The essays in this volume, by veteran economists as well as younger scholars, are part of a radical attempt to grapple with the problems of advanced capitalist development without discarding the real theoretical breakthroughs made by Keynes. The contributors argue that Keynes was correct in pointing to the economic contradictions stemming from unemployment, incoming inequality, and speculative finance, but failed to consider the class composition of social output, the macroeconomic effects of the modern firm, and the atrophy of investment under conditions of capitalist maturity. They thus seek to uncover the sources of stagnation under monopoly capitalism by building on the work of three of the great economists of modern times: Marx, Keynes, and Kalecki.
The Editors of this excellent volume have drawn on the best Marxian literature to show convincingly that monopoly capitalism tends toward economic stagnation; and that waste, militarism, burgeoning debt, and inflation are the necessary features of this stage of capitalist development. The book is indispensable for a clear understanding of the recurrent problems of mature capitalism.
Contributors include Maurice Dobb, John Bellamy Foster, Michael Kalecki, Harry Magdoff, Jacob Morris, Howard Sherman, Ron Stanfield, Josef Steindl, Paul M. Sweezy, Paolo Sylos-Labini, and Henryk Szlajfer.