Monopolistic Exploitation and Rent-Seeking as an Inevitability of Capital Concentration (CROSBI ID 649667)
Prilog sa skupa u zborniku | sažetak izlaganja sa skupa | međunarodna recenzija
Podaci o odgovornosti
Velić, Ismar ; Cerović, Ljerka ; Maradin, Dario
engleski
Monopolistic Exploitation and Rent-Seeking as an Inevitability of Capital Concentration
The primary focus of this research is on the genesis of companies as the dominant assumption of their behavior, from perfect to deviant. Namely, the phenomenon of extraction of monopoly rents and its extremely negative effects on social welfare, such as rent-seeking, is assumed by authors to be conditioned by the genesis of companies and therefore describes the nature of their activities and survival in the market. The paper attempts to interpret the relationship between the problems of inefficient production in monopoly markets as a necessity and inevitability caused by the genesis of monopoly companies. As such, the paper synthesizes classical economic analysis of profit maximization in monopoly markets and the negative consequences that arise from it - technical and allocative inefficiencies which generate social cost of monopoly power, with the Marxist analysis of the genesis of capitalistic companies. Regardless of the type of ownership, for both economic directions, profit maximization and competition represent a common denominator and the starting point of this paper. The main thesis of the paper is that the free competition is a generator of capital accumulation, concentration and centralization and the most powerful tool for the elimination of market competitors. Indeed, the free competition acts as a catalyst of a sort for the company’s evolution from perfect to monopolistic. However, the competition battle does not stop with the market monopolization, but continues at higher levels of production and capital concentration, within and outside the limits of domestic market. Accordingly, the regulation of imperfect markets is emerging as a necessity, thus the dialectical approach to regulation is proposed through different principles and different legal solutions for different industries, while respecting specific characteristics of each market and the historical moment of the application of regulation.
Capital concentration, Company genesis, Free competition, Regulation, Social cost of monopoly
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Podaci o prilogu
83-83.
2017.
objavljeno
Podaci o matičnoj publikaciji
Future World by 2050
Križman Pavlović, D. ; Paulišić, M. ; Kostelić, K.
Pula: Fakultet ekonomije i turizma Dr. Mijo Mirković Sveučilišta Jurja Dobrile u Puli
978-953-7320-57-7
Podaci o skupu
8th International Scientific Conference: Future World by 2050
predavanje
01.06.2017-03.06.2017
Pula, Hrvatska