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. The authors of Monopoly Capital, Paul A. Baran and Paul M. Sweezy, attempt to overcome “the stagnation of Marxian social science” by shifting the focus of. Paul A. Baran and Paul M. Sweezy, Monopoly Capital. New York and. London: Monthly Review Press, Pp. ix + Harry Magdoff. New School for Social .
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When resources remain idle it is not because they are too productive but because they are not productive enough. In the main, it is the increasing productivity of labour which accounts for her increased production. The increasing disuse of productive resources resulting sweezh a lack of profitability can only increase the dearth of profits relative to the capitalist accumulation needs.
Although capital accumulation is actually a competitive process, the falling rate of profit does not depend on competition but on the shifting value relations of capital expansion. Moreover, orthodox economists now recognize that the stagnation dates back to the monlpoly what Monopoly Capital pointed to and what MR has been insisting for more than forty years.
Monopoly Capital: An Essay on the American Economic and Social Order
To recall this law: But all these items are cost-of-production items which are not recoverable in sales-prices on the market, for, with insignificant exceptions, the products produced for government fall out of the market system.
In the second place, government-induced production must remain small relative to total production so as not to deprive too much of the capital resources of their capital character, i.
Monopoly profits reduce the competitively established average rate of profit and therewith lead to the progressive decline of the quantity of profits transferable to monopoly capital.
While production, productivity and profits soar, the rate of investments declines. Views Read Edit View history. This is precisely what they do not do. To be sure, Monopply and Sweezy maintain that this property-income would not have been any greater without government-induced production.
Monopoly Capital – Wikipedia
When these limits are reached they will cease countermanding the capitalist crisis. Nothing so clearly explained the current stage of capitalism, though to understand capitalism fully it was clear one had to go back to Marx and the whole socialist tradition.
Part of total production is thus no longer capitalist production, and with the relatively faster growth of this non-profitable part of total production, the declining profitable part can only increase the difficulties that beset the capitalist accumulation process. Capital will not only be more productive but also more concentrated and centralised. The rate of accumulation is the determining, not the determined factor with regard to production.
But the accumulation process is at the same time a capital concentration process, and just as it tends to play the accumulating capital into fewer hands in each nation, so does it concentrate the world capital into a few countries.
The idle resources — even in vapital idleness — remain capitalist property. Is it valuable as a critique of contemporary U. Appearances to the contrary notwithstanding, when, instead of being a form of competition, monopoly eliminates competition, capitalism finds itself on the way out.
The Great Financial Crisis. Marx predicted that capitalism, while once rapidly developing the social powers of production, would 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.
However, Baran and Sweezy, themselves, have pointed out that that portion of the surplus usually identified with surplus-value declined sharply from to Today, forty years later, their analysis there seems more powerful than ever. 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.
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.
Apparently, all is well with capitalist society as far as the rate of exploitation is concerned. Even then, they were forced to leave out any direct consideration of the labor process and exploitation.
But as soon as it begins to feel itself as a barrier to further development and is recognised as such, it adapts forms of behaviour through the harnessing of competition which seemingly indicate its absolute rule but actually point to its decay and dissolution. The government has not succeeded, however, in convincing the capitalists that this is actually so, for, now as before, capital does object to the increase in taxes and the growth of the national debt as being detrimental to its own profitability and accumulation requirements.
Taxes are a part of realised income through market transactions; if taken from capital they do reduce its profits, regardless of whether or not these profits would have been consumed or reinvested into additional capital. It is clear, in that case, that if production were less effective the demand would be relatively greater.
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.
InI went to graduate school in Toronto. Because the displaced working population would still be there, it would have to be supported out of the automated production; momopoly would feed labour instead of labour feeding capital.
Yet paradoxically enough, the impact of this capitall economic transformation was felt least of all in the area most immediately affected: