Monopoly Capitalism

Keith Cowling, Philip R. Tomlinson

Research output: Chapter in Book/Report/Conference proceedingChapter

1 Citation (Scopus)

Abstract

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.

Original languageEnglish
Title of host publicationThe Oxford Handbook of Capitalism
EditorsD. C. Mueller
PublisherOxford University Press
ISBN (Electronic)9780199968725
ISBN (Print)9780195391176
DOIs
Publication statusPublished - 1 Apr 2012

Keywords

  • Capitalist economy
  • Entry conditions
  • Modern capitalism
  • Monopoly
  • Price-cost margins
  • Profitability
  • Surplus distribution

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

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  • Cite this

    Cowling, K., & Tomlinson, P. R. (2012). Monopoly Capitalism. In D. C. Mueller (Ed.), The Oxford Handbook of Capitalism Oxford University Press. https://doi.org/10.1093/oxfordhb/9780195391176.013.0012