>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