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This is the first systematic discussion of the Marxian political economy of Paul Baran, Paul Sweezy, Harry Magdoff, and Samir Amin. John Foster explains their theoretical contributions and situates these in the context of on-going debates on economic theory. While orthodox economics takes account of the preeminent role of the giant, monopolistic corporation under capitalism only in passing, John Bellamy Foster's new study belongs to a distinguished tradition in Marxian social science which sees the rise of concentrated capital as the fundamental aspect of accumulation in the twentieth century, accounting for the tendency toward economic stagnation, helping to explain the growth of militarism and imperialism, and complicating the problem of radical social transformation. In this analysis of recent debates in Marxian political economy-the first to provide a sympathetic and thorough treatment of the pioneering work of Baran and Sweezy in particular-Foster focuses on the debates surrounding the theory of monopoly capitalism, imperialism and dependency theory, and the contentious issue of socialist construction in postrevolutionary societies. This book will be useful for all those-students and general readers alike-who want to understand the issues and debates, now and in the past, that Marxian political economy addresses.
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Mark Litwintschik
reviewed The theory of monopoly capitalism on May 07, 2016 The theory of monopoly capitalism
The timing on my reading of this book was phenomenal. Directly before it I finished reading Capital, vol. 1 by Karl Marx. Anything I missed or didn't understand was laid out in incredibly accessible terms for me by Paul Sweezy. It was almost as if I had a private tutor explaining Marxian concepts to me, with some updated information that supported some of those theories and called others into question.
Is the book dated? Yes. Obviously. It was written in 1942(ish) and is about Marxism. The USSR, which is viewed as a beacon of hope by the author in the pursuit of anti-imperialism and a worker's state, has since shown its colors as a vicious bastion of imperialism itself, and after failing to meet the goals set out by its revolutionaries it lost the battle with capitalism, falling in 1991. So modern readers can smile knowingly at Sweezy's hopes and dreams regarding a new world order.
Aside from that, though, this book is incredibly well-written, informative, accessible, and much of it is still applicable today. As an academic piece I highly recommend reading The Theory of Capitalist Development. It will give a solid look into the theory of both capitalism and of socialism, showing how the former actually works and how the latter intends to work. A must-have for anyone who wants to actually be able to call out the capitalist swine while holding their over-zealous comrades' feet to the fire.
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