Monopoly-Finance Capital and the Paradox of Accumulation (Notes)

Publié le par Mahi Ahmed

Monopoly-Finance Capital and the Paradox of Accumulation




  1. Paul Krugman, “Averting the Worst,” New York Times, August 10, 2009. Go back
  2. Thomas I. Palley, America’s Exhausted Paradigm (Washington, D.C.: New America Foundation, 2009), 32, Go back
  3. Larry Elliott, “Comic-Book Economics and the Markets,” The Guardian, July 6, 2009. See also John Bellamy Foster and Fred Magdoff, The Great Financial Crisis (New York: Monthly Review Press, 2009). Go back
  4. Elliott, “Comic-Book Economics.” Go back
  5. The next few pages draw heavily on Paul M. Sweezy, Four Lectures on Marxism (New York: Monthly Review Press, 1981), 36-38. Go back
  6. Joseph A. Schumpeter, Capitalism, Socialism and Democracy (New York: Harper and Row, 1942), 90. Go back
  7. Thomas L. Friedman, The World is Flat (New York: Farrar, Straus, and Giroux, 2005. For an opposing view, see John Bellamy Foster, “The Imperialist World System,” Monthly Review 59, no. 1 (May 2007), 1-16. Go back
  8. Mark Blaug, Economic Theory in Retrospect (Cambridge: Cambridge University Press, 1996), 245; Sweezy, Four Lectures, 34-36. See also Karl Marx, Capital, vol. 3 (New York: Vintage, 1981), 352-53. Go back
  9. J. B. Clark, “Introduction,” in Karl Rodbertus, Overproduction and Crisis (New York: Scribner, 1898) 15. Clark himself suggested in the same passage that, while this posed no absolute contradiction, it was nevertheless “an unreal case.” Go back
  10. Sweezy, Four Lectures, 39. Go back
  11. Paul A. Baran and Paul M. Sweezy, Monopoly Capital (New York: Monthly Review Press, 1966), 108. Go back
  12. Harry Magdoff and Paul M. Sweezy, The End of Prosperity (New York: Monthly Review Press, 1977), 15-20. Go back
  13. The classic “kinked-demand curve” treatment of oligopolistic pricing is to be found in Paul M. Sweezy, “Demand Under Conditions of Oligopoly,” Journal of Political Economy 47 (1939), 568-73. Go back
  14. Josef Steindl, Maturity and Stagnation in American Capitalism (New York: Monthly Review Press, 1976), 9-14. Go back
  15. Martin Mayer, Madison Avenue (New York: Harper and Brothers, 1959), xiii. Go back
  16. On the role of advertising see Robert W. McChesney, John Bellamy Foster, Hannah Holleman, and Inger L. Stole, “The Sales Effort and Monopoly Capital,” Monthly Review, 60, no. 11 (April 2009), 1-23. Go back
  17. Henry Ford II quoted in Barry Commoner, Making Peace with the Planet (New York: Free Press, 1992), 80-81. Go back
  18. See John Bellamy Foster, Harry Magdoff, and Robert W. McChesney, “The New Economy: Myth and Reality,” Monthly Review 52, no. 11 (April 2001), 1-15. Go back
  19. Michal Kalecki, Theory of Economic Dynamics (London: George Allen and Unwin, Ltd., 1954), 161. Go back
  20. Joseph A. Schumpeter, “Depressions,” in Douglas V. Brown, et al., The Economics of the Recovery Program (New York: McGraw Hill, 1934), 3-21. Go back
  21. John Maynard Keynes, The General Theory of Employment, Interest and Money (London: Macmillan, 1973), 249. Go back
  22. Alvin H. Hansen, Full Recovery or Stagnation? (New York: W.W. Norton, 1938). Go back
  23. Alvin H. Hansen, “The Stagnation Thesis,” in American Economic Association, Readings in Fiscal Policy (Homewood, Illinois: Richard D. Irwin, 1955), 549; Joseph A. Schumpeter, Business Cycles, vol. 2 (New York: McGraw Hill, 1939), 1032-1050. Go back
  24. Robert Heilbroner, The Future as History (New York: Harper and Brothers, 1960), 134. Go back
  25. Joan Robinson, Essays in the Theory of Economic Fluctuations (London: Macmillan, 1962), 54. Go back
  26. Susan Strange and Roger Tooze, eds., The International Politics of Surplus Capacity (London: George Allen and Unwin, 1981). Go back
  27. Bureau of Economic Analysis, National Income and Product Accounts, Table 1.1.1. Go back
  28. See Magdoff and Sweezy’s The Dynamics of U.S. Capitalism (1972), The End of Prosperity (1977), The Deepening Crisis of U.S. Capitalism (1981), Stagnation and the Financial Explosion (1987), and The Irreversible Crisis (1988) — all published by Monthly Re Paul M. Sweezy, “The Triumph of Financial Capital,” Monthly Review 46, no. 2 (June 1994), 8. Go back
  29. Hyman Minsky, Can “It” Happen Again? (New York: M.E. Sharpe, 1982), 94-95. Go back
  30. Foster and Magdoff, The Great Financial Crisis, 121; Henry Kaufman, The Road to Financial Reformation (Hoboken, New Jersey: John Wiley and Sons, 2009), 161. Go back
  31. Kaufman, The Road to Financial Reformation, 174; Federal Reserve Board of San Francisco, FRBSF Economic Letter, January 19, 2007. Go back
  32. Fourteen of the fifteen major financial crises since the 1970s are listed in Kaufman, The Road to Financial Reformation, 134. An additional one was the financial crash in Japan in 1990 that led to a decade or more of stagnation. Go back
  33. Kaufman, The Road to Financial Reformation, 57; Peter Gowan, “U.S. Hegemony Today,” in John Bellamy Foster and Robert W. McChesney, eds., Pox Americana (New York: Monthly Review Press, 2004), 57-76. Go back
  34. Kaufman, The Road to Financial Reformation, 67, 97-103, 229. Go back
  35. On the role of military spending see John Bellamy Foster, Hannah Holleman, and Robert W. McChesney, “The U.S. Imperial Triangle and Military Spending,” Monthly Review 60, no. 5 (October 2008), 1-19. Go back
  36. On the repressive aspects of the neoliberal state see James K. Galbraith, The Predator State (New York: The Free Press, 2008), and Hannah Holleman, Robert W. McChesney, John Bellamy Foster, and R. Jamil Jonna, “The Penal State in an Age of Crisis,” Monthly Review 61, no. 2 (June 2009), 1-17. On the class struggle, see Michael D. Yates, Why Unions Matter (New York: Monthly Review Press, 2009). Go back
  37. In his last book, John Kenneth Galbraith declared that the “renaming of the system” as “the market system” in neoliberal ideology was little more than a circumvention of reality, a “not wholly innocent fraud.” Related to this, in his view, was the abandonment within the mainstream (and even among much of the left) of the concept of “monopoly capitalism.” John Kenneth Galbraith, The Economics of Innocent Fraud (Boston: Houghton Mifflin, 2004), 3-9; 12. Go back
  38. Lawrence Mishel, Jared Bernstein, and Heidi Shierholz, The State of Working America, 2008/2009 (Ithaca, New York: Cornell University Press, 2009), Table 3.1; Foster and Magdoff, The Great Financial Crisis, 129-31. Go back
  39. See “The Household Debt Bubble,” in Foster and Magdoff, The Great Financial Crisis, 27-38. Go back
  40. “Financial Rescue Nears GDP as Pledges Top 12.8 Trillion,“, March 31, 2009; Kaufman, The Road to Financial Reformation, 213. Go back
  41. “Dollar, Yen Decline as Recovering Economy Eases Refuge Appeal,”, April 22, 2009. Go back
  42. See, for example, “An Astonishing Rebound,” The Economist, August 13, 2009. On China as the next hegemon see Giovanni Arrighi, Adam Smith in Beijing (London: Verso, 2007). For a more sanguine view taking into account China’s (and emerging Asia’s) relation to “transnational accumulation” see Martin Hart-Landsberg and Paul Burkett, “China and the Dynamics of Transnational Accumulation,” Historical Materialism 14, no. 3 (2006), 3-43. Go back
  43. Kaufman, The Road to Financial Reformation, 223. Go back
  44. “Old Banks, New Tricks,” Business Week, August 17, 2009, 20-23. Go back


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