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, 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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Cover of the edition. Even the division of surplus-value into profit, interest and rent disappears in his value analysis.
Monopoly Capital by Paul Mattick
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. The authors of Monopoly Capital Paul A. Do you recall your immediate impressions upon reading Monopoly Capital or the pieces that would eventually be combined into Monopoly Capital?
Although capital accumulation is actually a competitive process, the falling rate of profit does not depend on competition but on the shifting value relations of capital expansion. Where and when this is no longer possible, investments will be unprofitable and consequently will not be made. With the resultant growth of idle resources, capital accumulation, that is, the capitalist mode of production, would come to an end. It is, then, the state capitql the market which decides for any particular capital whether it should expand, contract or leave production at a given level.
For capitalism as a whole, of course, the organic composition is not high enough to account for a rate xweezy profit too low to induce further rapid capital expansion. The only indication as to whether it is rising or falling is given by market events.
Is it valuable as a critique of contemporary U. The growing national debt is then usually compared with the growing monppoly income, which substantiates the claim that deficit-financing will be accompanied by a rising national income. Here, despite the pioneering work of Hilferding and Lenin, the competitive model of Das Kapital continued to reign supreme.
If this is so, it will of course not only increase the production of waste, but slowly and surely destroy the private-enterprise system. And it would be able to sell a larger product if capital would accumulate and thus increase the effective demand.
The value analysis of capitalism disregards competition, for in capifal social aggregate all prices equate with total value.
And it may not only be so. 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. Instead, there are unused human and material resources.
Yet capitalism did live to see that future. This is precisely what they do not do. The descriptive parts of Capital refer to capital competition and to the elimination of competition by way of competition, i.
Monopoly Capital – Wikipedia
They also indicate that government requires and receives an ever greater share of the Gross National Product. All of this made it extremely influential with the New Left in the United States, particularly its more radical, socialist wing. For comprehensive sweep, topicality, and quality of thought braan have not had its equal in Marxian economic literature for a very long time.
But all these items are cost-of-production items which are not recoverable in sales-prices on the market, for, with insignificant exceptions, the products produced for government fall out of the market system.
The normal state of monopoly capital is thus stagnation. 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.
In caiptal terms, production of waste is just as, 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.
It is clear, in that case, that if production were less effective the demand would be relatively greater. Capitap this was equally true for competitive capitalism. Both situations indicate that the rate of profit on capital is such as to discourage, or even exclude, additional capital investments on a scale large enough to bring forth an effective demand which would assure the realisation of surplus-value on a larger production.
The complaint about the lack of demand is then, actually, a complaint about insufficient profitability. But government can borrow additional funds. One of the key contributions of Monopoly Capital is its application of the concept of economic surplus.
Like so many others I had been in the streets protesting against the war machine.
Monopoly Capital: An Essay on the American Economic and Social Order
Today, forty years later, their analysis there seems more powerful than ever. Fourth, military spending does not compete with capitalist interests in the same way as civilian spending and through imperialism serves to enhance those interests. Merely as exposition, rendering what are often quite difficult problems accessible to the layman, it is something of a tour de force.
Other forms of absorbing the surplus include expansion of the sales effort and the growth of finance, insurance, and real estate.