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The Marxian Theory of Capitalist Stages

In: Transitions in Latin America and in Poland and Syria

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  • Terrence McDonough

Abstract

This article traces the history of a continuous tradition of Marxian stage theory from the beginning of the twentieth century until the present day. The resolution of the first crisis of Marxism was found in the work of Hilferding on finance capital, Bukharin on the world economy and Lenin on imperialism as a new stage of capitalism. Hilferding's, Bukarin's and Lenin's analysis was carried into the post–World War II era through the work of Sweezy and Mandel. A second wave of Marxian stage theorizing emerged with the end of the post–World War II expansion. Mandel's long wave theory (LWT), the Social Structure of Accumulation Framework (SSAF), and the Regulation Approach (RA) analyzed the stagflationary crises as the end of a long wave of growth. This long wave was underpinned by the emergence of a postwar stage of capitalism, which was analogous to the reorganization brought about by monopoly capital at the turn of the century. These new schools were reluctant to predict the non-resolution of the current crisis, thus opening up the possibility of further stages of capitalism in the future. This elevated Lenin's theory of the highest stage to a general theory of capitalist stages. The last decade has seen a substantial convergence in the three perspectives. In general, this convergence has reaffirmed the importance of Hilferding's, Bukarin's and Lenin's (HBL's) initial contributions to the stage theoretic tradition. The article concludes with some thoughts on the necessity of stage theory for understanding of the current period of globalization.

Suggested Citation

  • Terrence McDonough, 2007. "The Marxian Theory of Capitalist Stages," Research in Political Economy, in: Transitions in Latin America and in Poland and Syria, pages 241-280, Emerald Group Publishing Limited.
  • Handle: RePEc:eme:rpeczz:s0161-7230(07)24007-6
    DOI: 10.1016/S0161-7230(07)24007-6
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    Cited by:

    1. Tomás Gutiérrez-Barbarrusa, 2019. "The interpretation of the cyclical history of capitalism. A comparison between the neo-Schumpeterian and social structure of accumulation (SSA) approaches in light of the long wave theory," Journal of Evolutionary Economics, Springer, vol. 29(4), pages 1285-1314, September.
    2. Kotz, David M. & McDonough, Terrence & McMahon, Can, 2019. "Reading Capital in the Twenty-First Century: Thomas Piketty and political economy [Lire Le Capital au xxie siècle : Thomas Piketty et l’économie politique]," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.

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