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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But capital does not expand because it would not be profitable.
Unless confiscated, they can be utilised by government only through its purchases, and the money used in these transactions must first be extracted from private capital either by taxation or through borrowings. In other words, the economy is still in a state of depression, countermanded by expenditures which by no stretch of the imagination can be called an accumulation of capital. The production resulting from these contracts is being paid for sweszy the capitalists through their taxes.
Monthly Review | Baran and Sweezy’s Monopoly Capital, Then and Now
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 that dominate the modern accumulation process.
Thank you very much. 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. There was the energy crisis and the economic crisis. But as soon as it begins to feel itself as a barrier konopoly further development and is recognised as such, it adapts forms of behaviour through the harnessing of competition which seemingly capitxl its absolute rule but actually point to its decay and dissolution.
Obviously, if monopoly capital were able to sell a larger product it would do so. In this property-income was With the resultant growth of idle resources, capital accumulation, that is, the capitalist mode of production, would come to an end.
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 for a great amount of waste-production as well as for higher living standards even under conditions of relative capital stagnation.
When used for government purchases, taxes taken from capital flow back to the capitalists in form of government contracts. Part of a series on. 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. Monopoly profits reduce the competitively established capial rate of profit and therewith lead to the progressive decline of the quantity of profits transferable to monopoly capital.
They critically analyzed civilian and military government spending in ways that have enduring significance in our time. To him, it makes no difference whether it stems from government or from private spending. The authors of this book reconsider this traditional approach to economic theory.
As such it cannot function capitalistic ally; but neither monpoly it function capitalistic ally when taken by government to finance the non-profitable production of public works and government waste.
Monopoly Capital: An Essay on the American Economic and Social Order
Marx lived in a highly competitive capitalism, to be sure, and he knew that prices, not values, determine market events — even though market events are themselves circumscribed by the social relations as value relations. It grew out of the critique of militarism and imperialism and economic waste as much as out of economic crisis. Actually, there can never be enough surplus-value and profit, because of the diminishing profitability in the course of capital expansion.
While production, productivity and profits soar, the rate of investments declines. To be sure, Baran and Sweezy maintain that this property-income would not have been any greater without government-induced production. Assuming, for the moment, that Baran and Sweezy are right, they would still only repeat what Marx himself pointed out, namely, that a sufficient rate of exploitation temporarily bars the fall of the rate of profit.
Sweezy also later criticized Monopoly Capital for not referring directly to Marxian value theory categories, i. Kolko introduced me to the crucial empirical basis of the theory in excess capacity statistics and I carried out a detailed study of the various measures in this area, which had the effect of convincing me of the concrete basis of the analysis.
Private accumulation therefore requires the support of government spending geared primarily towards imperialistic and militaristic government tendencies, which is the easiest and surest way to utilize surplus productive capacity.
Stagnation and the Financial Crisis.
Any claim the Soviet Union had to moral leadership of the world socialist movement is now extinguished. 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.
The basic reason for the expansion or contraction of the economic system is to be found in capital-labour, or wage-profit, relations — not in the technical capacity to produce. When resources remain idle it is not because they are too productive but because they are not productive enough. Cover of the edition. These funds also flow back to the capitalists as payments for production contracted by government. Capital will not only be more productive but also more concentrated and centralised. In principle, it is not different in any particular capitalist country.
This procedure, however, is precisely the way by which part of the expense of government spending is spread over all of society. The purpose of Monopoly Capital is to effect this shift in the focus of attention from competition to monopoly.
Their purpose and hope is to help people to see present-day capitalist society differently and more realistically, to highlight the central problems which need to be tackled and solved, and to indicate directions in which further study and thought are needed.
In capitalism the increasing mass of commodities as use-values appear, however, as exchange-values. To the individual it also makes no difference whether he is employed in the production of waste or in that of marketable commodities.
BooksPaperbackeBooks Filed in: But it is not a closed system, and is thus able not only to slacken its rising organic composition of capital, by way calital capital exports, for instance, but, via the world market, to increase annd profits through the importation of profits from abroad. Do you recall your immediate impressions upon reading Monopoly Capital or the pieces that would eventually be combined into Monopoly Capital?
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.