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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However, as long as capital accumulates it does so because it is still able to increase the mass of surplus-value. With accumulation a going concern, however, the increasing productivity of labour goes hand in hand with the value-expansion of capital.
There is no denying, of course, that in a few nations and for a considerable time, capital has been able to prevent the rise of depressions such as plagued the world prior to World War Two.
I did think for years that Baran and Sweezy were wrong when they said that civilian government spending as a share of GDP had reached its outer limits by the late s. Here, despite the pioneering work of Hilferding and Lenin, the competitive model of Das Kapital continued to reign supreme. AmericasGlobalUnited States. In reality, however, capital, no matter what its structure, relentlessly attempts to increase surplus-value under conditions of either a full or a partial use of productive resources.
Is it valuable as a critique of contemporary U. For Baran and Sweezy, however, capitalist problems are exclusively market problems.
Without the accumulation of capital, however, the capitalist system can only contract, and it contracts the faster, the more its production becomes unprofitable.
Yet capitalism did live to see that future. Still, the power of their analysis lies in the synthesis that they were able to present. 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. When used for government purchases, taxes taken from capital flow back to the capitalists in form of government contracts.
Appearances to the contrary notwithstanding, when, instead of being a form of competition, monopoly eliminates competition, capitalism finds itself on the way out.
Monopoly Capital cannot be seen in isolation, however. Instead of a capitalistically-useless money hoard there is then a capitalistically-useless production of goods and services. What is the continuing relevance of Monopoly Capital? Baran published in by Monthly Review Press. The overproduction of capital in one part of the world confronts the undercapitalisation in another.
If this concept badan at all valid, it is so regardless of whether the actual capital structure is competitive, monopolistic or both. Monthly Review 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. Actually, there can never be enough surplus-value and profit, because of the diminishing profitability in the course of capital expansion. To recall, while property-income was Cover of the edition.
In fact, monpooly capacity to produce increases particularly in crisis situations in order to effect a resumption of the accumulation process.
Getting their money back through government orders, the capitalists provide the government with an equivalent quantity of products. Part of a series on.
Monopoly Capital by Paul Mattick
In principle, it is not different in any particular capitalist country. The authors of this book reconsider this traditional approach to economic theory.
But it is not a closed system, and is thus able not only to slacken its rising organic composition of capital, by way of ahd exports, for instance, but, via the world market, to increase its profits through the importation of profits from abroad. There is a difference, however: There was a seeming confusion in their book about the definition of economic surplus to do with the fact aweezy they were gauging it by somewhat different yardsticks at different points using what is known as comparative statics.
It is by counting an expense as an income that the illusion arises that a growing national debt is neutralised by a rising national income. I have answered some of that in part above, but a more complete picture requires an understanding of the changing historical context.
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. 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.
Monopoly Capital: An Essay on the American Economic and Social Order
From Wikipedia, the free encyclopedia. Capital must accumulate in order not only to remain competitive but to retain its capital-value. When it is not possible to convert all produced commodities into money, it is not possible to realise the profits based on that anv of production which falls to the capitalists.
To increase their shares of a given market, or to maintain their profitability in a shrinking market, monpoly different capitals will try to cheapen their production in order to maintain or increase their competitive ability. The End of Prosperity.
Marx predicted that capitalism, while once rapidly developing the social powers of production, sweeay come to fetter them, and that its further existence would then necessitate not only periods of crises and stagnation but the outright destruction of capital.