The Monopoly Capital School is an important school of Western Marxist economics，Had a significant influence on American radical political economy。The school was founded by Paul Baran and Paul Sweezy, building on the pioneering work of two pioneers, Michael Kalecki and Joseph Standel。1966，Publication of "Monopoly Capital: On the Economic and Social Order in the United States" by Baran and Sweezy，marks the formal proposal of monopoly capital theory。Schumpeter once proposed in "History of Economic Analysis"，The formation of an economic theory involves two stages，That is, pictures and tools and means of conceptualizing pictures。In Schumpeter’s view，“Analytical work must be preceded by a pre-analytic cognitive behavior，To provide materials needed for analysis work”，bet365 cricket odds "act of recognition" is also called "picture"，That is, theorists’ views on the basic characteristics of social economy，It is roughly equivalent to the question that theorists presuppose and try to solve。However，Such questions are not entirely derived from empirical facts，Still soaked in the influence of ideology。The theoretical construction process of the Monopoly Capital School confirms Schumpeter’s above analysis。The economic crisis and economic paradigm revolution in the 1920s and 1930s，Constitute the two basic elements that form the school’s picture of economic stagnation。

　bet365 cricket odds and Keynesian Revolution

　Late 18th to early 20th century，Capitalism has experienced a stage of rapid development，Based on bet365 cricket odds，A group of economists, represented by Marshall, regard accumulation and growth as the normal state of capitalism。In their opinion，Recession and depression are nothing but the internal mechanisms of capitalism’s temporary repair and self-adjustment，Due to the existence of unrestricted demand for additional capital goods，The accumulation rate mainly depends on supply。bet365 cricket odds belief is upheld by the supply side theory of neoclassical comprehensive economics to bet365 cricket odds day。However，On the occasion of the eighth edition of Marshall's "Principles of Economics"，The capitalist economy has transitioned from the free competition stage to the monopoly capitalism stage，The dynamic mechanism leading to prosperity at bet365 cricket odds time is completely different from the stage of free competition capitalism。As far as the United States is concerned，Since the mid to late 1920s，Despite the surge in consumer credit，But the manufacturing capacity utilization rate has been declining。The result was the collapse of the New York stock market in 1929，Industrial and agricultural production declined sharply。The financial crisis broke out in the United States in 1931，Triggered a more widespread and profound depression in industrial and agricultural production，And soon spread to the UK、France、Other major capitalist countries such as Germany and Japan，Triggered the economic crisis of the entire capitalist world。

Baran and Sweezy, the two founders of the monopoly capital school, experienced bet365 cricket odds crisis and the resulting economic paradigm revolution。Sweezy was born in New York in April 1910，His father, Everett Sweezy, was the vice chairman of First National Bank on Wall Street。The stock market crash of 1929 caused his father to lose a lot of money，Sweezy was just 19 years old at bet365 cricket odds time，Currently receiving economics education at Harvard University, focusing on Marshallian Economics。The occurrence of crises has gradually shaken his belief in the above theory。1932-1933，Sweezy went to study at the London School of Economics，And during bet365 cricket odds period, I met the political science professor of the college、Harold Lawsky, a staunch socialist，Marxism began to enter his field of vision。Sweezy said in an interview in his later years，“1933-1934，When I return to Cambridge, Massachusetts，Think of yourself as a Marxist”。

It’s worth noting，Sweezy’s research results during bet365 cricket odds period indicate，Until 1938，He is also a staunch Keynesian。1936，Keynes in "Employment、Proposed in the General Theory of Interest and Money，Accumulation has several flaws under the capitalist system。In his opinion，The proper functioning of bet365 cricket odds system requires the surplus to be invested in new capacity，However, investing in the modern capitalist system is completely a risky business。Due to the existence of "uncertainty"，Excess production capacity accumulated in plant and equipment、The market demand for consumer goods is close to saturation and is limited by the expansion capacity of the external market，Profitable investment opportunities are increasingly scarce，And resulting in employment、Reduced income and expenses，Enterprises thus become "bubbles floating in the whirlpool of speculation"。

In fact，Keynes’s above-mentioned independent discovery was reported as early as 1933 by Kalecki in his work on business cycles、Independently raised in the analysis of wages and unemployment issues。The interesting thing is，When Kalecki arrived in Scandinavia in 1936，Received from London the newly published book Employment by Joseph Sagansky、General Theory of Interest and Money》。Finish reading bet365 cricket odds book，Kalecki was shocked to find out，Keynes has already written what he intended to write。In a letter to Shakur，Kalecki wrote，“I felt terrible for the next three days”。It is for bet365 cricket odds reason，Kalecki never wrote his "General Theory" again。However, in his article "Some Comments on Keynes's "General Theory"" written in 1936，Fully affirmed Keynes’s emphasis on investment issues，Also pointed out that Keynes did not completely solve bet365 cricket odds problem，bet365 cricket odds has also become a major theoretical issue that Kalecki is diligently pursuing。

Starting from Marx’s reproduction schema with Kalecki，Different research approaches to examine the role of investment in the realization of national income and profits，Keynes encountered the problem of realizing surplus value in an incorrect theoretical form.。It is in bet365 cricket odds sense，my country’s famous economist、Educator Fan Hong pointed out，"Keynes and Marx have many similarities in their criticism of classical economists"。bet365 cricket odds is also an important reason why Sweezy quickly transformed from a Keynesian to a Marxist，And published "The Theory of Capitalist Development" in 1942。Keynes and Kalecki’s research during the Great Depression showed that，The major reality of the collapse of the accumulation process has attracted the attention of some economists at that time，And trying to rethink investment thesis。In bet365 cricket odds sense，Keynes and Kalecki jointly initiated a paradigm revolution in economics，And had a significant impact on later generations。

　　The Debate between Recession and bet365 cricket odds Stagnation in 1937-1938

Since 1933，Despite double-digit unemployment，The U.S. economy has gradually recovered。However，Only 4 years after emerging from the Great Recession，The U.S. economy is in recession again，Historically known as the “1937-1938 recession”。In bet365 cricket odds context，A great debate about the causes of economic stagnation is rapidly heating up in the economics community。The two most famous protagonists are Hanson and Schumpeter, the Harvard University economists in the 1930s。Hansen is a fan of Keynes on the other side of the Atlantic，In 1938, he titled "Complete Recovery or Stagnation"，The beginning of bet365 cricket odds great debate。1939，Schumpeter in "Business Cycle: A Theory of the Capitalist Process"、Responded to the last chapter of "Historical and Quantitative Analysis"。

In Hansen’s opinion，Due to the huge size of the company and the unequal distribution of income，Savings are bound to be excessive under monopoly capitalism。With the end of geographic expansion、Decreasing population growth rate and declining production capacity utilization under monopoly capitalism，Profitable investment opportunities will become increasingly scarce。bet365 cricket odds makes it possible that savings cannot be transformed into productive capital accumulation，And it will only lead to lower income、Mass unemployment and long-term depression。Accordingly，He proposed that the normal state of capitalist economy is not growth and accumulation，It is possible that the economy will stagnate for decades or even forever。Although Schumpeter quite aptly summed up Hansen’s theory as “a theory about the dwindling supply of investment opportunities”，However, Hansen’s critics, represented by Schumpeter, did not give persuasive counterarguments。In Schumpeter’s view，The 1930s were in a typical Jugla cycle，The root cause of the recession lies in the anti-business spirit of the New Deal executives，Thereby proposing the "New Deal Theory of Stagnation"。

The dispute between Hansen and Schumpeter has become a classic debate on stagnation in the history of economic thought，bet365 cricket odds is essentially an important part of the Keynesian revolution。Sweezy witnessed the entire controversy，And said that Hansen’s research on the stagnation problem was of great significance to him。Not only economists are concerned about bet365 cricket odds issue，When Franklin Roosevelt faced that the "New Deal" in which he had high hopes was destroyed by bet365 cricket odds unexpected economic disaster，A high-level "National Interim Economic Commission" was also appointed to study bet365 cricket odds。Therefore，After experiencing the Great Depression of 1929-1933 and the recession of 1937-1938, as well as the resulting revolution in the economic paradigm，Eswezi、The monopoly capital school represented by Balan regards stagnation as the economic picture。

　　The picture of economic stagnation and the theoretical dilemma bet365 cricket odds monopoly capital school

The economic crisis and economic revolution of the 1920s and 1930s constituted the two basic elements that formed the stagnation picture of the monopoly capital school。On bet365 cricket odds basis，The monopoly capital school absorbed a lot of ideas from Marx、Keynes and Veblen’s related thoughts，Rejected Schumpeter’s ideas，Proposed the theory of monopoly capital。Afterwards，They keenly captured the new characteristics of American capitalism entering the financialization period in the 1970s and 1980s，Constructed the theory of monopoly financial capital。The epistemological presupposition of the stagnation picture helps bet365 cricket odds school start from the contradiction between surplus value production and surplus value realization，Based on the production-finance dichotomy，Propose an analytical framework for contemporary capitalist financialization characterized by the mutual divergence of production and finance，And established the important position of bet365 cricket odds school in contemporary Marxist financialization theory。

However，In order to conform to the epistemological intention of the stagnation picture，Baran and Sweezy distinguish between “epochal innovations” and “‘normal’ technological innovations”，Clearly stated that Schumpeter’s process of creative destruction is no longer applicable under the monopoly capitalist system，Thus attributing “epoch-making innovation” entirely to exogenous factors，In addition, the speed of “‘normal’ technological innovation” has slowed down significantly under the conditions of monopoly capitalism，They must completely rely on exogenous accidental factors for the growth of investment。bet365 cricket odds gives his theory the imprint of underconsumptionism，bet365 cricket odds makes monopoly capital theory have major flaws in the analysis of the relationship between innovation and capital accumulation，Unable to provide a correct explanation for the laws of capitalist economic movement in the golden age。Therefore，The stagnation picture presupposes the existence of the theoretical dilemma of the monopoly capital school，Overcoming bet365 cricket odds dilemma objectively requires the school to continuously revise its picture according to the specific operating conditions of the capitalist economy to achieve further development and creative synthesis of its theory。

　　(bet365 cricket odds article is a phased result of the National Social Science Fund Youth Project "Foreign left-wing scholars' theoretical research on contemporary capitalist financialization and economic stagnation" (17CKS029)

(Author’s unit: School of Marxism, Party School bet365 cricket odds Central Committee bet365 cricket odds Communist Party of China (National School of Administration))