Late Capitalism

Late Capitalism is the first major synthesis to have been produced by the contemporary revival of Marxist economics. It represents, in fact, the only systematic attempt so far ever made to combine the general theory of the “laws of motion” of the capitalist mode of production developed by Marx, with the concrete history of capitalism in the twentieth century.

Mandel’s book starts with a challenging discussion of the appropriate methods for studying the capitalist economies. He seeks to show why the classical approaches of Luxemburg, Bukharin, Bauer and Grossman failed to accomplish the further development of Marxist theory whose urgency became evident after Marx’s death. He then sketches the structure of the world market and the variant types of surplus-profit that have characterized its successive stages. On these foundations, Late Capitalism proceeds to advance an extremely bold schema of the “long waves” of expansion and contraction in the history of capitalism, from the Napoleonic Wars to the present. Mandel criticizes and refines Kondratieff’s famous use of the notion.

Mandel’s book surveys in turn the main economic characteristics of late capitalism as it has emerged in the contemporary period. The last expansionary long wave, it argues, started with the victory of fascism on the European continent and the advent of the war economies in the US and UK during the 1940s, and produced the record world boom of 1947-72. Mandel discusses the reasons why the dynamic upswing of growth in this period was bound to reach its limits at the turn of the 1970s, and why a long wave of economic stagnation and intensified class struggle has set in today.

Late Capitalism is a landmark in Marxist economic literature. Specifically designed to explain the international recession of the 1970s, it is a central guide to understanding the nature of the world economic crisis today.
Late Capitalism is the answer to how Marx might view the complex economic phenomena of the 1970s. It is sophisticated, well written, impressively documented. This volume is, indeed, one of the major contributions of the last decade to Marxist economics.”—Choice

“I recommend this book for the grandeur of its vision, and for its innumerable, suggestive hypotheses which might lead future investigators towards fruitful research in many areas.”—Contemporary Sociology

“Mandel’s book is a serious and scholarly effort.”—Journal of Modern History

Late Capitalism represents a significant advance for Mandel. A notable feature of his book is an attempt to revive and critically reassess the theory of ‘long waves’ normally associated with such writers as Kondratieff.”—The Economic Journal
Ernest Mandel (1923–95), historian, economist and activist, was a leading figure in the Fourth International from 1945 and was the author of a number of books, including Late Capitalism, Marxist Economic Theory, Long Waves of Capitalist Development, and The Meaning of the Second World War.
Introduction: Scrutinizing Capital with One’s Eyes Wide Open
Introduction (1975 edition)
1. The Laws of Motion and the History of Capital
2. The Structure of the Capitalist World Market
3. The Three Main Sources of Surplus-Profit in the Development of Modern Capitalism
4. ‘Long Waves’ in the History of Capitalism
5. Valorization of Capital, Class Struggle and the Rate of Surplus-Value in Late Capitalism
6. The Specific Nature of the Third Technological Revolution
7. The Reduction of the Turnover-Time of Fixed Capital
8. The Acceleration of Technological Innovation
9. The Permanent Arms Economy and Late Capitalism
10. The International Concentration and Centralization of Capital
11. Neo-Colonialism and Unequal Exchange
12. The Expansion of the Services Sector, the ‘Consumer Society’, and the Realization of Surplus-Value
13. Permanent Inflation
14. The Industrial Cycle in Late Capitalism
15. The State in the Age of Late Capitalism
16. Ideology in the Age of Late Capitalism
17. Late Capitalism as a Whole
18. The Crisis of Capitalist Relations of Production
Glossary
Index

About

Late Capitalism is the first major synthesis to have been produced by the contemporary revival of Marxist economics. It represents, in fact, the only systematic attempt so far ever made to combine the general theory of the “laws of motion” of the capitalist mode of production developed by Marx, with the concrete history of capitalism in the twentieth century.

Mandel’s book starts with a challenging discussion of the appropriate methods for studying the capitalist economies. He seeks to show why the classical approaches of Luxemburg, Bukharin, Bauer and Grossman failed to accomplish the further development of Marxist theory whose urgency became evident after Marx’s death. He then sketches the structure of the world market and the variant types of surplus-profit that have characterized its successive stages. On these foundations, Late Capitalism proceeds to advance an extremely bold schema of the “long waves” of expansion and contraction in the history of capitalism, from the Napoleonic Wars to the present. Mandel criticizes and refines Kondratieff’s famous use of the notion.

Mandel’s book surveys in turn the main economic characteristics of late capitalism as it has emerged in the contemporary period. The last expansionary long wave, it argues, started with the victory of fascism on the European continent and the advent of the war economies in the US and UK during the 1940s, and produced the record world boom of 1947-72. Mandel discusses the reasons why the dynamic upswing of growth in this period was bound to reach its limits at the turn of the 1970s, and why a long wave of economic stagnation and intensified class struggle has set in today.

Late Capitalism is a landmark in Marxist economic literature. Specifically designed to explain the international recession of the 1970s, it is a central guide to understanding the nature of the world economic crisis today.

Reviews

Late Capitalism is the answer to how Marx might view the complex economic phenomena of the 1970s. It is sophisticated, well written, impressively documented. This volume is, indeed, one of the major contributions of the last decade to Marxist economics.”—Choice

“I recommend this book for the grandeur of its vision, and for its innumerable, suggestive hypotheses which might lead future investigators towards fruitful research in many areas.”—Contemporary Sociology

“Mandel’s book is a serious and scholarly effort.”—Journal of Modern History

Late Capitalism represents a significant advance for Mandel. A notable feature of his book is an attempt to revive and critically reassess the theory of ‘long waves’ normally associated with such writers as Kondratieff.”—The Economic Journal

Author

Ernest Mandel (1923–95), historian, economist and activist, was a leading figure in the Fourth International from 1945 and was the author of a number of books, including Late Capitalism, Marxist Economic Theory, Long Waves of Capitalist Development, and The Meaning of the Second World War.

Table of Contents

Introduction: Scrutinizing Capital with One’s Eyes Wide Open
Introduction (1975 edition)
1. The Laws of Motion and the History of Capital
2. The Structure of the Capitalist World Market
3. The Three Main Sources of Surplus-Profit in the Development of Modern Capitalism
4. ‘Long Waves’ in the History of Capitalism
5. Valorization of Capital, Class Struggle and the Rate of Surplus-Value in Late Capitalism
6. The Specific Nature of the Third Technological Revolution
7. The Reduction of the Turnover-Time of Fixed Capital
8. The Acceleration of Technological Innovation
9. The Permanent Arms Economy and Late Capitalism
10. The International Concentration and Centralization of Capital
11. Neo-Colonialism and Unequal Exchange
12. The Expansion of the Services Sector, the ‘Consumer Society’, and the Realization of Surplus-Value
13. Permanent Inflation
14. The Industrial Cycle in Late Capitalism
15. The State in the Age of Late Capitalism
16. Ideology in the Age of Late Capitalism
17. Late Capitalism as a Whole
18. The Crisis of Capitalist Relations of Production
Glossary
Index