Monopoly Capital by Paul Baran and Paul Sweezy

Monopoly Capital by Paul Baran and Paul Sweezy (B+S in this series) is an important but understudied book in the Marxist economics canon. While written in 1966, its insights continue to clarify our understanding of the global economic system. Monopoly Capital is an extension and refinement of Marxist economic theory to cover economic developments in the century after Marx wrote Capital; in particular, the role of firms with monopoly power in 20th-century capitalism. While this summary series will help you grasp the main insights, I strongly suggest that you read the full text. The comrades behind this project are always available and ready to discuss these topics, so reach out if you have questions.   

In Capital, Marx’s analysis covers a period in which most capitalist industries were still relatively competitive. The laws of motion he explores involve cutthroat, existential competition for markets and resources between firms, and the accompanying crises of overproduction this entails. Centralization and consolidation of markets and capital are central themes in Capital. However, the historical process of ‘monopolization’ was still playing out, so monopolies were not a core aspect of Marx’s analysis. Lenin’s most concise definition of imperialism was ‘the monopoly stage of capitalism,’ but he did not theorize the economic dynamics of monopoly capitalism. Still, his recognition that capitalism has concluded its ‘competitive’ historical stage is vital for B+S’s analysis in Monopoly Capital. The phrase ‘late stage capitalism’ gets thrown around a lot, and we can clarify its meaning as ‘financialized monopoly capitalism.’ The ‘late stage’ still refers to Lenin’s monopoly capitalism; we are just 100+ years into the financializing and decaying dynamics of a monopoly capitalist economy (in the West).  

The primary goal of Monopoly Capital is to demystify these monopoly capitalist dynamics. The competitive capitalism of Marx’s analysis had given way to the monopoly capitalism of Lenin’s era, through B+S’s time. Since monopolies still dominate the global economy, while this book is nearly 60 years old, much of it remains relevant and offers insights into the ways monopoly capitalism continues to shape the world economically, politically, and socially. 

The full text can be found online here: https://archive.org/details/monopolycapitale00bara 

Table of Contents

• Chapter 1: Introduction

• Chapter 2: The Giant Corporation

• Chapter 3: The Tendency of the Surplus to Rise

• Chapter 4: The Absorption of Surplus - Capitalists’ Consumption and Investment

• Chapter 5: The Absorption of Surplus - The Sales Effort

• Chapter 6: The Absorption of Surplus - Civilian Government

• Chapter 7: The Absorption of Surplus - Militarism and Imperialism

• Chapter 8: On the History of Monopoly Capitalism

• Chapter 9: Monopoly Capitalism and Race Relations

• Chapter 10: On the Quality of Monopoly Capitalist Society

• Chapter 11: The Irrational System