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The Political Economy of Imperfect Competition

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  • Etzioni, Amitai

Abstract

Economic actors command political power as well as economic power. It is used to the same effect to create monopolies and oligopolies. The two powers can be combined; e.g., aside from monopolies based only on economic power or only on government intervention, there are especially powerful monopolies that command both powers. The stability of the various power holders is related to the nature of their power base; pure economic power is particularly unstable. However, economic power can be more readily amassed than interventionist power, which violates norms, and has a sharply declining marginal utility. When the effects of interventionist power are added to those of economic power, economies such as America, which are often classified as quite competitive, turn out to be much less so.

Suggested Citation

  • Etzioni, Amitai, 1985. "The Political Economy of Imperfect Competition," Journal of Public Policy, Cambridge University Press, vol. 5(2), pages 169-186, May.
    • Handle: RePEc:cup:jnlpup:v:5:y:1985:i:02:p:169-186_00
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    Cited by:

    1. Niklas Elert & Magnus Henrekson, 2021. "Entrepreneurship prompts institutional change in developing economies," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(1), pages 33-53, March.
    2. Neckel, Sighard, 2010. "Refeudalisierung der Ökonomie: Zum Strukturwandel kapitalistischer Wirtschaft," MPIfG Working Paper 10/6, Max Planck Institute for the Study of Societies.
    3. Elert, Niklas & Henrekson, Magnus, 2016. "Status Quo Institutions and the Benefits of Institutional Deviations," Working Paper Series 1144, Research Institute of Industrial Economics, revised 15 Mar 2017.
    4. Niklas Elert & Magnus Henrekson, 2016. "Evasive entrepreneurship," Small Business Economics, Springer, vol. 47(1), pages 95-113, June.
    5. Czinkota, Michael R. & Kotabe, Masaaki, 1997. "A marketing perspective of the U.S. International Trade Commission's antidumping actions--an empirical inquiry," Journal of World Business, Elsevier, vol. 32(2), pages 169-187, July.

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