The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Monopoly Capitalism

  • Paul M. Sweezy
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_906

Abstract

To Marxian economists, ‘monopoly capitalism’ denotes the stage of capitalism beginning in the last quarter of the 19th century and maturing after the Second World War. While Marx and Engels wrongly thought it heralded the demise of capitalism, later thinkers, like Sweezy and Baran, have tried to identify its main features and ‘laws of motion’. They argue that, by increasing the savings potential of the economy and reducing opportunities for productive investment, monopoly capitalism suppresses levels of income and employment. No other approach, whether mainstream or traditional Marxian, has satisfactorily explained capitalism’s growing tendency towards stagnation in the 20th century.

Keywords

Accumulation of capital Baran, P. Burns, A. Capitalism Cartellization Concentration of capital Engels, F. Hilferding, R. Kalecki, M. Keynesianism Laws of motion of capitalism Lenin, V. Marx, K. Monopoly capitalism Stagnation Sweezy, P. Veblen, T 

JEL Classifications

B1 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Paul M. Sweezy
    • 1
  1. 1.