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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Considering the system as a whole, however, it is a general lack of surplus-value which accounts for its slow rate of expansion. In practice, no distinction is made between the public and the private sector of the economy, and in both all transactions are money transactions. Paul MknopolyPaul A.

Monopoly Capital: An Essay on the American Economic and Social Order

The composition of the surplus shows how it uses that freedom: Moreover, orthodox economists now recognize that the stagnation dates back to the s—precisely what Monopoly Capital pointed to and what MR has been insisting for more than forty years.

Its wider influence was associated with the great works that it inspired and that belonged to the same constellation of Marxian theory, filling out the overall analysis. There would be no point in increasing production if the rate of accumulation were to diminish.

This theory disregards the value-character of capitalist production. In the one case the problem is approached from the market angle and in the other from monoploy of production, but in both there is restriction of production. He taught economics at Harvard until and was visiting professor of economics at Cornell, Stanford, and the New School.

Any claim the Soviet Union had to barann leadership of the world socialist movement is now extinguished. They also indicate that government requires and receives an ever greater share of the Gross National Product. For Marx, it is a discrepancy between material and value production which leads to difficulties in the accumulation process, but which also allows for its resumption and expansion through changes in the material-technical conditions of monopol which raise the productivity of labour and therewith the rate of surplus-value and profit.


A lack of effective demand relative to the production potential leads to unused resources. Like so many others I had been in the streets protesting against the war machine. Constant and variable capital in their value form are inextricably intertwined with the material barqn of production, i. Because productivity increases even in the absence of accumulation, it is quite independent of the production process caital a capital-expansion process. However, as long as capital accumulates it does so because it is still able to increase the mass of surplus-value.

Mmonopoly this was equally true for competitive capitalism. But the accumulation process is at the same time a capital concentration process, and just as it tends to play the accumulating capital into fewer hands in each nation, so does it concentrate the world capital into a few countries.

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

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

Fifth, spending on finance can serve to absorb a portion of the surplus and boost the economy, at the expense of greater debt expansion and long-term instability. Why should he understand the capitalist economy any better than Baran and Sweezy, who, even by considering the economy as a whole and not merely a particular business within it, come to the conclusion that government spending would solve the economic problems of capitalism and of all its classes?

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It is often only the most monopolyy productive apparatus bagan will secure the profitability of capital. Economic TheoryMarxismPolitical Economy. InI edited a book with the Polish economist and sociologist Henryk Szlajfer called The Faltering Economywhich capiatl organized principally as a reply to the supply-side theory emerging on the left and secondarily to fundamentalist Marxian theories that denied the relevance of the monopoly stage of capitalism.

They simply tell us what is obvious, namely, that in a few capitalist nations the productivity of labour has enormously increased in order to allow sewezy a great amount of waste-production as well as for higher living standards even under conditions of relative capital stagnation.

Moreover, insatiable as it is in its quest for profits, capital goes out of its way to extract monipoly from all the corners of the world in order to augment the profits made at home.

AmericasGlobalUnited States. These funds also flow back to the capitalists as payments for production contracted by government. It is also the only available means to arrest this decline. The overproduction of capital in one part of the world confronts the undercapitalisation in another.

It is clear, in that case, nonopoly if production were less effective the demand would be sewezy greater. Baran and Paul M. They critically analyzed civilian and military government spending in ways that have enduring significance in our time. When these limits are reached they will cease countermanding the capitalist crisis.

Getting their money back through government orders, the capitalists provide the government with an equivalent quantity of products.