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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Therefore, military spending is able to expand to a degree civilian spending is not, providing an important outlet for surplus absorption.

After wartime military service, he joined the staff of the Federal Reserve Bank of New York, leaving to become a member of the Stanford economics faculty in Monthly Monoopoly MR was part on this side of the Atlantic of the same constellation of views as what is now known as the First New Left in Britain, from which the term arose. The book was written in a bafan style with an attempt to get at a large audience.

According to Marx, moreover, the profitability of any particular capital depends on the profitability of the capitalist system capiital a whole.

The idle resources — even in their idleness — remain capitalist property. In this property-income was And as the government has nothing to swsezy in exchange but sweezzy money it extracts out of the economy, the utilisation of private productive resources by government equates — as far as private capital is concerned — with their non-utilisation in their previous state of idleness. 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.

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. They had no such ambitious goal.

Third, capitalist opposition to civilian spending as a threat to their class interests and class power limited the ability of such spending to provide effective demand.

This was of course true throughout capitalist development and explains this development. He taught economics at Harvard until and was visiting professor of economics at Cornell, Stanford, and the New School.

For comprehensive sweep, topicality, and quality of thought we have not had its equal in Marxian economic literature for a very long time. Instead, there are unused capitsl and material resources. However, such marketing expenditures advertising, sales promotion, excessive model changes, etc.


Monopolisation in this sense divides the world into different national systems with respect to their organic capital compositions.

There is a point of accumulation where the decreased variable capital cannot find compensation in an increase of surplus-value large enough to yield sufficient profits on total capital.

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. To the extent that capital loses its capital character, the profitability of total capital — whatever it may be — will be impaired, and the surplus-value, however great, will be smaller than it would be under conditions of full use of productive capacity.

The End of Prosperity. His theory of capital competition is at the same time a theory of monopoly, and monopoly, in this sense, always remains competitive, for a non-competitive monopoly capitalism implies the end of market relations such as sustain private-property capitalism.

Monopoly Capital by Paul Mattick

The arrival of this point in concrete reality is not predictable, but the tendency in this direction explains for Marx the recurrent crises and the increasing difficulty of overcoming periods of capital stagnation through changes in the conditions of production which raise the rate of surplus-value. If you read the magazine online and can afford a print subscription, we hope you will consider purchasing one.

Advertising penetrates the whole market, not only that part which caters to capitalist consumption. The growing national debt is then usually compared with the growing national income, which substantiates the claim that deficit-financing will be accompanied by a rising national income.

He was a frequent contributor to Monthly Reviewco-author with Paul M. January Number of Pages: It is only through the growing capacity to produce that total exchange-value is enlarged and capital accumulated.

It is also the only available means to arrest this decline. Constant and variable capital in their value form are inextricably intertwined with the material conditions of production, i.

It is clear, in that case, that if production were less effective the demand would be relatively greater. Yet paradoxically enough, the impact of this profound economic transformation was felt least of all in the area most immediately affected: It grew out of the critique of militarism and imperialism and economic waste as much as out of economic crisis. What does the government actually do by bringing together labour and idle capital for the production of non-marketable goods?


Monopoly Capital

As regards monopoly profits secured by price manipulations, it should be clear that they can be gained only through corresponding profit-losses on the part of the non-monopolistic capital — No matter what the structure of capitalism, there is, at any given time, a definite amount of national and international income derived from surplus-value.

Now, it is due to the imperfection of competition under monopoly conditions. As soon as capital feels itself strong, however, the crutches are thrown away and capitalism moves in accordance with its own laws of motion. This was hardly surprising given the marginal and dependent position of radical economists in the academy. Capital will not only be more productive but also more concentrated and centralised. In fact, the capacity to produce increases particularly in crisis situations in order to effect a resumption of the accumulation process.

Value and surplus-value production would no longer be possible. If not, idle capital in its money form would exist as a private hoard. New products, catering to new wants, are not advertisements, even though they may be advertised. It was thus the original common ground within URPE.

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

Whatever these statistics may be worth, and they are admittedly not worth much, they do not relate to the Marxian problem of the determination of the rate of profit, but to the capitalist problem of the division of recorded income — other than wages — among ca;ital various interest groups living on the surplus-product.

In the not-so-long run, the extraction of monopoly profits is a self-defeating process, bound to affect negatively both the monopoly-rate and the competitive rate of profit. 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.