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Concept
State monopoly capitalism
Summary
The theory of state monopoly capitalism (also referred as stamocap) was initially a Marxist thesis popularised after World War II. Lenin had claimed in 1916 that World War I had transformed laissez-faire capitalism into monopoly capitalism, but he did not publish any extensive theory about the topic. The term refers to an environment where the state intervenes in the economy to protect larger monopolistic or oligopolistic businesses from threats.
As conceived by Lenin in his pamphlet of the same name the theory aims to describe the final historical stage of capitalism, of which he believed the Imperialism of that time to be the highest expression.
The main Marxist–Leninist thesis is that big business, having achieved a monopoly or cartel position in most markets of importance, fuses with the government apparatus. State monopoly capitalism protected monopolistic economics from competition by smaller firms.
Lenin insists in The State and Revolution (1917) that state monopoly capitalism is not a development beyond capitalism but a manifestation of it, countering liberal and social-democratic politicians who characterised this economic development as state socialism, for example with regard to the so-named State Socialism initiatives in the German Empire.
Different versions of this idea were elaborated by economists of the Communist Party of the Soviet Union (e.g., Eugen Varga), East Germany's Socialist Unity Party, the French Communist Party (e.g., Paul Boccara), the Communist Party of Great Britain (e.g., Ben Fine and Laurence Harris), and the American Communist Party of the USA (e.g., Victor Perlo).
Ever since monopoly capital took over the world, it has kept the greater part of humanity in poverty, dividing all the profits among the group of the most powerful countries. The standard of living in those countries is based on the extreme poverty of our countries.
Official source
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