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1、reVIeWoFthemonthTheAgeofMonopoly-FinanceCapitalJohnBellamyFosterThreeyearsago,inDecember2006,IwroteanarticleforMonthlyReviewentitled“Monopoly-FinanceCapital.”TheoccasionwastheanniversaryofPaulBaranandPaulSweezy’sMonopolyCapital,publishedfourdecadesearlierin1966.“Themostim
2、portantquestiontoaddressonthefortiethanniversaryofBaranandSweezy’sbook,”Iwrote,is:Hascapitalismchanged,evolvingstillfurtherwithinorevenbeyondthemonopolystageastheydescribedit?Thereisofcoursenoeasyanswertothisquestion.Asinthecaseofallmajorhistoricaldevelopmentswhatismostev
3、identinretrospectisthecontradictorynatureofthechangesthathavetakenplacesincethemid-1960s.Ontheonehand,itisclearthatthesystemhasnotyetfoundawaytomoveforwardwithrespecttoitsdrivingforce:theprocessofcapitalaccumulation.ThestagnationimpassedescribedinMonopolyCapitalhasworsene
4、d:theunderlyingdiseasehasspreadanddeepenedwhilenewcorrosivesymptomshavecomeintobeing.Ontheotherhand,thesystemhasfoundnewwaysofreproducingitself,andcapitalhasparadoxicallyevenprosperedwithinthisimpasse,throughtheexplosivegrowthoffinance….Iwillprovisionallycallthisnewhybrid
5、phaseofthesystem“monopoly-financecapital.”Thearticlewentontodiscuss“thedualreality”ofstagnantgrowth(orstagnation)andfinancialization,characterizingtheadvancedecon-omiesinthisphaseofcapitalism.Iconcludedthatthispointedtotwopossibilities:(1)amajorfinancialandeconomiccrisisi
6、ntheformof“globaldebtmeltdownanddebt-deflation,”and(2)aprolongationofthesymbioticstagnation-financializationrelationshipofmonop-oly-financecapital.1Infact,whatwehaveexperiencedinthelasttwoyears,Iwouldargue,iseachofthesesequentially:theworstfinan-cial-economiccrisissinceth
7、e1930s,andthenthesystemendeavoringtorightitselfbyreturningtofinancializationasitsnormalmeansofcounteringstagnation.2ItisthusdoublycleartodaythatweareinaThisarticlewaswrittenforpresentationinapanelonCapitalisminCrisisattheWorkshoponMarxistTheoryandPracticeintheWorldToday,H
8、oChiMinhAcademyofPoliticsandPublicAdministration,Hanoi,Vietnam,December15,2009.12monthlyreVIeW/F
