Tag: Japanese

  • The Theory of Monopoly Capitalism: An Elaboration of Marxian Political Economy (New Edition)

    The Theory of Monopoly Capitalism: An Elaboration of Marxian Political Economy (New Edition)

    The Theory of Monopoly CapitalismThe Theory of Monopoly Capitalism: An Elaboration of Marxian Political Economy,” (New York: Monthly Review Press, 2014), 320 pp.

    In 1966, Paul Baran and Paul Sweezy published Monopoly Capital, a monumental work of economic theory and social criticism that sought to reveal the basic nature of the capitalism of their time. Their theory, and its continuing elaboration by Sweezy, Harry Magdoff, and others in Monthly Review magazine, influenced generations of radical and heterodox economists. They recognized that Marx’s work was unfinished and itself historically conditioned, and that any attempt to understand capitalism as an evolving phenomenon needed to take changing conditions into account. Having observed the rise of giant monopolistic (or oligopolistic) firms in the twentieth century, they put monopoly capital at the center of their analysis, arguing that the rising surplus such firms accumulated—as a result of their pricing power, massive sales efforts, and other factors—could not be profitably invested back into the economy. Absent any “epoch making innovations” like the automobile or vast new increases in military spending, the result was a general trend toward economic stagnation—a condition that persists, and is increasingly apparent, to this day. Their analysis was also extended to issues of imperialism, or “accumulation on a world scale,” overlapping with the path-breaking work of Samir Amin in particular.

    John Bellamy Foster is a leading exponent of this theoretical perspective today, continuing in the tradition of Baran and Sweezy’s Monopoly Capital. This new edition of his essential work, The Theory of Monopoly Capitalism, is a clear and accessible explication of this outlook, brought up to the present, and incorporating an analysis of recently discovered “lost” chapters from Monopoly Capital and correspondence between Baran and Sweezy. It also discusses Magdoff and Sweezy’s analysis of the financialization of the economy in the 1970s, ‘80s, and ‘90s, leading up to the Great Financial Crisis of the opening decade of this century. Foster presents and develops the main arguments of monopoly capital theory, examining its key exponents, and addressing its critics in a way that is thoughtful but rigorous, suspicious of dogma but adamant that the deep-seated problems of today’s monopoly-finance capitalism can only truly be solved in the process of overcoming the system itself.

    Foster’s book is brilliantly successful elaborating Marxian political economy and the tendency of monopoly-finance-imperialist capitalism toward stagnation. The book deserves a wide (re-)readership and a new generation of theorists to appreciate the explanatory power of Marxian political economy.

    —Hans G. Despain, Marx & Philosophy Review of Books

    A clear and powerful explanation of the Marxian political economy, this book is a welcome addition for those who are interested in, or have serious concerns about, monopoly capital as well as economic stagnation, financial instability, and the futures of both capitalism and socialism.

    CHOICE

    Essential reading for those attracted by the monopoly capital school.

    The Economic Journal

    A clear and forceful elaboration of basic Marxist concepts such as economic surplus, capital accumulation, imperialism, and value.

    Labour/Le Travail

    A literate defense of the … Marxian analytical framework of Baran, Sweezy, Kalecki, and Steindl …. Foster develops an improved version of Baran and Sweezy’s … model of of accumulation by adding theoretical refinements.

    Cooperative Economic News Service

    Editions:

    • Second edition (2013), includes new introduction to second edition by author, pp. 22
    • Introduction to Second Edition” published in Monthly Review 65, no. 3 (July-August 2013), pp. 107-34.
    • Japanese language edition, (Tokyo: Uni Agency, 1988).
    Translations:
    • Chinese Translation of “Introduction to Second Edition” forthcoming in Foreign Theoretical Trends.
  • Marx’s Grundrisse and the Ecological Contradictions of Capitalism

    Marx’s Grundrisse and The Ecological Contradictions of Capitalism,” in Marcello Musto, ed. Karl Marx’s Grundrisse: Foundations of the Critique of Political Economy One Hundred and Fifty Years Later (New York: Palgrave Macmillan, 2008), pp. 93-106.

    In The Eighteenth Brumaire of Louis Bonaparte Marx famously wrote: ‘Men make their own history, but they do not make it just as they please; they do not make it under circumstances chosen by themselves, but under circum- stances directly encountered, given and transmitted from the past’ (Marx 1979: 103). The material circumstances or conditions that he was referring to here were the product of both natural and social history. For Marx production was a realm of expanding needs and powers. But it was subject at all times to material limits imposed by nature. It was the tragedy of capital that its narrow logic propelled it in an unrelenting assault on both these natural limits and the new social needs that it brought into being. By constantly revolutionizing production capital transformed society, but only by continually alienating natural necessity (conditions of sustainability and reproduction) and human needs.

     Translations:
    • Japanese translation by Horshi Uchida, 2012.
  • Naked Imperialism

    Naked Imperialism

    Buy at Monthly Review Press

    Naked Imperialism: The U.S. Pursuit of Global Dominance,” (New York: Monthly Review Press, 2006), 192 pp.

    (Consists of previously published articles/chapters from Monthly Review between 2000 and 2005 with a new preface by the author.)

    During the Cold War years, mainstream commentators were quick to dismiss the idea that the United States was an imperialist power. Even when U.S. interventions led to the overthrow of popular governments, as in Iran, Guatemala, or the Congo, or wholesale war, as in Vietnam, this fiction remained intact. During the 1990s and especially since September 11, 2001, however, it has crumbled. Today, the need for American empire is openly proclaimed and defended by mainstream analysts and commentators.

    Editions:

    • Indian edition (Delhi:Aakar Books, 2006).
    Translations:
    • Japanese translation by Watanabe Keiko, published by arrangement through Sakai Agency, 2009.
    • Korean translation, Renaissance Publishing Co. Korea, 2008.
    • Preface translated into Bangla in Bangla Monthly Review, no. 1 (December 2006). Translated by Indrani Nandi.
  • Empire of Barbarism

    Empire of Barbarism

    Empire of Barbarism,” coauthored with Brett Clark (Foster listed first), Monthly Review vol. 56, no. 7 (December 2004), pp. 1-15. DOI: 10.14452/MR-056-07-2004-11_1

    “A new age of barbarism is upon us.” These were the opening words of an editorial in the September 20, 2004, issue of Business Week clearly designed to stoke the flames of anti-terrorist hysteria. Pointing to the murder of schoolchildren in Russia, women and children killed on buses in Israel, the beheading of American, Turkish, and Nepalese workers in Iraq, and the killing of hundreds on a Spanish commuter train and hundreds more in Bali, Business Week declared: “America, Europe, Israel, Egypt, Pakistan, and governments everywhere are under attack by Islamic extremists. These terrorists have but one demand—the destruction of modern secular society.” Western civilization was portrayed as standing in opposition to the barbarians, who desire to destroy what is assumed to be the pinnacle of social evolution.

    Translations:
    • Original published version appeared in Portuguese translation in Commnicações, vol. 1, Civilização ou Barbárie (Serpa, Portugal: Encontro Internacional, September 2004), pp. 46-53.
    • German translation in Utopiekreativ: Diskussion Sozialistischer Alternativen, June 2005, vol. 176, 491-503;
    • Spanish translation in Marx Ahora (Cuba), no. 19 (2005), 7-19.
    • Polish translation in Rewolucja, no. 4, 2006.
    • Translated in Monthly Review, Turkish edition, no. 9 (Istanbul: Kalkedon, 2006).
    • Japanese translation, February 1, 2005, at http://www.ne.jp/asahi/institute/association/old/newsletter/20050201/article_2.htm.