Article

Monopoly Capitalism

Keith Cowling and Philip R. Tomlinson

in The Oxford Handbook of Capitalism

Published in print April 2012 | ISBN: 9780195391176
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780195391176.013.0012

Series: Oxford Handbooks

 Monopoly Capitalism

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This article analyzes the nature of monopoly capitalism and traces its wider implications for the nature of the modern capitalist economy and the society that springs from this base. It adopts as its central proposition the not uncontroversial view that the essence of modern capitalism cannot be captured without an explicit recognition of its monopolistic or oligopolistic nature. The article is organized as follows. It begins by outlining the extent of monopoly capitalism in the modern economy. It then explores the theoretical implications of rising market concentration for market outcomes, in particular, with regard to price-cost margins, entry conditions, and profitability. Then it discusses the welfare implications of monopoly, and another section considers the distribution of surpluses. Finally, it discusses issues arising from transnational monopoly capitalism, particularly for development.

Keywords: capitalist economy; modern capitalism; price-cost margins; entry conditions; profitability; monopoly; surplus distribution

Article.  13654 words. 

Subjects: Economics ; Industry Studies ; Financial Institutions and Services

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