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Monopoly Capital

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Monopoly Capital: An Essay on the American Economic and Social Order
Cover of the 1967 edition
AuthorsPaul Sweezy, Paul A. Baran
LanguageEnglish
SubjectMonopoly
PublisherMonthly Review Press
Publication date
1966
Publication placeUnited States
Media typePrint

Monopoly Capital: An Essay on the American Economic and Social Order is a 1966 book by the Marxian economists Paul Sweezy and Paul A. Baran. It was published by Monthly Review Press. 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. Their work played a leading role in the intellectual development of the New Left in the 1960s and 1970s. As a review in the American Economic Review stated, it represented "the first serious attempt to extend Marx’s model of competitive capitalism to the new conditions of monopoly capitalism."[1] It attracted renewed attention following the Great Recession.[2]

Concepts

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The economic surplus

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One of the key contributions of Monopoly Capital is its application of the concept of economic surplus. The economic surplus is most simply the difference between “what a society produces and the costs of producing it. The size of the surplus is an index of productivity and wealth, of how much freedom a society has to accomplish whatever goals it may set for itself. The composition of the surplus shows how it uses that freedom: how much it invests in expanding its productive capacity, how much it consumes in various forms, how much it wastes and in what ways.”[3] Although some scholars viewed the introduction of this concept as a break with the Marxist approach to value, later publications by Baran and Sweezy, as well as other authors, have continued to establish the importance of this innovation, its consistency with Marx's labor concept of value, and supplementary relation to Marx's category of surplus value.[4][5][6][7][8] Baran and Sweezy argue that under the oligopolistic conditions of modern economies—dominated by big business—the surplus tends to rise. 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. This is because monopoly/oligopoly conditions result in both insufficient opportunities for profitable reinvestment of the surplus (which shows up as excess capacity and unemployment) and forms of non-price competition involve large amounts of unproductive labor (e.g. in the sales effort and product differentiation). The overall result is a tendency toward economic stagnation and increased unproductive expenditures as a response.[citation needed]

Monopoly capital and the Great Recession

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With the financial crisis of 2007–2009 and the Great Recession of these years, followed by conditions of economic stagnation, some political economists have argued that Baran and Sweezy's analysis in Monopoly Capital is key to the theoretical and historical explanation of these events. This has led to an extension of theory to address what is called "monopoly-finance capital," the "internationalization of monopoly capital," the globalization of the reserve army of labor, and the growing monopolization of communications, most dramatically the Internet.[9][10][11]

See also

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References

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  1. ^ Sherman, Howard J. (1966). "Monopoly Capital-An Essay on the American Economic and Social Order". American Economic Review. 56 (4): 919–21.
  2. ^ "Monthly Review | Baran and Sweezy's Monopoly Capital, then and Now". November 2015.
  3. ^ Baran, Paul A.; Paul M. Sweezy (1966). Monopoly Capital. New York: Monthly Review Press. pp. 9–10.
  4. ^ Baran, P.A. & Sweezy, P.M. (2012). "Some Theoretical Implications". Monthly Review. 64 (3).
  5. ^ Sweezy, P.A.; H. Magdoff (1977). The End of Prosperity. New York: Monthly Review Press.
  6. ^ Sweezy, P.A.; H. Magdoff (1981). The Deepening Crisis of U.S. Capitalism. New York: Monthly Review Press.
  7. ^ Sweezy, P.A.; H. Magdoff (1987). Stagnation and the Financial Crisis. New York: Monthly Review Press.
  8. ^ Sweezy, P.A.; H. Magdoff (1988). The Irreversible Crisis. New York: Monthly Review Press.
  9. ^ Foster, J.B.; F. Magdoff (2009). The Great Financial Crisis. New York: Monthly Review Press.
  10. ^ Foster, J.B.; R.W. McChesney (2012). The Endless Crisis. New York: Monthly Review Press.
  11. ^ McChesney, R.W. (2013). Digital Disconnect. New York: Monthly Review Press.

Further reading

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