The past half-century has been dominated by the rise of media to a commanding position in the social life of most people and nations, to the point where it is banal to regard this as the “information age.” The once-dazzling ascension of television in the 1950s and ’60s now looks like the horse-and-buggy era when one assesses the Internet, smartphones, and the digital revolution. For social theorists of all stripes communication has moved to center stage. And for those on the left, addressing the role of communication in achieving social change and then maintaining popular rule in the face of reactionary backlash is now a primary concern.… political economists of communication, including one of us, identified themselves as in the tradition of radical political economy, but with a sophisticated appreciation of media that had escaped.… [the stellar critique of journalism produced… by Edward S. Herman and Noam Chomsky]. Paul Baran and Paul Sweezy were occasionally held up by political economists of communication as representing the sort of traditional Marxists who underappreciated the importance of media, communication, and culture.… We were never especially impressed by this criticism. To us, Monopoly Capital, and the broader political economy of Baran and Sweezy, far from ignoring communication, provided key elements for a serious study of the subject. [Note: this article was released in three parts: Part 1 | Part 2 | Part 3]
Missing Chapters of Monopoly Capital
This is a hitherto unpublished chapter of Paul A. Baran and Paul M. Sweezy, Monopoly Capital (New York: Monthly Review Press, 1966). The text as published here has been edited and includes notes by John Bellamy Foster. The style conforms to that of their book. Part of the original draft chapter, dealing with mental health, was still incomplete at the time of Baran’s death in 1964, and consequently has not be included in this published version. For the larger intellectual context see the introduction to this issue.
Monopoly Capital: An Essay on the American Economic and Social Order by Paul A. Baran and Paul M. Sweezy, published in 1966, is one of the foundational works in the development of Marxian political economy in the United States and indeed the world, and is today recognized as a classic, having generated more than four-and-a-half decades of research and debate. The completion of the book, however, was deeply affected by Baran’s death, on March 26, 1964, two years before the final manuscript was prepared. Although all of the chapters were drafted in at least rough form and had been discussed a number of times the authors had not mutually worked out to their complete satisfaction certain crucial problems. Consequently, two chapters were left out of the final work.… What happened to these two missing chapters—”Some Implications for Economic Theory” and presumably “On the Quality of Monopoly Capitalist Society—II”—remained for many years a mystery.
That all is not well in the realm of bourgeois economic theory is strongly felt by its closest observers. Professor Mason’s blunt statement that “the functioning of the corporate system has not to date been adequately explained,” could hardly be contradicted by anyone familiar with contemporary economic literature. Its most conspicuous feature is, indeed, this very failure to come to grips with the most important aspects of what, one would think, should constitute its central problem.… The reasons for this striking reluctance to place the realities of modern capitalism where they belong: at the center of theoretical attention, are not far to seek… There can be no doubt that the model of a perfectly competitive market economy is “more tractable,” that the examination of its manifold properties is more readily achievable by means of conventional tools of economic analysis than that of a system dominated by oligopolistic corporations. It may not be economics’ claim to applause, but it is understandable that most of its practitioners prefer not to tackle “intractable” matters, but to move along the line of the least theoretic resistance.
These “Last Letters” were written by Baran and Sweezy in late February and early March 1964 and concerned “Some Theoretical Implications,” a chapter that Baran had drafted in 1962 and that they were then revising for their book Monopoly Capital. The discussion was cut short by Baran’s death around two weeks later.… They are published here for the first time.