Historically, capitalism develops institutions and ideologies that justify surplus extraction and capital accumulation. In the last decades of the twentieth century, the financialization of capitalism initiated a new era of accumulation which is known in academic contexts as finance-capital-driven neoliberalism.
The Monthly Review essay series
Both Sweezy and Dimitrov agree that fascism arises in the middle class and becomes a threat when the bourgeoisie embraces it, but Sweezy’s unique contribution is to demonstrate fascism’s relationship to the postwar transitional period of class equilibrium.
Monopoly capitalism emerged from “laissez-faire” capitalism in the late nineteenth and early twentieth centuries, allowing giant corporations to dominate the accumulation process.
This previously unpublished essay is taken from volume 1 of Mészáros’s Beyond Leviathan: Critique of the State, which remained incomplete at the time of his death in October 2017. —The Editors