[lbo-talk] RE: DeLong flap

uvj at vsnl.com uvj at vsnl.com
Tue Mar 2 07:57:55 PST 2004


Dwayne Monroe posted:


>Monopoly Capital
> at the Turn of the Millennium


> by John Bellamy Foster


> Throughout its history, MR has advanced a theoretical
> view known as monopoly capital or stagnation theory.

Where is the stagnation?


> This perspective, outlined in Baran and Sweezy's
> Monopoly Capital, argued that Marx's "law of the
> tendency of the rate of profit to fall" was no longer
> directly applicable to the monopoly capitalist economy
> that emerged at the beginning of the twentieth
> century, and had to be replaced by a "law of the
> tendency of surplus to rise"-where surplus was defined
> as the difference between the wages of production
> workers and total value added.

John Bellamy Foster's article seems to conflate the rate of profit and the rate of surplus value. I read Baran and Sweezy's Monopoly Capital some years ago, but if I am not mistaken, its core argument seemed to rest on underconsumptionist assumptions.

Ulhas



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