3. From Monopoly to “Late” Capitalism

Initial periodizations of post-WWII capitalism by Marxist theorists picked up where early twentieth century theorists of imperialism left off. The Monopoly Capital perspective of Paul Baran and Paul Sweezy maintains the post-WWII era as a phase of increased monopolization leading to endless crises. J.K. Galbraith, in a non-Marxist approach, drew conclusions in line with Marxists on the “organized” nature of post-WWII capitalism. Such organization in his view leads to the formation of a new overarching managerial class of sorts dubbed the “technostructure”. With technostructure management, according to Galbraith, the potential for crises claimed by Marxists is dampened. Ernest Mandel offers a sweeping and sophisticated periodizing of capitalism from its inception. He theorizes the post-WWII stage as “late capitalism” and produces an important and enduring argument for the crisis of the golden age.