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1、Copyright?2000.Allrightsreserved.MonopolyCapitalattheTurnoftheMillenniumbyJohnBellamyFosterThisarticleisdedicatedtoPaulSweezyonhis90thbirthday.ItisalsomeantasapersonalexpressionofmyconvictionthatMonopolyCapital(1966)byPaulBaranandPaulSweezy,whichprovidedarichanalysisofcapitalaccumulationandcrisi
2、srootedininsightsfromMarx,Keynes,Kalecki,andSchumpeter,isstillthemostusefulstartingpointfromwhichtoviewthehistoricalevolutionoftheUnitedStatesandotheradvancedcapitalisteconomies.Myintentioninthisarticleistousethatgeneralanalysistocommentonsomeofthecentralempiricaldevelopmentswithintheeconomyinou
3、rtime-inanewmillenniumandunderconditionsoftheglobalizationofmonopolycapital.Economicanalysts,aseveryoneknows,havewidelydifferingviewsonthewaytheeconomyworks.Thesinglemostimportantdivisionliesbetweenrightandleft-adivisionthathasitsrootsinclass.Butevenamongthoseontheleftthereareareasofsharpdisagre
4、ement.OneoftheseisoverthecentralityoftheKeynesianrevolutiontothedevelopmentofeconomics.Didtherevolutionineconomicthought,associatedwiththinkerssuchasKeynesandJohnBeIlamyFosterisco-editor,alo?gwithRobertMcChesney,ofthisissueofM01lthlyReview.HisforthcomingbookisMarx'sEcology:MaterialismandNature(N
5、ewYork:MonthlyReviewPress,2000);heisalsotheauthorofTheVulnerablePlanet(MRP,1999).Copyright?2000.Allrightsreserved.2MONTHLYREVIEW/APRIL2000Kalecki,teachthingsthatMarxistpoliticaleconomistsshouldviewasessential?Anotherdisagreementisovertheroleofmonopolyandcompetition.Howcentralistheconcentrationan
6、dcentralizationofcapitaltoourunderstandingoftheworkingsofcapitalismtoday-afullcenturyafterMarxistsandotherradicalsfirstraisedthequestionofmonopolycapitalism?Whateverone'sabstracttheoryis-andalltheoriesbydefinitionrelyonadegreeofabstraction-itsusefulnessliesinitscapacitytomakesenseofeverydayreali
7、ty,whileprovidingthestrategicanalysisnecessaryforpracticalrevolutionarysolutions.Throughoutitshistory,MRhasadvancedatheoreticalviewknownasmonopolycapitalorstagnationtheory.Thisperspective,outlinedinBaranandSweezy'sMonopolyCa
