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Political Economy

The Deepening Crisis of U.S. Capitalism (Economic History As It Happened, Vol. III)

The Deepening Crisis of U.S. Capitalism (Economic History As It Happened, Vol. III)

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…

The Dynamics of U.S. Capitalism (Economic History As It Happened, Vol. I)

The Dynamics of U.S. Capitalism (Economic History As It Happened, Vol. I)

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…

Modern Capitalism

Modern Capitalism

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…

Economic Theory of the Leisure Class

Economic Theory of the Leisure Class

Bukharin completed this work in 1914; it represented an attempt to grapple with the Austrian School of political economy, as represented chiefly by Eugen von Böhm-Bawerk. Bukharin interprets the school as reflecting the social position of the rentier stratum of the capitalist class, which tends to view the economy from the point of view of consumption rather than production. His discussion, while it does not deal with the many changes and refinements of neoclassical economics, does contrast, in polemical form, Marxism with the fundamental premises of modern academic economics. | more…

The Formation of the Economic Thought of Karl Marx

The Formation of the Economic Thought of Karl Marx

In this book, Mandel discusses the development of Marx’s economic ideas from their beginnings to the completion of the Grundrisse. He combines a historical retrospective and a review of current discussions on each of the subjects and problems central to Marxist economic theory. He traces the development of the concept of “alienation” in Marx, and its fate in the hands of succeeding generations, down to the present discussion in East and West Europe, summarizes the fascinating debates over the “Asiatic mode of production,” and discusses labor theory of value, the problem of periodic crises, the theory of wages and the polarization of wealth and poverty, and the problem of progressive “disalienation” through the building of socialist society. | more…

Latin America: Underdevelopment or Revolution

Latin America: Underdevelopment or Revolution

In his second book, Andre Gunder Frank expands on the theme presented in his influential study Capitalism and Underdevelopment in Latin America. It is the colonial structure of world capitalism, in his view, which produced and maintains the underdevelopment characteristic of Latin America and the rest of the Third World. This colonial structure penetrates everywhere in Latin America, forming and transforming all its features in obedience to its own imperatives and thereby imposing upon the region those characteristic features of poverty and backwardness which are not primarily the remnants of an ancient “feudal” past but the direct products of capitalism. This development of underdevelopment will persist, therefore, until the people of Latin America free themselves from world capitalism by means of revolution. The Cuban Revolution is thus viewed as the first effort in a continent-wide revolutionary process direct against both imperialism and the national bourgeoisie. | more…

Capitalism and Underdevelopment in Latin America: Historical Studies of Chile and Brazil

Capitalism and Underdevelopment in Latin America: Historical Studies of Chile and Brazil

The four essays in this book offer a sweeping reinterpretation of Latin American history as an aspect of the world-wide spread of capitalism in its commercial and industrial phases. Dr. Frank lays to rest the myth of Latin American feudalism, demonstrating in the process the impossibility of a bourgeois revolution in a part of the world which is already part and parcel of the capitalist system. | more…