The Theory of Monopoly Capitalism

Abstract

In 1966, Paul Baran and Paul Sweezy published Monopoly Capital,a monumental work of economic theory and social criticismthat sought to reveal the basic nature of the capitalism of theirtime. Their theory, and its continuing elaboration by Sweezy, HarryMagdoff, and others in Monthly Review magazine, infl uenced generationsof radical and heterodox economists. They recognizedthat Marx's work was unfi nished and itself historically conditioned,and that any attempt to understand capitalism as an evolvingphenomenon needed to take changing conditions into account.Having observed the rise of giant mon