Paul A. Baran and Paul M. Sweezy, Monopoly Capital. New York and. London: Monthly Review Press, Pp. ix + Harry Magdoff. New School for Social . 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. Monopoly Capital [Paul And Sweezy, Paul M. Baran] on *FREE* shipping on qualifying offers.

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It is for this reason, of course, that such a situation cannot come to pass within the framework of capitalism. This, then, was mainly a reply to fundamentalist arguments.

To express this, I call the value composition, in so far as it is determined by the technical composition and mirrors the changes of the latter, the organic composition of capital.

Wars Past and Wars to Come. Their work played a leading role in the intellectual development of the New Left in the s and s. Other forms of absorbing the surplus include expansion of the sales effort and the growth of finance, insurance, and real estate. Getting their money back through government orders, the capitalists provide the government with an equivalent quantity of products.

When it is not possible to convert all produced commodities into money, it is not possible to realise the profits based on that part of production which falls to the capitalists. Likewise, the financiers do not care whether loans are made to private entrepreneurs or to government, so long as they are secure and yield the desired rate of interest.

Monopoly Capital by Paul Mattick

This was hardly surprising given the marginal and dependent position of radical economists in the academy. Apparently, all is well with capitalist society as far as the rate of exploitation is concerned.


If you read the magazine online and can afford a print subscription, we hope you will consider purchasing one. In brief, the maintenance of an private-enterprise system sets definite limits to the expansion of government-induced production.

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

For so long as exchange-value is the goal of swrezy, labour-time quantities remain the source and measure of capitalist wealth. If this is so, it will of course not only increase the production of waste, but slowly and surely destroy the private-enterprise system.

The vast extent of this increasing actual and potential surplus is visible in the underutilization of productive capacity, the level of unemployment, the waste embodied in the sales effort, and military spending. It grew out of the critique of militarism and imperialism and economic waste as much as out of economic crisis. January Number of Pages: Why might their influence have declined if indeed it did during a period of stagnation that might have vindicated some of their predictions?

Nothing so clearly explained the current stage of capitalism, though to understand capitalism fully it was clear one had to go sweezyy to Marx and the whole socialist tradition.

Monopoly Capital

In his work, monopoly appears only occasionally, as a remnant of a mercantilist past or as a shadow cast by a future he did not expect capitalism to live to see. Because consumption is increased through exhortations, the enlarged consumption leads to increased production and investments.

Monopoly Capital was the principal Marxian, and indeed radical, political-economic work to be published in the s, written sweeezy the two most prestigious Marxian economists in the United States and perhaps globally. 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.

For comprehensive sweep, topicality, and quality of thought we have not had its equal in Marxian economic literature for a very long time. Even the division of surplus-value into profit, interest and rent disappears in his value analysis.


Sweezy also later criticized Monopoly Capital for not referring directly to Marxian value theory categories, i. Monopoly Capital cannot be seen in isolation, however. The possibility of honouring the government debt depends on the future profitability of private capital. Where and when this is no longer possible, investments will be unprofitable and consequently will not be made. The End of Prosperity. To him, it makes no difference whether it stems from government or from private spending.

This is in every way a stimulating and refreshing books, written lucidly and easily, without jargon or dogma, barqn representing a welcome attempt to look at the monopoly capitalism of today with fresh eyes. They also indicate that government requires and receives an ever greater share of the Gross National Product.

Capitalists cannot consume all of their profits, for by doing so, they would soon cease anf capitalists. Financed in this manner, government-induced production does not increase the quantity of marketable commodities and can thus not be turned into exchange-value and, consequently, not into surplus-value.

Part of a series on. The descriptive parts of Capital refer to capital competition and to the elimination of competition by way of competition, i. InI edited a book with the Polish economist and sociologist Henryk Szlajfer called The Faltering Economywhich was organized principally as a reply to the supply-side theory emerging on fapital left and secondarily to fundamentalist Marxian theories that denied the relevance of the monopoly stage of capitalism.