Harvard-trained economist and co-editor of Monthly Review, Paul Sweezy was among the most influential economists and Marxist intellectuals of the 20th century. His contributions extended over six decades from the early 1930s to the early 1990s. He played a role in the development of imperfect-competition analysis and in debates surrounding the Great Depression. His Theory of Capitalist Development (1942) provided the premier exposition of Marxian economics, after Marx. Monopoly Capital (1966, with Paul Baran) was the most influential economic analysis emanating from the US New Left. With Harry Magdoff he extended this analysis into the 1970s, ’80s and early ’90s.
- Reprinted in John Eatwell, Murray Milgate and Peter Newman, ed., Marxian Economics (New York: W.W. Norton, 1990), pp. 350-55. Revised, expanded and updated for second edition of New Palgrave, 2007.