Monopoly capitalism and stagnation^∗

^∗ The original version of this article was presented at a Conference in Honour of Josef Steindl, Vienna, 22 May 1992.

Abstract

Josef Steindl argued that his explanation of the stagnationist tendency of the first third of the twentieth century could not be straightforwardly applied to that of the last third because of the rise in the power of labour and the growth of international competition (Steindl, 1990). This article examines the dynamic interactions between these features of the system and concludes that the rise to dominance of the transnational organization of production over the past 30 years has, at one and the same time, created an intense international competition for jobs and eroded the disciplines of international competition in the product market by internalizing within the modern corporation the processes and impact of international trade. Josef Steindl is being too modest: his explanation of stagnation remains highly relevant today because firms have reorganized in the face of the dual threat he described. In the light of this conclusion an appropriate policy response is sketched out.

^∗ The original version of this article was presented at a Conference in Honour of Josef Steindl, Vienna, 22 May 1992.

^∗ The original version of this article was presented at a Conference in Honour of Josef Steindl, Vienna, 22 May 1992.

Notes

^∗ The original version of this article was presented at a Conference in Honour of Josef Steindl, Vienna, 22 May 1992.