Abstract and Keywords
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.
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