Missing Chapter…

Missing Chapters of Monopoly Capital

It may be appropriate at this stage to pause, and, even at the cost of some inevitable repetition, try to draw a few theoretical conclusions from the considerations presented thus far. Indeed, if our preceding account succeeded in capturing the basic principles governing the functioning of monopoly capitalism, some of the fundamental concepts of economic theory would stand in need of a thorough re-examination. While it is impossible to undertake this important task at the present occasion, the following brief discussion should indicate the general direction in which, we believe, such an effort ought to move and may facilitate the understanding of what this book is seeking to convey.
That all is not well in the realm of bourgeois economic theory is strongly felt by its closest observers. Professor Mason’s blunt statement that “the functioning of the corporate system has not to date been adequately explained,”i could hardly be contradicted by anyone familiar with contemporary economic literature. Its most conspicuous feature is, indeed, this very failure to come to grips with the most important aspects of what, one would think, should constitute its central problem—at least in this country at the present time. As noted by the authors of one of the few important studies dealing with questions posed by the corporate system: “The long-recognized existence of oligopoly led to theories of inter-firm rivalry, theories considered an important, if ill-mannered and discordant, adjunct to the analytically more tractable market structures usually assumed in price theory. With the exception of Kaysen, theoretical recognition of market structure in the field of investment decisions has been ignored.”ii
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