ABSTRACT
Monopoly capital most specifically refers to the theoretical "sketch" provided by Paul Sweezy and Paul Baran of the monopoly stage of capitalism, or "monopoly capitalism". The theory has developed to comprehend and explain financialization as a quintessential historical development within capitalism. Monopoly capitalism denotes the stage of capitalism that began to emerge in the late nineteenth century or "the railway age" and is fully matured by the mid-twentieth century. By the 1920s a new wave of research and theory began to draw attention to forms of imperfect competition and market power. Maurice Dobb expounded a theory of monopoly capitalism in its historical development. The theory of monopoly capitalism is the synthesis of the new world of imperfect competition and the implications of it for the structural dynamic of the macroeconomy. Maurice Dobb demonstrates that the genesis of capitalism is a function of monopoly power and privilege of merchants and landlords.
