1 Oct Among Marxian economists “monopoly capitalism” is the term widely in of The Theory of Capitalist Development by Paul M. Sweezy. 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 rich correspondence that preceded the publication of Monopoly Capital Paul A. Baran and Paul M. Sweezy were two of the leading Marxist economists of.

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What Is Monopoly Capital?

True, government purchases actually do increase production generally, for the non-marketable final products require intermediary productive activities, such pau, the production of raw materials, the consumption needs of increased employment, and the required additions and changes in paul sweezy monopoly capital productive machinery.

Second, spending on the sales paul sweezy monopoly capital was an important outlet for surplus as large firms engaged in non-price forms of competition and sought pau enlarge demand.

Mnopoly Study of the Evolution of American Industry —and on the other hand the unprecedented severity of the depression of the s provided dramatic proof of the inadequacy of conventional business cycle theories. Economic Development and Cultural Change. Only, what used to be a period of stagnation within the business cycle has seemingly become the normal state of affairs.

If a highly industrially-advanced monopol such as paul sweezy monopoly capital United States — which underlies the whole reasoning of Baran and Sweezy — could be considered a closed system, then, paul sweezy monopoly capital the Marxian view, its rate of profit should fall with its increasing organic composition of capital, unless offset by an paul sweezy monopoly capital rate of surplus-value expressed in an accelerated capital expansion.

The government has not succeeded, however, in convincing the capitalists that this is actually so, xweezy, now as before, capital does object to the increase in taxes and the growth of the national debt as being detrimental to its own profitability and accumulation requirements. It made a major contribution to Marxian theory by shifting attention from the assumption of a competitive economy to the monopolistic economy associated with the giant corporations monppoly dominate the modern accumulation process.


In calculating the moving wall, the current year is not counted.

The argument of Monopoly Capital focused on the critical problem of surplus absorption as the chief contradiction at this stage of accumulation. Powerful counter-tendencies such as the breakup of old firms and the founding of new ones made concentration and centralization a more uneven process than Hilferding expected.

Labor and Monopoly Capital: In order not to destroy private capital, government-induced production must remain non-profitable production. There is more about this vision of a future totally monopolized society, but it need not detain us. Preobrazhensky, whose paul sweezy monopoly capital, The Decline of Capitalism was suppressed in the U.

Yet capitalism did live to see that future. But capital does not expand because it would not be profitable. While little noticed by the economics profession at the time of its publication, this book nevertheless provided a crucial link between paul sweezy monopoly capital experiences, empirical as well as theoretical, of the s, and the development of a relatively rounded theory of monopoly capitalism in the s and s, a process which received renewed impetus from the return of stagnation to American and global capitalism paul sweezy monopoly capital the s and s.

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And it may not only paul sweezy monopoly capital so. Political EconomyStagnation Places: In the second place, government-induced production must remain small relative to total production so as not to deprive too much of the capital resources of their capital character, i. At the beginning of the transition from the competitive to the monopolistic stage, the accumulation process is only minimally affected. In the one case the problem is approached from the market angle and in the other from that of production, but in both there paul sweezy monopoly capital restriction of production.


With the decline of profitability it becomes increasingly more difficult to expand production in this particular way. This procedure, however, is precisely the way by which part of the expense of government spending is spread over all of society.

Foster and Capiyal Magdoff explored this thesis in The Great Financial Crisispublished inshortly after the housing bubble burst. What exists rather is a tendency to the continuous spread of cartellization.

The latter is an unknown quantity. Paperback, pages ISBN: But with the passage of time the impact grows and tends sooner or later to become a crucial factor in the functioning of the system.

Third, capitalist opposition to civilian spending as a threat to their class interests and class power limited the ability of such spending pajl provide effective demand. In money terms, production of waste is just paul sweezy monopoly capital, or even more, lucrative, than the production of commodities, and — until finally repudiated — the accumulation of the national debt appears as the accumulation of capital.

Monopoly Capital – Wikipedia

Marx predicted that capitalism, while once rapidly developing the social powers of production, would come to fetter paul sweezy monopoly capital, and that its further existence would then necessitate not only periods of crises and stagnation but the outright destruction of capital. Therefore, military spending is able to expand to a degree civilian spending is not, providing an important outlet for surplus absorption. They had no such ambitious goal.

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