RSS Monthly Review

  • July 2016 (Volume 68, Number 3) July 1, 2016
    buy this issue Commenting in the January 1973 issue of Monthly Review on the declining condition of the U.S. economy, Paul Sweezy brought back the question of “secular stagnation,” first advanced by Keynes’s leading follower Alvin Hansen in the late 1930s. “The U.S. economy,” Sweezy wrote, in an article entitled “Notes on the U.S. Situation […]
    The Editors
  • Monopoly Capital at the Half-Century Mark July 1, 2016
    A half-century after its publication, Paul Baran and Paul Sweezy’s Monopoly Capital remains the single most influential work in Marxian political economy to emerge in the United States.… In recent years, interest in Baran and Sweezy’s magnum opus has revived, primarily for two reasons: (1) the global resurgence of debates over the constellation of issues […]
    John Bellamy Foster
  • Monopoly Capital Then and Now July 1, 2016
    Monopoly Capital had an outstanding impact on students of my generation. It was published just as the Vietnam War was heating up, when students and youth throughout the world were beginning to “contest the structures”—to use a favorite expression of that time—and were eagerly looking for analyses of these “structures.” Monopoly Capital, written jointly by […]
    Prabhat Patnaik
  • Kalecki and Steindl in the Transition to Monopoly Capital July 1, 2016
    Paul Baran and Paul Sweezy’s Monopoly Capital is a classic that has long outlived the conjuncture in American capitalism that it described. In a deep and scholarly way, its authors exposed the deep structure of that capitalism, which determined the dynamics of the system and therefore those “surface” phenomena of unemployment and poverty—symptoms not of […]
    Jan Toporowski
  • The Profits of Financialization July 1, 2016
    The financialization of capitalism has been marked by the sustained rise of financial profits. In the United States, financial profits as a proportion of total profits rose enormously from the early 1980s to the early 2000s, collapsed during 2007–09, and subsequently recovered, but without reaching previous heights. During this period, the trend of the average […]
    Costas Lapavitsas
  • Surplus Absorption and Waste in Neoliberal Monopoly Capitalism July 1, 2016
    The central problem in advanced monopoly capitalism is not one of scarce resources clashing against innate, insatiable wants. Rather, it is one of an abundance of production clashing against saturated consumption and investment markets. In order to absorb potential economic output and forestall excess capacity, business interests must continuously search for new markets to exploit […]
    Mary V. Wrenn
  • Hydrocarbons and the Illusion of Sustainability July 1, 2016
    After fifty years, Paul Baran and Paul Sweezy’s Monopoly Capital has stood the test of time. Not only did it provide a lucid description of midcentury American society, but Monopoly Capital established a framework for analyzing events to come.… By bringing Marxian theory into their historical moment, they fomented many debates and encouraged the development […]
    Kent A. Klitgaard
  • Monopoly Capital in the Classroom July 1, 2016
    In 1964, I began my graduate studies at Cambridge University. The reading list included a book by Josef Steindl with the intriguing title Maturity and Stagnation in American Capitalism. I read it, and was immediately drawn to the last chapter, “Karl Marx and the Accumulation of Capital.” Aside from reading the first few chapters of […]
    Michael Meeropol
  • UK Monopoly Capitalism July 1, 2016
    During the past decade, persistent excess productive capacity, at levels exceeding at times 25 percent, has blighted the British economy, along with rates of unemployment not experienced for two decades, with the result that a substantial proportion of the economy’s productive resources remain underutilized. Orthodox economic theory often ascribes such phenomena to a lack of […]
    David Matthews
  • Multinational Corporations and the Globalization of Monopoly Capital July 1, 2016
    In 1964, Paul Baran and Paul Sweezy wrote an essay entitled “Notes on the Theory of Imperialism” for a festschrift in honor of the sixty-fifth birthday of the great Polish Marxist economist Michał Kalecki.… [T]he essay offered the first major analysis of multinational corporations within Marxian theory. Parts of it were incorporated into Baran and […]
    Intan Suwandi