A Reblog: “The Inevitable Decay of Monopoly Capitalism
Strachey takes the Great Depression of the 1930s as evidence that capitalism has reached its final stage of monopoly capitalism. Quoting Lenin, he lists the three telltale signs that monopolistic capitalism has begun to decay:
1. The monopolistic corporations that control finance capital (ie banks) essentially merge with the monopolistic corporations that control production.
2. There’s growing focus on exporting capital (ie moving factories overseas).
3. National governments, which are essentially controlled by their monopolies, are in constant conflict with one another over who will control the resources, markets and cheap labor of the Third World.”
The Coming Struggle for Power
by John Strachey
Victor Golancz Limited (1932)
Free download link: The Coming Struggle for Power
In The Coming Struggle for Power, British historian makes the prediction (writing in 1932) that capitalism is in its death throes and will end by 1950. He was wrong, obviously. Strachey had no way of predicting the tremendous boost monopoly capitalism would receive from Cold War military spending, nor the “financialization” (the shift from selling products to selling financial instruments) that would happen in the 1970s.
The book is largely historical, tracing the transition all global economies underwent from feudalism to mercantilism (large scale international trade) and from mercantilism to capitalism. In Europe both transformations were violent. Strachey points to the Rebellion of 1640 (during which Charles I was beheaded) and the Revolution of 1688 (in which James II was overthrown) during the feudal-mercantilist transition. The Enclosure…
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