This landmark text by Paul Baran and Paul Sweezy is a classic of Monopoly Capital and millions of other books are available for Amazon Kindle. Learn more. The authors of Monopoly Capital,[1] Paul A. Baran and Paul M. Sweezy, attempt to overcome “the stagnation of Marxian social science” by shifting the focus of. Paul A. Baran and Paul M. Sweezy, Monopoly Capital. New York and. London: Monthly Review Press, Pp. ix + Harry Magdoff. New School for Social .

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Because productivity increases even in the absence of accumulation, it cappital quite independent of the production process as a capital-expansion process. Only under conditions of rapid capital expansion would it be possible to maintain monopoly profits without reducing simultaneously the absolute rate of profit of competitive capital.

What they were aiming at was a full theory of the capita, stage of capitalism, but the task was so great and the problems of communication to a broad public so formidable they were writing for a primarily Western liberal audience at the time—the early s—which had no real knowledge of Marxian theory that all they were able to do was an essay sketch.

Monthly Review | Baran and Sweezy’s Monopoly Capital, Then and Now

This has led to an extension of theory to address what is called “monopoly-finance capital,” the “internationalization of monopoly capital,” the globalization of the reserve army of labor, and the growing monopolization of communications, most dramatically the Internet. Books about capitalism Books by Paul Sweezy Marxist books books in economics.

Taxes are a part of realised income through market transactions; if taken from capital they do reduce its profits, regardless of whether or not these profits would caoital been consumed or reinvested into additional capital. BooksPaperbackeBooks Filed in: To think once more in extremes: Stagnation and the Financial Crisis.

This page was last edited on 24 Baeankonopoly The overproduction of capital in one part of the world confronts the undercapitalisation in another. But, to repeat, the Marxian model of capital formation and its consequences is based not on competition but on the application of the labour theory of value to the accumulation process.


They laid the basis for viewing the entire electoral system as democratic in form, plutocratic in content. In the one case the problem is approached from the market angle and in the other capjtal that of production, but in both there is restriction of production. When I finished writing the last page of the paper, I decided that the whole thing was wrong both empirically and in terms of current historical relevance —but I was compelled to turn the paper in anyway since it was for a class.

Monopoly Capital

When resources remain idle it is not because they are too productive but because they are not productive enough. Actually, there can never be enough surplus-value and profit, because of the diminishing profitability in the course of capital expansion.

The only indication as to whether it is rising or falling is given by market events. The actual and potential economic surplus generated exceeds the existing outlets for investment and capitalist consumption.

However, Baran and Sweezy, themselves, have pointed out that that portion of the surplus usually identified with surplus-value declined sharply from to While the rate of surplus-value rises in one direction, the number of labourers falls in the opposite direction.

The surplus-value embodied in commodities is surplus-labour time. This was hardly surprising given the marginal and dependent position of radical economists in the academy. Fourth, military spending does not compete with capitalist interests in the same way as civilian spending and through imperialism serves to enhance those interests.

Second, I had a negative response to the profit-squeeze theory that had grown up on the left parallel to the demise of Keynesian theory and the rise of bourgeois supply-side economics in its place in the Thatcher and Reagan years. Heilbroner, New York Review of Books A brilliant description of the economic forces at work in the main centers of economic power—the giant corporations … Monopoly Capital may be regarded as an analysis of the sources of contemporary political formations … and the corporate ideology … Monopoly Capital will be a munificent source of insights and ideas for many years to come.

Yet paradoxically enough, the impact of this profound economic transformation was felt least of all in the area most immediately affected: And thus, while the fall of the rate of profit is checked by accumulation it cannot entirely be prevented, for there are definite limits beyond which the absolute labour-time cannot be extended and the necessary labour-time, i.

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It is precisely the compulsion to increase the capacity to produce which points to the reality of the tendential decline of the rate of profit. What is the continuing relevance of Monopoly Capital? As soon as capital feels itself strong, however, the crutches are thrown away and capitalism moves in accordance with its own laws of motion.

They see the primary weaknesses of the system to be in the imperial realm, as countries in the periphery revolt against the domination of monopoly capital over their economies, a revolt that is increasingly mirrored in the resistance of peoples of color, making up a critical part of the working class, within the United States itself.

Monopolisation in this sense divides the world into different national systems with respect to their organic capital compositions. Baran was Professor of Economics at Stanford University.

The authors are under no illusion that they have succeeded in exhausting the subject.

I never thought for a moment in my own reading that there was the slightest abandonment of the labor theory of value in Monopoly Capital —a close inspection of the text showed that to be false at the outset. Monthly Review MR was part on this side of the Atlantic of the same constellation of views as what is now known as the First New Left in Britain, from which the term arose.

In brief, the barwn of the private-enterprise capitwl sets definite limits to the expansion of government-induced production. When these limits are reached they will cease countermanding the capitalist crisis.

Like so many others I had been in the streets protesting against the war machine.