For a long time now, the U.S. economy and the economies of the advanced capitalist world as a whole have been experiencing a slowdown in economic growth relative to the quarter-century following the Second World War. It is true that there have been cyclical upswings and long expansions that have been touted as full-fledged “economic booms” in this period, but the slowdown in the rate of growth of the economy has continued over the decades. Grasping this fact is crucial if one is to understand the continual economic restructuring over the last three decades, the rapidly worsening conditions in much of the underdeveloped world to which the crisis has been exported, and the larger significance of the present cyclical downturn of world capitalism | more…
In Marxist theory the treatment of technology has generally referred to production, the means of production, the character of the labor process, and related matters. This follows the example set by Marx himself in his justly famous chapter on machinery and modern industry in Volume 1 of Capital which occurs in the part devoted to the production of relative surplus value. Neither there nor anywhere else in Capitalis there any discussion or analysis of the impact of technology on consumption and via consumption on processes of capital accumulation and social development | more…
What follows is Paul Sweezy’s statement defying the New Hampshire Attorney General’s inquiry into his political views and associations, as it appeared in the U.S. Supreme Court’s decision in Sweezy v. New Hampshire, June 17, 1957 (354 U.S. 234).
I’ve probably read the Communist Manifesto a dozen times, more or less. But it never struck me as old hat. It was always worth reading again. So I thought that in preparation for this panel, I should read it once more, this time with special attention to insights and formulations that seem particularly relevant to the problems we face in the world as the twenty-first century approaches | more…
Much has been written about “globalization” in the last few years. It is not my intention to add to this literature but only to put the topic into the context of my own understanding of the history of capitalism.…Globalization is not a condition or a phenomenon: it is a process that has been going on for a long time, in fact ever since capitalism came into the world as a viable form of society four or five centuries ago; (dating the birth of capitalism is an interesting problem but not relevant for present purposes). What is relevant and important, is to understand that capitalism is in its innermost essence an expanding system both internally and externally. Once rooted, it both grows and spreads. The classic analysis of this double movement is of course Marx’s Capital. | more…
The announced subject of this conference is “New Trends in Turkey and the World.” I shall not try to say anything about new trends in Turkey, partly because of my ignorance but more importantly because Turkey is very much part of the world, and in this period the mother of all new trends is global in nature. To understand what is happening in any part of the world, one must start from what is happening in the whole world. Never has Hegel’s dictum “The Truth is in the Whole” been as true and relevant as it is today. | more…
The economies of the capitalist world-individually and as part of a closely knit global system-have been in an ongoing state of crisis since the early 1970s when the long post World War II boom finally came to an end. This crisis has gone through several phases but has not at any time shown signs of giving way to a renewed long wave of prosperity. | more…
This is the fourth in the magisterial series of essays by the former editors of Monthly Review on the state of the U.S. economy and its relation to the global system. Like its predecessors, this volume focuses on the development of U.S. capitalism as it takes place, and covers the 1980s. The authors stress the profound contradictions of the underlying processes of capital accumulation and identify, before any other economic commentators, the immense implications of the use of the explosion of debt to attempt to solve the problems presented by the underlying stagnation in the real economy. | more…
One of the 20th century’s foremost Marxian economists discusses the dialectical method, the contradictions of capitalism, and the future of Marxism. | more…
This is the third book of essays on the United States and the world economy produced by the fruitful collaboration of Monthly Review editors Paul M. Sweezy and Harry Magdoff. In these essays, written between 1977 and 1981, the authors assess the results of efforts taken to stabilize the economy after the epochal changes of the early 1970s, the end of capitalism’s “golden age,” by attempts to counteract the effects of inflation, debt dependence, speculation, and financial instability. | more…
This is the second in the series of four collections of essays in which Paul M. Sweezy and Harry Magdoff, the editors of Monthly Review, set out as it took place the development of U.S. and global capitalism from the late 1960s to the “financial explosion” age of the early 1990s and after. | more…
Few contributions to the understanding of modern capitalism and its mode of operation and evolution have been more important than those made by Paul Sweezy. The essays in this volume continue and deepen his work of interpretation found in The Theory of Capitalist Development, Monopoly Capital, and The Present as History. | more…
This is the first of the series of four collections of essays in which Paul M. Sweezy and Harry Magdoff, the editors of Monthly Review, chronicled, as it was taking place, the development of U.S. and global capitalism from the end of its “golden age” in the late 1960s to the full onset of the financial explosion of the early 1990s and after. | more…
