From state capitalism to Socialism : E.A. Preobrazhensky

Excerpt from The Law of Value and Monopoly Capitalism E.A. Preobrazhensky.

In general, the war period revealed with complete clarity whither the system of monopoly capitalism is tending; it showed clearly that the present-day economic system is objectively ripe for socialist planned production and that everything depends only on the coming of the master, that is, on the action of the working class.

* * *

….. A country which goes over to socialism, being economically and technically weaker than American capitalism in the period when it has not yet finished reconstructing its economy on the new basis, will struggle against it not with the economic superiority of its trustified branches of production but with the more highly organized structure of its whole economy. And this in its turn means that the further abolition of the law of value, that is, its abolition outside the historical frontiers of American monopolism, will proceed along the path of planned socialist organization of the economy in the countries which make an end of the capitalist regime.

E.A. Preobrazhensky writing of the rise of state capitalism and monopolism during World War I.  From The New Economics, Ed, Trans, Brian Pearce.  Clarendon Press, Oxford 1965  Original text in Russian 1926.   Taken from the section titled. The Law of Value and Monopoly Capitalism

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This entry was posted in Analysis of Mature Capitalism, Bibliography, E.A. Preobrazhensky, Political Economy, Primitive accumulation, Soviet/Bolshevik history and tagged , , , , , . Bookmark the permalink.

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