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Periodizing Capitalism and Capitalist ExtinctionFrom Monopoly to “Late” Capitalism

Periodizing Capitalism and Capitalist Extinction: From Monopoly to “Late” Capitalism [Initial periodizations of post-WWII capitalism by Marxist theorists picked up where early twentieth century theorists of imperialism left off. The Monopoly Capital perspective of Paul Baran and Paul Sweezy maintains the post-WWII era as a phase of increased monopolization leading to endless crises. J.K. Galbraith, in a non-Marxist approach, drew conclusions in line with Marxists on the “organized” nature of post-WWII capitalism. Such organization in his view leads to the formation of a new overarching managerial class of sorts dubbed the “technostructure”. With technostructure management, according to Galbraith, the potential for crises claimed by Marxists is dampened. Ernest Mandel offers a sweeping and sophisticated periodizing of capitalism from its inception. He theorizes the post-WWII stage as “late capitalism” and produces an important and enduring argument for the crisis of the golden age.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Periodizing Capitalism and Capitalist ExtinctionFrom Monopoly to “Late” Capitalism

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2019
ISBN
978-3-030-14389-3
Pages
55 –81
DOI
10.1007/978-3-030-14390-9_3
Publisher site
See Chapter on Publisher Site

Abstract

[Initial periodizations of post-WWII capitalism by Marxist theorists picked up where early twentieth century theorists of imperialism left off. The Monopoly Capital perspective of Paul Baran and Paul Sweezy maintains the post-WWII era as a phase of increased monopolization leading to endless crises. J.K. Galbraith, in a non-Marxist approach, drew conclusions in line with Marxists on the “organized” nature of post-WWII capitalism. Such organization in his view leads to the formation of a new overarching managerial class of sorts dubbed the “technostructure”. With technostructure management, according to Galbraith, the potential for crises claimed by Marxists is dampened. Ernest Mandel offers a sweeping and sophisticated periodizing of capitalism from its inception. He theorizes the post-WWII stage as “late capitalism” and produces an important and enduring argument for the crisis of the golden age.]

Published: May 16, 2019

Keywords: Underconsumption theory; Surplus profit; Technological innovation; Corporate capital

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