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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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 roots. Capitall, of course, government-induced production increases income and employment beyond what it would be without this intervention.
For capitalism as a whole, of course, the organic composition is barn high enough to account for a rate of profit too low to induce further rapid capital expansion. Because productivity increases even in the absence of accumulation, it is quite independent of sweeyz production process as a capital-expansion process. First, that capitalist class luxury consumption could not rise as fast as the available surplus and monopoly conditions limited outlets for productive investment.
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. Now, it is due to the imperfection of competition under capitsl conditions.
While increasing the total mass of labour and of products, it does not increase the mass of surplus-value and represents, therefore, a loss rather than a gain — a loss similar to that suffered by overproduction when part of the produced commodities cannot be converted into money.
Monopoly Capital by Paul Mattick
Today, forty years later, their analysis there seems more powerful than ever. Kolko introduced me to the crucial empirical basis of the theory in excess capacity statistics and I carried out a detailed study of the various measures in this area, which had the effect of convincing me of the concrete basis of the analysis. The expense of government-induced production piles up, in part, as the national debt.
Instead of a capitalistically-useless money hoard there is then a capitalistically-useless production of goods and services. The conditions of capitalism would have been completely reversed. After wartime military service, he joined the staff of the Federal Reserve Bank of New York, leaving to become a member of swsezy Stanford economics faculty in Likewise, the financiers do not care whether loans are sweezu to private entrepreneurs or to government, so long as they are secure and yield the desired rate of interest.
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. And it would be able to sell a larger product if capital would accumulate and thus increase the effective demand. 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.
If this is so, it will of course not only increase the production of waste, but slowly and surely destroy the private-enterprise system. This is to see society in the abstract, not as a specific society; at any rate, not as capitalist society.
The authors of Monopoly Capital Paul A. Joseph Phillips did a little bit of double counting in his wonderful appendix on the surplus. The increase of the debt is held to be barab harmless as long as the national income increases faster than the debt.
Monopoly Capital: An Essay on the American Economic and Social Order
The End of Prosperity. For so long as exchange-value is the goal of production, vapital quantities remain the source and measure of capitalist wealth.
The latter is an unknown quantity. Thank you very much.
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. And this increase may be progressive. What is the continuing relevance of Monopoly Capital? Financed in this manner, government-induced production does not increase the quantity sweezu marketable commodities and can thus not be turned into exchange-value and, consequently, not into surplus-value.
Harry Magdoff did a review of Monopoly Capital when mono;oly came out that said it could have developed the naran of debt and finance more and Sweezy himself was later to criticize Monopoly Capital for not doing that properly.
And so it seems; but it does not show capita in the rate of capital expansion, only in the size of the Gross National Product, of which a growing part is no longer profitable. The Great Financial Crisis. Capital will not only be more productive but also more concentrated and centralised.
Sseezy of a series on. The authors of this book reconsider this traditional approach to economic theory. All of this made it extremely influential with the New Left in the United States, particularly its more radical, socialist wing.
They critically analyzed civilian and military government spending in ways that have enduring significance in our time. To the individual it also makes no difference whether he is employed in the production of waste or in that of marketable commodities.
In any case, it is only under conditions of rapid capital accumulation that demand expands sufficiently to enable the realisation and capitalisation of surplus-value.
They were simply extending the value analysis to take on new questions related to the monopoly stage. They had no such ambitious goal. Books about capitalism Books by Paul Sweezy Marxist books books in economics. 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.
Since the capitalist capacity to produce relates not to a definite quantity of commodities but to the exchange-value of this quantity, Baran and Sweezy would have to prove their position not with reference to the increasing capacity to produce commodities but with an increasing capacity to produce exchange-value.