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1、REVIEWOFTHEMONTHMonopoly-FinanceCapitalJOHNBELLAMYFOSTERTheyearnowendingmarksthefortiethanniversaryofPaulBaranandPaulSweezy’sclassicwork,MonopolyCapital:AnEssayontheAmericanEconomicandSocialOrder(MonthlyReviewPress,1966).Comparedtomainstreameconomicworksofthe
2、earlytomid-1960s(themostpopularandinfluentialofwhichwereJohnKennethGalbraith’sNewIndustrialStateandMiltonFriedman’sCapitalismandFreedom),MonopolyCapitalstoodoutnotsimplyinitsradicalismbutalsoinitshistoricalspecificity.WhatBaranandSweezysoughttoexplainwasnotca
3、pitalismassuch,thefundamentalaccountofwhichwastobefoundinMarx’sCapital,butratheraparticularstageofcapitalistdevelop-ment.Theirstatedgoalwasnothinglessthantoprovideabrief“essay-sketch”ofthemonopolystageofcapitalismbyexaminingtheinteractionofitsbasiceconomicten
4、dencies,narrowlyconceived,withthehistorical,political,andsocialforcesthathelpedtoshapeandsup-portthem.Hence,themostimportantquestiontoaddressonthefortiethanniversaryofBaranandSweezy’sbookis:Hascapitalismchanged,evolvingstillfurtherwithinorevenbeyondthemonopol
5、ystageastheydescribedit?Thereisofcoursenoeasyanswertothisquestion.Asinthecaseofallmajorhistoricaldevelopmentswhatismostevidentinret-rospectisthecontradictorynatureofthechangesthathavetakenplacesincethemid-1960s.Ontheonehand,itisclearthatthesystemhasnotyetfoun
6、dawaytomoveforwardwithrespecttoitsdrivingforce:theprocessofcapitalaccumulation.ThestagnationimpassedescribedinMonopolyCapitalhasworsened:theunderlyingdiseasehasspreadanddeepenedwhilenewcorrosivesymptomshavecomeintobeing.Ontheotherhand,thesystemhasfoundnewways
7、ofreproducingitself,andcapitalhasparadoxicallyevenprosperedwithinthisimpasse,throughtheexplosivegrowthoffinance,orwhatSweezywastorefertoas“TheTriumphofFinancialCapital”(MonthlyReview,June1994).Iwillpro-visionallycallthisnewhybridphaseofthesystem“monopoly-fina
8、ncecapital.”112MONTHLYREVIEW/DECEMBER2006InbareoutlinetheargumentofMonopolyCapitalcanbesummarizedasfollows.Atthebrinkofthetwentiethcentury,capitalismunderwentamajortransformation,markedby
