out mechanisms such as wastefulness, innovation, and so forth, as ways
which to a degree help keep the system going for a while. But these are quite secondary 
to the main thing, the expansion of the consumer and government credit bubbles. 
That is the place to focus one’s attention! And when this giant credit bubble pops 
it is totally inadequate to say that there will then be stagnation; actually there 
will then be long-term and intractable economic depression!
             So while there are indeed some things of
interest in the book Monopoly Capital, and some valid points, overall it still 
seems to me to be a Keynesian-influenced down-playing of how central and how serious the 
economic contradictions really are within the capitalist system. —S.H.
MONTHLY REVIEW 
An important Marxist magazine in the United States, established by 
Paul Sweezy and Leo Huberman in 1949. After Huberman died, 
Harry Magdoff became a co-editor with Sweezy, and now that Sweezy and Magdoff have both 
died, it is edited by John Bellamy Foster. [More to be added... ]
MONTHLY REVIEW SCHOOL 
This is not a formal school, but a loose collection of political economists centered
around the Monthly Review magazine (see above). Many or most of these economists
also are influenced by Keynes to one degree or another.
MOORE, G. E. [George Edward]   (1873-1958) 
English idealist philosopher. In ethics he was an 
intuitionist who believed the word ‘good’ is indefinable. 
             See also: 
Philosophical doggerel
about Moore. 
MORAL (Adj.) 
[To be added...] 
MORAL HAZARD (In bourgeois economics) 
A variety of related views, such as:
             1) The problem that having insurance can
cause people to behave in more risky ways. (This is bad from the perspective of the
bourgeoisie not because it increases the risk of harm to people, but because it increases
the chances that they will collect insurance, thus leading to rising insurance 
premiums.)
             2) Government bailouts of failing
companies (even if there was no previous promise that this would occur), which amounts to 
a form of insurance payment anyway, and tends to increase the chances that companies will
act imprudently (stupidly!) again in the future. This should lead bourgeois economists to
oppose government bailouts, but most of them find some special excuse to make an 
exception when the matter comes up in any major way—such as at the present time with the 
trillions of dollars being given to banks that recklessly invested in “securities” based
on highly risky sub-prime mortgages.
MORAL MAXIM 
A general rule about what is right or wrong, such as “Lying is wrong.” According to
Kantian ethics, such moral maxims are absolutes, and must 
always be followed regardless of the circumstances or the specific consequences. But more 
rational people understand that there are times when lying is not wrong (and even occasions 
when it is morally wrong not to lie!). Therefore, more rational people treat 
virtually all moral maxims not as absolutes, but rather more like “rules of thumb” which 
are generally valid, but not invariably so. On this conception, moral maxims must be
evaluated in the particular situation, and by ascertaining if they agree or conflict with
more general moral principles, and especially the most central moral principle: something
is good and right only if it answers to (or satisfies) the interests (or meets the needs) 
of the people.
             See also:
CLASS INTEREST THEORY OF ETHICS 
MORALITY 
1. Conformity to the standards of right conduct. 
2. The norms, standards, principles or rules of right conduct themselves. 
3. Ethics, although most philosophers (Marxist and non-Marxist alike) 
try to keep the concepts of ethics and morality separate, with ethics being the theory 
behind any system of morality. 
MORALITY — As Viewed by Different Classes 
[To be added... ]
“But how do things stand today? What morality is preached to us today?
     There is first Christian-feudal morality, inherited from earlier religious times; and
     this is divided, essentially, into a Catholic and a Protestant morality, each of which
     has no lack of subdivisions, from the Jesuit-Catholic and Othodox-Protestant to loose
     ‘enlightened’ moralities. Alongside these we find the modern-bourgeois morality and
     beside it also the proletarian morality of the future, so that in the most advanced
     European countries alone the past, present and future provide three great groups of
     moral theories which are in force simultaneously and alongside each other. Which, then,
     is the true one? Not one of them, in the sense of absolute finality; but certainly
     that morality contains the maximum elements promising permanence which, in the present,
     represents the overthrow of the present, represents the future, and that is proletarian
     morality.
                   “But when we see that the three
     classes of modern society, the feudal aristocracy, the bourgeoisie and the proletariat,
     each have a morality of their own, we can only draw the one conclusion: that men,
     consciously or unconsciously, derive their ethical ideas in the last resort from the
     practical relations in which they carry on production and exchange.” —Engels,
     Anti-Dühring, MECW 25:86-87.
MORALITY — Common Elements of Different Class Moralities 
[To be added... ]
“But nevertheless there is [a] great deal which the three moral theories mentioned above have in common — is this not at least a portion of a morality which is fixed once and for all? — These moral theories represent three different stages of the same historical development, have therefore a common historical background, and for that reason alone they necessarily have much in common. Even more. At similar or approximately similar stages of economic development moral theories must of necessity be more or less in agreement. From the moment when private ownership of movable property developed, all societies in which this private ownership existed had to have this moral injunction in common: Thou shalt not steal. Does this injunction thereby become an eternal moral injunctions? By no means. In a society in which all motives for stealing have been done away with, in which therefore at the very most only lunatics would ever steal, how the preacher of morals would be laughed at who tried solemnly to proclaim the eternal turth: Thou shalt not steal!” —Engels, Anti-Dühring, MECW 25:87.
MORALITY — Supposedly Unchanging 
[To be added... ]
“We therefore reject every attempt to impose on us any moral dogma whatsoever as an eternal, ultimate and for ever immutable ethical law on the pretext that the moral world, too, has its permanent principles which stand above history and the differences between nations. We maintain on the contrary that all moral theories have been hitherto the product, in the last analysis, of the economic conditions of society obtaining at the time. And as society has hitherto moved in class antagonisms, morality has always been class morality; it has either justified the domination and interests of the ruling class, or ever since the oppressed class became powerful enough, it has represented its indignation against this domination and the future interests of the oppressed. That in this process there has on the whole been progress in morality, as in all other branches of human knowledge, no one will doubt. But we have not yet passed beyond class morality. A really human morality which stands above class antagonisms and above andy recollection of them becomes possible only at a stage of society which has not only overcome class antagonisms but has even forgotten them in practical life.” —Engels, Anti-Dühring, MECW 25:87-88.
MORTGAGE 
[To be added... ]
             See also:
SUB-PRIME MORTGAGE.
MYSTICISM 
Any religious philosophy which accepts the possibility of mystical experiences, divine intuitions, 
and “direct experiences of God”. Most mystics believe they can achieve an experience of some 
deep reality through the temporary union of their “soul” with God, and 
hold that “true reality” can only be known in this way. Materialists dismiss all this as the 
fantastical misinterpretation of confused internal mental states which miseducated people are 
prone to.
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