This paper discusses the philosophical foundations of game-theoretic Marxism. Initially the reductionist pretensions of analytical Marxism, which has practised game-theoretic Marxism, are considered and rejected. After advancing an anti-reductionist game-theoretic formulation of Marx’s theory of surplus-value, in terms of bilateral monopoly, problems of collective action are examined. It is recognised that during particular historical epochs instrumental rationality may capture the process through which individual agents act. However, it is proposed that the instrumental view of rationality should not be assumed to be a trans-historical fact of human nature and that alternative philosophical conceptions of rationality recently advanced within the game theory literature provide a more satisfactory basis for social scientific investigation.
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