The Theory of Monopoly Capitalism - by John Bellamy Foster (Hardcover)
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<p/><br></br><p><b> Book Synopsis </b></p></br></br><p>In 1966, Paul Baran and Paul Sweezy published Monopoly Capital, <br>a monumental work of economic theory and social criticism<br>that sought to reveal the basic nature of the capitalism of their<br>time. Their theory, and its continuing elaboration by Sweezy, Harry<br>Magdoff, and others in Monthly Review magazine, infl uenced generations<br>of radical and heterodox economists. They recognized<br>that Marx's work was unfi nished and itself historically conditioned, <br>and that any attempt to understand capitalism as an evolving<br>phenomenon needed to take changing conditions into account.<br>Having observed the rise of giant monopolistic (or oligopolistic)<br>fi rms in the twentieth century, they put monopoly capital at the<br>center of their analysis, arguing that the rising surplus such fi rms<br>accumulated--as a result of their pricing power, massive sales<br>efforts, and other factors--could not be profi tably invested back<br>into the economy. Absent any "epoch making innovations" like the<br>automobile or vast new increases in military spending, the result<br>was a general trend toward economic stagnation--a condition that<br>persists, and is increasingly apparent, to this day. Their analysis<br>was also extended to issues of imperialism, or "accumulation on<br>a world scale," overlapping with the path-breaking work of Samir<br>Amin in particular. <p/>John Bellamy Foster is a leading exponent of this theoretical perspective<br>today, continuing in the tradition of Baran and Sweezy's<br>Monopoly Capital. This new edition of his essential work, The<br>Theory of Monopoly Capitalism, is a clear and accessible explication<br>of this outlook, brought up to the present, and incorporating<br>an analysis of recently discovered "lost" chapters from Monopoly<br>Capital and correspondence between Baran and Sweezy. It also<br>discusses Magdoff and Sweezy's analysis of the fi nancialization<br>of the economy in the 1970s, '80s, and '90s, leading up to the<br>Great Financial Crisis of the opening decade of this century. Foster<br>presents and develops the main arguments of monopoly capital<br>theory, examining its key exponents, and addressing its critics in a<br>way that is thoughtful but rigorous, suspicious of dogma but adamant<br>that the deep-seated problems of today's monopoly-fi nance<br>capitalism can only truly be solved in the process of overcoming<br>the system itself.</p>
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