On "After State Monopoly Capitalism?" by Zoltan Zigedy

Zoltan Zigedy provides a review of After State Monopoly Capitalism? that provides a glimpse into how bourgeois economists are recognizing the undeniable relationship between monopoly capital and political power. Quoting Krugman who was in turn summarizing Reich, the relationship between monopoly capital and political power is described very clearly:

Rising wealth at the top buys growing political influence via campaign contributions, lobbying, and the rewards of the revolving door. Political influence in turn is used to rewrite the rules of the game—antitrust laws, deregulation, changes in contract law, union-busting—in a way that reinforces income concentration. The result is a sort of spiral, a vicious circle of oligarchy.

The pervasive exploitation and misery that are permanent features of capitalism as a system benefit a very few globally or in the United States. The resulting inequalities have become so starkly visible that even those who are inclined to want to see capitalism survive have to admit to the systemic challenges that capitalism presents to the great mass of people.

In the conflict between exploiters (monopoly capital) and working people the lines are clearly drawn; this conflict demands resolution through systemic change ending exploitation and beginning to build toward a socialist society.