State Monopoly Capitalism by Gretchen Binus, Beate Landefeld and Andreas Wehr, with an Introduction by Jonathan White
£4.95 (plus £1.50 p&p). ISBN 978-1-907464-27-0
The 2007/8 worldwide banking collapse exposed – to a new generation – the cyclical nature of modern capitalism’s enduring crisis. With the collapse in bank confidence came the crisis of confidence in modern capitalism itself, and thus a resurgence of interest in Marxism.
But capitalism has moved on since Marx developed his economic analysis in Capital. And, although the labour theory of value may be fairly well understood within Britain’s labour movement, what is not generally grasped is the extent to which capitalism has become monopolised and dominated by the financial sector, and the degree to which the state and the monopolies are intertwined in order to maintain the system.
In every advanced capitalist economy it was the state that came to the rescue in the 2007/8 crisis, reinforcing the basis of the theoretical approach of state monopoly capitalism (SMC), which was the foundation of communist, and some socialist, critiques of capitalism, before the collapse of the Soviet Union in 1991.
This monograph by Gretchen Binus, Beate Landefeld and Andreas Wehr, originally published in German, revisits the discussions on SMC theory in Germany, France, and the Soviet Union, demonstrating their contemporary relevance. An introduction by Jonathan White considers how a better understanding of state monopoly capitalism would assist those seeking the transformation of Britain in a socialist direction.