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Understanding Sweezy

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Chapter Summary

Described by the Wall Street Journal as the Dean of radical economics, Paul Sweezy has more than any other single person kept Marxist economics alive in North America. One work would be sufficient to have achieved this - The Theory of Capitalist Development. During the period of the 1950s and 60s, this was the book to which one turned to learn about Marxist economics. In the retardation in economic growth which became apparent in the early 1970s, Sweezy found confirmation that, sooner or later, the inherent tendency of monopoly capitalism toward stagnation exerts itself. The period of the 1970s and 1980s was thus an opportunity to restate his theory in a context in which the effect of the tendency rather than that of the counteracting forces was manifest.

Keywords: Marxist economics; North America; Paul Sweezy; The Theory of Capitalist Development; Wall Street Journal



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