publication . Preprint . Article . 2015

Challenge of Market Power under Globalization

David Mayer-Foulkes;
Open Access
  • Published: 17 Apr 2015
Abstract
The legacy of Adam Smith leads to a false confidence on the optimality of laissez faire policies for the global market economy. Instead, the polarized character of current globalization deeply affects both developed and underdeveloped economies. Current globalization is characterized by factor exchange between economies of persistently unequal development. This implies the existence of persistent extraordinary market power in transnational corporations, reflected in their disproportionate participation in income and policy. These are shown to be steady state features of globalization in a convergence club model of development and underdevelopment including trade...
Subjects
free text keywords: globalization, transnational corporations, underdevelopment, concentration, inequality, economic growth, jel:F02, jel:F10, jel:F23, jel:O10, Geography, Planning and Development, Development, Democracy, media_common.quotation_subject, media_common, Market economy, Economics, Tax competition, Market power, Underdevelopment, Globalization, Laissez-faire, Microeconomics, Global governance, Foreign direct investment
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publication . Preprint . Article . 2015

Challenge of Market Power under Globalization

David Mayer-Foulkes;