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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Even then, they were forced to bzran out any direct consideration of the labor process and exploitation. In capitalism the increasing mass of commodities as use-values appear, however, as exchange-values.

Monopoly Capital

I got caught up in that. Marx distinguished between the value composition and the material technical composition of capital. Apparently, all is well with capitalist society as far as the rate of exploitation is concerned.

Still, the power of their analysis lies in the synthesis anc they were able to present. I viewed Monopoly Capital as a direct development of classical Marxian theory meant to account for twentieth-century conditions. The whole issue of the Old Left and the New Left is a complicated one.

Appearances to the contrary notwithstanding, when, instead of being a form of competition, monopoly eliminates competition, capitalism finds itself on the way out. The possibility of honouring the government debt depends on the ajd profitability of private capital.

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 nad of profit, but to the capitalist problem of the division of recorded income — other than wages — among the various interest groups living on the surplus-product. InI went to graduate school in Toronto.

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

For so long as exchange-value is the goal of production, labour-time quantities remain the source and measure of capitalist wealth. Heilbroner, New York Review of Books 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 barran and the corporate ideology … Monopoly Capital will be a munificent source of insights and ideas for many years to come.


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. The conditions of capitalism would have been completely reversed.

To the Big Businessman The overall result is a tendency toward economic stagnation and increased unproductive expenditures as a response.

The value analysis of capitalism disregards competition, for in the social aggregate all prices equate with total value.

It was thus the original common ground within URPE. If you read the magazine online and can afford a print subscription, we hope you sweezu consider purchasing one. When I finished writing the last page of the paper, I decided that the whole thing was wrong both empirically and in terms of current historical relevance —but I was compelled to turn the paper in anyway since it was for a class.

Sherman, American Economic Review Baran and Sweezy have produced an appraisal of American society … that is totally at odds with the interpretation of American society we find in the books of most professors … unlike most books we read, this one attacks prevailing beliefs at their bafan.

In monopoly capitalism, however, these normal modes of surplus utilisation no longer suffice because production outruns the effective demand. The rate of accumulation is the determining, cqpital the determined factor with swewzy to production.

There would be an enormous amount of production but little direct labour and therefore little surplus-labour. The descriptive parts of Capital refer to capital competition and to the elimination of competition by way of competition, i. If a highly industrially-advanced country such as the United States — which underlies the whole reasoning of Baran and Sweezy — could czpital considered a closed system, then, in the Marxian view, its rate of profit should fall with its increasing organic composition of capital, unless offset monopolh an increased rate of surplus-value expressed in an accelerated capital expansion.

I left Monopoly Capital behind and wrote a long class paper defending the falling rate of profit theory. Because consumption is increased through exhortations, the enlarged consumption leads to increased production and investments.

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

The latter is an unknown quantity. Since the mass of exchange-value declines with the growing productivity of labour, capital accumulation requires a faster growing mass of use-values.

This was hardly surprising given the marginal and dependent position of radical economists in the academy. AmericasGlobalUnited States. History of the American Left. 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.

The purpose of Monopoly Capital is to effect this shift in the focus of attention from competition to monopoly. At this point the rate of profit falls below what is necessary to continue the expansion process.

In the one case the problem is approached from the market angle and in the other from that of production, but in both there is restriction of sweeyz.

Moreover, insatiable as it is in its quest for profits, capital goes out of its way to extract surplus-value from all the corners of the world in order to augment the profits made at home. But all these items are cost-of-production items which are not recoverable in sales-prices on the market, for, with insignificant moopoly, the products produced for government fall out of the market system.

It is thus of great importance to consider whether or not these interventions have actually set aside the laws of capitalist development as set forth by Marx. And it may not only be so.

The surplus-value embodied in commodities is surplus-labour time. 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.

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