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The Social Costs of Monopoly in an Open Economy

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  • Klaus Stegemann

Abstract

In a small open economy trading perfect substitutes at given world-market prices, monopoly power cannot exist unless the domestic market is protected. This assessment of monopoly changes radically if we relax the small-country assumption and/or the assumption that imports are perfect substitutes of domestic goods. In either case, a domestic monopoly retains some market power even in the absence of protection. In an open economy there is the familiar monopoly welfare loss due to underconsumption and a new loss due to excessive importation.

Suggested Citation

  • Klaus Stegemann, 1982. "The Social Costs of Monopoly in an Open Economy," Working Paper 492, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:492
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    Cited by:

    1. Gumus, Erdal, 2006. "The Social Costs of Monopoly: A Survey And An Evaluation," MPRA Paper 42107, University Library of Munich, Germany.

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