On the Laws of Capitalism

On the Laws of Capitalism: Insights from the Sweezy-Schumpeter Debate“, Monthly Review vol. 63, no. 1 (May 2011), pp. 1-11. DOI: 10.14452/MR-063-01-2011-05_1

In February 2011, while I was drafting what was to become “Monopoly and Competition in Twenty-First Century Capitalism,” written with Robert W. McChesney and R. Jamil Jonna (Monthly Review, April 2011), I decided to take a look at Paul Sweezy’s copy of the original 1942 edition of Joseph Schumpeter’s Capitalism, Socialism, and Democracy, which I had in my possession. In doing so, I came across a folded, two-page document, “The Laws of Capitalism,” tucked into the pages. It was written in ink in Sweezy’s very compact handwriting. In the upper-right-hand corner, Sweezy had jotted (clearly much later) in pencil: “(A debate with J.A.S. before the Harvard Graduate Students’ Economics Club, Littauer Center, probably 1946 or 1947.)” The document consisted of a detailed outline, in full sentences, of a contribution to a debate. I immediately realized that this was Sweezy’s opening talk in the now legendary Sweezy-Schumpeter debate. Until that moment, I, along with everybody else, assumed that no detailed records of the actual talks had survived.


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