Capital, Labour and Power
Pp. 21-37 (17)
Maria Alejandra Madi
This chapter addresses the contributions of Karl Marx, Michal Kalecki and
John Galbraith to these power issues. Firstly, we begin with Karl Marx who pointed out
the centrality of class analysis to the study of power in capitalism. Then, we consider
the analysis of Michal Kalecki on the degree of monopoly. Proceeding from a Marxist
tradition, his analysis highlights important contemporary issues related to power in
market structures and their outcomes in terms of income distribution. Finally, we
present the main ideas of John Galbraith on the modern institutions. He deeply
analysed the institutional set up of large corporations and highlighted their power in the
markets and their relations with the nation-state.
Capitalist system, Market power, Large corporations.
World Economics Association, State University of Campinas, Av. Angélica 1711, cj. 111, São Paulo, SP, Brazil