Sweezy, two marxist economists, began writing monopoly capital in the mid1950s. Concerning the current situation, which appeared on 7 april 2017, this narrative which seeks to deny the existence of white monopoly capital, or white monopolisation of south. Aug 22, 2016 whats up,i log on to your blog named beyond white monopoly capital. Theory of capital development kindle edition by sweezy. Since the me rged firms are more valuable if they can be made to yield a monopoly return than if they remain in a copeti tive indu stry, both the acquisition costs of the firms and a return for the promoter,can be financed out of the newly created monopoly profits. Bracket indication comments by jk, and a number in parenthesis indicates the page of a nearly exact quote sometimes exact, while quotations are always an exact quote. Sweezy model was developed to explain why nominal or relative prices in oligopolistic markets tend to be relatively stable or rigid, without collusion among the competitors. This article presents a survey of theories of monopoly capitalism. Interview with paul sweezy conducted by sungar savran and e. Sweezy s analysis of monopoly capital brings to mind old criticisms of capitalism. A monopolist is producing at a point at which marginal cost exceeds marginal revenue. The final section was undoubtedly written by baran. I doubt that i got up from the kitchen table until i had read it from cover to cover.
Monopoly capital is a classic of radical literature. 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. Monopoly capital after twentyfive years by sweezy, paul m. Definition, use and denial by christopher malikane 23 june 2017 the theoretical conclusions of the communists are in no way based on ideas or principles that have been invented, or discovered, by this or that wouldbe universal reformer. As supplementary workers are employed, and as they buy commodities with their wages and salaries, the increased sales effort can trigger indirectly. An essay on the american economic and social order 1966 was published, orthodox political economists rarely gave them any credit for pointing out the systematic drawbacks of a modern capitalistic economy. Everyday low prices and free delivery on eligible orders. Anc policy guru joel netshitenzhe confirmed that nine out of. James oconnor, the nation this is in every way a stimulating and refreshing books, written lucidly and easily, without jargon or dogma, and representing a welcome attempt to look at the monopoly capitalism of today with fresh eyes. This class came to be known as white monopoly capital. Introduction my starting point for this article is a groundbreaking study by joseph stromberg.
How should it adjust its output to increase profit. James oconnor, monopoly capital, nlr i40, novemberdecember. In baran and sweezy s monopoly capital, the problem is a surplus of capital savings without profitable outlets. Marxism and the political economy of paul sweezy world. Concept of white monopoly capital rejected by majority. Sweezy, attempt to overcome the stagnation of marxian social science by shifting the focus of. A clear recognition of this proposition sets the stage for a discussion of. When marginal cost is greater than marginal revenue, the cost of producing the last unit is greater.
Second, monopoly capital theorists concede that marx did not suggest the necessity for a theory of monopoly capital. Jan 11, 2018 the implication that monopoly capital is somehow white and that this profoundly imprecise colour coding somehow shapes the logic of capital accumulation in post1994 south africa that is, a. Monopoly capital by the late paul baran and myself was published twentyfive years ago this year, and on the whole i think it holds up pretty well when judged in the light of all the developments and changes that have taken place in this eventful quarter century. An essay on the american economic and social order.
Monopoly capital in the classroom aidc alternative. Your writing style is witty, keep up the good work. The controversial concept of white monopoly capital was rejected by the majority of anc delegates at its national policy conference. The concerns raised by meyer regarding mbeki, zuma, anc policies, white monopoly capital and foreign interests were reiterated in may 2016 by michael spicer who is linked to business leadership south africa blsa, royal institute of international affairs chatham house and south african institute of international relations jan smuts house2. In the role of state monopoly capitalism in the american empire,1 stromberg provides an insightful. The implications of paul baran a critique of crisis theory. Baran sweezy monopoly capital pdf 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.
Nov 17, 2016 this set the stage for my reading of baran and sweezys monopoly capital in the spring of 1966. With the financial crisis of 200709 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. An essay on the american economic and social order library of holocaust testimonies paperback 1st modern reader paperback ed by baran, paul a. As long as you mentioned the young david horowitz in passing, his position back when he was a marxist was one that perceived a convergence between mainstream i. Aug 05, 2012 6 responses to the implications of paul baran jim farmelant says. The kinked demand curve of oligopoly was developed by paul m.
A rising economic surplus that is not absorbed through growing consumer spending, luxury spending or government spending results in stagnant wages and growing inequality via higher levels of underemployment and greater monopoly and monopsony power among a decreasing number of huge, powerful corporations. Among marxian economists monopoly capitalism is the term widely used to denote the stage of capitalism which dates from approximately the last quarter of the 19th century and reaches full maturity in the period after world war ii. Foster 1986, chapter 3 however, it is argued that marx simply did not foresee the merger movement that came at the end of the nineteenth century that while confirming marxs theory of concentration and. Barans and sweezys curious reasoning with respect to advertising rests on the illusion that production outside the selflimiting confines of monopoly capital, i. Monopoly capital, explained by 2 university professors. I continued to assert that, the movement characterised the principal contradiction in sa as between apartheid colonialism led by white monopoly capital on one side, and national liberation led by the black working class on the other side.
Sweezy were two of the leading marxist economists of. Theory of capital development kindle edition by sweezy, paul m download it once and read it on your kindle device, pc, phones or tablets. My favorite chapter was entitled on the history of monopoly capitalism. The model advocates that the behavior of oligopolistic organizations remain stable when the price and output are determined. In the world of marxs capital, the fundamental economic problem is the falling rate of profit and hence the lack of capital to sustain economic growth. In baran and sweezys monopoly capital, the problem is a surplus of capital savings without profitable outlets. Monopoly capital by paul mattick 1966 marxists internet archive.
White monopoly capital and radical economic transformation. Buy the theory of capitalist development 5th printing by paul m sweezy isbn. Definition, use and denial christopher malikane 23 june 2017 the theoretical conclusions of the ommunists are in no way based on ideas or principles that have been invented, or discovered, by this or that wouldbe universal reformer. On dependency school and monopoly capitalism theory. The degradation of work in the twentieth century is a book about the economics and sociology of work under monopoly capitalism by the political economist harry braverman. Inasmuch as monopoly capitalism is characterized by huge amounts of surplus capital, sales efforts in the same way as the service industries offer a welcome outlet for this capital. In the present case, both a and b maximise their profit, as the marginal cost curve pass. Written in the 1960s, it argued that oligopolies had taken over the u. Monopoly capital will be a munificent source of insights and ideas for many years to come. Instead of laying emphasis on priceoutput determination, the model explains the behavior of oligopolistic organizations. Use features like bookmarks, note taking and highlighting while reading theory of capital development. The rich correspondence that preceded the publication of monopoly capital paul a. Ebscohost serves thousands of libraries with premium essays, articles and other content including chapter 6.
Baran, 9780853450733, available at book depository with free delivery worldwide. Jun 28, 2017 in these notes, we show that the claim that the concept, white monopoly capital, cannot be found in the literature of the national liberation movement is not true as we have said before in our input titled. The implication that monopoly capital is somehow white and that this profoundly imprecise colour coding somehow shapes the logic of capital. Monopoly capital will be a munificent source of insights and ideas for many years to comejames oconnor, the nation.237 1460 289 391 831 592 460 989 1071 1467 803 450 1519 1445 1176 440 567 685 999 1456 1310 1471 1037 1055 599 1241 257 1408 474 897 1213