Introduction

Abstract

This book aims at an analysis of some of the major features of contemporary capitalism. It was inspired by the work of Kalecki (1938, 1939 and 1971a), Steindl (1952) and Baran and Sweezy (1966), but it neither agrees with all that they say nor attempts to cover precisely those issues which they attempted to cover. The book sets out to explore the division of national income between workers and capitalists in a world where monopoly or oligopoly capitalism dominates, both for its intrinsic interest and because of its relevance for the process of accumulation in capitalist society. It will be argued that the major corporations are now organised in, often interlinked, oligopoly groups, in many cases with an international base, and have captured dominant positions which are relatively unassailable. They will remain unassailable partly because these dominant oligopolies will invest in their maintenance in order to secure the benefits of the stream of monopoly profits associated with their position. Competition between and within national oligopoly groups will occasionally break out, but these should be seen as transient elements in the accommodation of different capitals to each other.