Monopoly Capital Theory

Monopoly Capital Theory, developed by economist Paul Sweezy, argues that advanced capitalism leads to the concentration of wealth and power in the hands of a few corporations, creating monopolies or oligopolies. In this context, these large firms dominate markets, stifling competition and innovation. As a result, they can secure higher profits without improving products or services, leading to economic stagnation. The theory highlights how this concentration impacts workers, consumers, and the economy as a whole, contributing to inequality and limiting genuine economic growth. Overall, it emphasizes the need for a more equitable economic system.