The economic system based on market competitions and the pursuit of profits in which the means of production or capital are privately owned by individuals or corporations
1. The economic base (modes of production, factories, materials, machines) influences the superstructure (institutions that legitimize the base and reinforce beliefs)
2. Everything in society is influenced by the economic base
Criticizes orthodox Marxism's base-superstructure model as too deterministic, and replaces it with a more complex system of structural determination where the political and ideological systems have relative autonomy from the economic base
Postmodern Marxism argues that the recent changes in capitalism have weakened the working class, leading to a fragmented opposition of different groups rather than a unified working class revolution