Magdoff was happy to leave his position with the
United States Department of Commerce, on December 30, 1946, and went to work for the New Council on American Business in New York until 1948, at which time he began employment with Trubeck Laboratories in
New Jersey. He was an economic adviser and speechwriter to former Vice-President and then unsuccessful Presidential candidate
Henry Wallace, who ran as the
Progressive Party candidate in 1948. Unable to be reemployed in government because of security concerns, he found a career in academia beginning in the 1950s. After the
Cuban Revolution, Magdoff traveled to Cuba and had an all-night meeting with
Che Guevara, whom he later described as a "sweet and polite man". This long brainstorming session on the potential obstacles the new revolution would face, sparked a mutual camaraderie that led to Magdoff also meeting with Guevara during his 1964 visit to the United Nations in New York City.
The Age of Imperialism, his first and arguably most influential book, came out in 1969. The book sold over 100,000 copies and was translated into fifteen languages. Two years later after the death of
Leo Huberman, Magdoff began co-editing the
Monthly Review with
Paul Sweezy, and continued to edit the magazine into his 90th year. Magdoff and Sweezy together produced five books, as well as many years of
Monthly Review. One of Magdoff's last books was
Imperialism without Colonies, published at age 89. Under Magdoff's direction, the
Monthly Review increasing focused on
imperialism as the key unit of analysis for global development and the forces challenging
neocolonialism in the
Third World. This perspective put the magazine and its press squarely on the
New Left intellectual agenda since the late 1960s. The
Great Depression left a strong impact on Magdoff's perspective on
capitalism, as Magdoff recalled a sense of doom felt in the 20th mid-century by pro-capitalists, holding that nothing since 1929 led him to believe that the economy has become immune to cycles of severe crisis. Until his death, Magdoff co-edited the
Monthly Review with
John Bellamy Foster. ==Personal life==