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From Monopoly to “Late” Capitalism

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Part of the Palgrave Insights into Apocalypse Economics book series (PIAE)

Abstract

Initial periodizations of post-WWII capitalism by Marxist theorists picked up where early twentieth century theorists of imperialism left off. The Monopoly Capital perspective of Paul Baran and Paul Sweezy maintains the post-WWII era as a phase of increased monopolization leading to endless crises. J.K. Galbraith, in a non-Marxist approach, drew conclusions in line with Marxists on the “organized” nature of post-WWII capitalism. Such organization in his view leads to the formation of a new overarching managerial class of sorts dubbed the “technostructure”. With technostructure management, according to Galbraith, the potential for crises claimed by Marxists is dampened. Ernest Mandel offers a sweeping and sophisticated periodizing of capitalism from its inception. He theorizes the post-WWII stage as “late capitalism” and produces an important and enduring argument for the crisis of the golden age.

Keywords

  • Underconsumption theory
  • Surplus profit
  • Technological innovation
  • Corporate capital

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Fig. 3.1

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Westra, R. (2019). From Monopoly to “Late” Capitalism. In: Periodizing Capitalism and Capitalist Extinction. Palgrave Insights into Apocalypse Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-14390-9_3

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  • DOI: https://doi.org/10.1007/978-3-030-14390-9_3

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  • Publisher Name: Palgrave Macmillan, Cham

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