Referred to by The Wall Street Journal in 1972 as “the ‘dean’ of radical economists,” Paul M. Sweezy was, in the words of John Kenneth Galbraith, “the most noted American Marxist scholar” of the second half of the twentieth century.1 Sweezy’s intellectual influence, which was global in its reach, lay chiefly in two areas: as a leading radical economist (and sociologist), and as the principal originator of a distinct North American brand of socialist thought in his position as co-founder and co-editor of Monthly Review magazine. Like both Marx and Schumpeter, to whose thought his work was closely related, Sweezy provided a historical analysis and crtique of capitalist economic development, encompassing a theory of the origins, development and eventual decline of the system.

Paul A. Baran was, until his death in 1964, Professor of Economics at Stanford University. His book, The Political Economy of Growth is widely recognized as one of the most important contribution to economic thought.