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Monopoly Capital Theory and Stagflation: A Comment

In my view, David Kotz’s article, ‘Monopoly. Inflation and Economic Crisis” (Kotz 1982), provides a clear and, for the most part, internally consistent explanation of the inflationary features of monpolistic pricing in the context of long-term economic stagnation, and deserves to be recognized as a notable addition to Marxian analysis. But his claim of having […]

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On the Waterfront: Longshoring in Canada

The words, “On the Waterfront,” for most people carry an air of mystery and suspense, vaguely evoking images of Marlon Brando and the New York harbor of the early 1950’s. But the sense of otherworldliness that clings to the longshore labour process goes far beyond its history of exploitation and violence, and arises instead out […]

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Theories of Capitalist Transformation

John E. Elliott’s [1980] article on some of the parallels between the visions of capitalist transformation to be found in Marx and Schumpeter is extremely insofar as it requires a serious reexamination of the schumpeterian system. Elliott’s argument, however, is somewhat misleading, since it overemphasizes the points at which their theories overlap, while largely neglecting […]

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Marxian Economics and the State

How can we account for the somewhat paradoxical fact that certain socialist models of the capitalist economy are often thought to be prone to political degeneration? In essence, there are four divisions among Marxist on the subject of crisis: (1) the falling rate of profit school, (2) disproportionality theory, (3) underconsumptionism, and (4) profit squeeze […]

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Is Monopoly Capitalism An Illusion?

The theory of capitalism’s monopoly stage has had such a long and distinguished history that one could be excused for thinking of it as an established and non-controversial component of Marxian political economy. Indeed, the “neo-Marxian” theory of secular stagnation which developed out of the analysis of monopoly capital—notably, in the work of Micha Kalecki, […]

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