 Let me take the case of oil. If the capitalist in the oil industry, very important raw material, if they get a monopoly, they can sell that particular very important raw material energy to other capitalists who now have to make a new subsume class payment to the monopolized commodity. So in this particular case, if this was the oil, the few capitalists left in the oil industry, they would be selling their particular product to other capitalists, and they would be then getting a subsume class revenue. So this would be the monopolists in this industry. They sell their commodity, say energy, to other capitalists. Those other capitalists have to take a cut of their surplus and make a new subsume class payment to this group of capitalists, and that's their subsume class revenue. So this reflects the price of this particular product greater than the C commodity here. So there's a monopoly power in the C industry, means of production, oil. So the oil industry, the industry that refines that oil, standard oil, and so forth, they can sell their commodity for a higher price than what it's worth in value terms. They get a subsume class revenue, which is a subsume class payment of these other industries that have to pay this now premium higher than the unit value. So their profit rate goes up too. As you can see, their profit rate now becomes the surplus plus this subsume class revenue in this monopoly. So those capitalists in the selling industry that have this monopoly position have a higher rate of profit. However, by the way, just to be consistent here in terms of what we did before, you would have the surplus value plus this subsume class revenue here. And it's likely this would exceed the subsume class payments plus the new expenditures that would be warranted. So this would be advertising and lobbyists and so forth lawyers to help secure the conditions of existence of this new monopoly revenues here. And my guess is that those revenues would exceed these new costs of advertising plus lawyers and so forth to maintain the monopoly position. We might ask now the consequences of this. Well, here, let's see. I'll erase this and I'll put it below it. These are the capital good industries. These are the sellers of this commodity, of this raw material, sellers of C. Here, these are the buyers of C. The buyers have a surplus that they pump out of their workers, but now they have a new problem. They have all the subsume class payments that they have to make to secure this, but they have a new one. They have to purchase this C good with oil. They have to purchase this C good at a price, monopoly price, greater than its cost. That's on the input side. And so the inequality for them goes in this direction. So we have an interesting problem here. For the sellers, they get a surplus value plus a subsumed class revenue greater than the expenditures to secure it plus their X, whereas they benefit from monopoly, whereas the buyers are hurt by the monopoly position. And so you might ask, OK, since we have the juxtaposition of two different kinds of capitalists here, those capitalists that have a monopoly position by selling a raw material or a machine good at a price higher than the unit value and those that have to pay, which inequality outweighs. If this one outweighs this one, then the benefit here would exceed the cost and the economy could expand because these capitalists might use this to expand subsumed class payments. If that is not the case, if this inequality is very strong, then you might have a contraction across the US economy because these monopolists have this kind of monopoly position. And this gets very interesting and complicated, for example. You might ask, what do capitalists do with these monopoly revenues? That is, if I add back the monopoly in the consumer good industry that we started with, and now we have monopoly in the capital good industry, and if the inequalities are going in this way, then you can ask, OK, what do the capitalists do with these extra revenues? And that's very, very interesting and controversial. One argument that has emerged is that the capitalists will not attempt to expand the supply of their particular means of subsistence or means of production because that will only tend to undermine their monopoly position. That's why they're making use of the advertising there, to get people to buy it at a higher price. So they're not going to expand the supply, which tend to undermine their monopoly position. So you have, which people have argued, that a monopoly capitalism may breed stagnation, is that the firms are not pushing to expand the supply of the particular commodities that they are monopolizing. And so you have, which is what an argument did appear in the 1960s and 70s, you have the combination of inflation, this wage price spiral, stagnation, and they called it, if you remember correctly, stagflation at the time. A new term was coined to capture both the stagnation and the inflation. On the other hand, you also could make an argument that these great monopoly revenues here will stimulate these particular monopolized industries to use their extra profits that they're getting from the monopoly position, that's right over here, to enter into new industries or create new products. And in this particular case, you could make an argument that the very monopoly presence stimulates new forms of competition, and in fact, that's an argument that Marx actually made. So Marx, because he's a master, by now we all understand the dialectic is over the termination. So the competition breeds monopoly, and then in turn the monopoly breeds competition. So you can think of a variety of different industries in which the very monopoly positions that they have in a particular product stimulates them to create all kinds of new competitive positions. For example, if this is the oil, we're talking about oil here, so the oil companies have both a non-class revenue because they sell gasoline to automobiles, that's a consumer good, that is the gasoline is a consumer good. You need that, obviously, to run a car. So they get a non-class revenue. But they also get a subsumed class revenue because they sell energy to other capitalists who need that energy to produce goods in the economy. So if they're in a favored position to charge higher and higher prices at the pump and to other capitalists, so their revenues, their monopoly revenues rise, and of course, their stock prices would rise, what do they do with their money? What do they do with their profits? Well, people have argued, one of the things that the Board of Directors may do with these rising monopoly revenues is to create new forms of energy. They may invest in R&D, research and development on the right-hand side in all kinds of new energy sources. They have the wherewithal to do that, and it would be a strategic kind of investment. And if some of them pay off in new forms of energy, they will be producing new forms of commodities and hence will be able to make surplus value in those in the future. But you can run that kind of argument for a variety of different kinds of capitalists that would develop new kinds of strategies to produce new kinds of commodities in a variety of different industries in order to be competitive there in the future or to create new kinds of competition for other firms which have a competitive position. The last thing I would like to do, and I'm going to stop on this, is just to take the example, because it's so important today, of oil and run with that, because it's an interesting example in which I can kind of summarize everything that we've done on this question of monopoly. Suppose we have then in this a very important product, which so far there are a few substitutes available. In this case of oil. We have in a variety of different countries, let's say OPEC, we have in these oil producing countries, that is the state sets up an enterprise to pump oil out of the ground. And the cost of that, in Marxian terms, is C plus V plus SV. But since OPEC is a monopoly, it sells its oil at a price higher than the value. So it gets a subsumed class revenue. And it sells its oil to other capitalists who refine that oil and produce energy, whether it be for the home and automobile or to use in factories. So OPEC sells the oil at a price, this is a C good, greater than the unit value. So this is the oil producing capitalists, literally pumping the oil out of the ground, barrels of oil. This is the cost, the total value of those oils. This is the subsumed class revenue that they can get because the countries go to Geneva or wherever they go. They sit around a table and the oil ministers decide a higher price for the oil, greater than the unit value. And then they allocate how many barrels of oil the respective countries can produce. So they can then sell their oil. And it's a fairly inelastic demand because there's no really good substitute for oil right now. That's what everybody is trying to do, is to find this substitute for oil. And that would include, as I just mentioned to you, the oil companies themselves. That is the companies that refine this. So they get a nice subsumed class revenue. They sell the oil to oil refining capitalists around the world. Let me take the United States. Let me focus on the US. So in the case of the United States, we have capitalists who purchase barrels of oil and then refine it. For those of you who are familiar with this, between New York City and Philadelphia, we have a variety of companies there along the New Jersey Turnpike on the East Coast that refine this oil. So that's not the only place, obviously, but that's one place that I'm familiar with. So these oil refining companies, they get a surplus value. They get the C plus V plus SV. They get a surplus value. But they also refine the oil. So this is the surplus they get in refining the oil. But they're able to sell this at the pump, at the gas pump, for a price higher than the unit value. And so they get a non-class revenue. And what this is, the monopoly position at the pump, at the gas pump, at the pump for means of subsistence, for consumer goods. So here is the first thing we discussed. This is the non-class revenue they get by selling at the good at a price higher than the unit value. But they also sell to other capitalists. So they also get a subsumed-class revenue. And of course, they have the subsumed-class payments to secure this in New Jersey plus the Y plus, I hope I got the same right terms there, plus the X to secure these respective monopoly positions. This would be then advertising and lawyers here for these respective monopoly positions. And my guess is the inequality goes this way.