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Monopolistic Exploitation and Rent-Seeking as an Inevitability of Capital Concentration


Velić, Ismar; Cerović, Ljerka; Maradin, Dario
Monopolistic Exploitation and Rent-Seeking as an Inevitability of Capital Concentration // Future World by 2050 / Križman Pavlović, D. ; Paulišić, M. ; Kostelić, K. (ur.).
Pula: Juraj Dobrila University of Pula, Faculty of Economics and Tourism „Dr. Mijo Mirković“, 2017. str. 83-83 (predavanje, međunarodna recenzija, sažetak, znanstveni)


Naslov
Monopolistic Exploitation and Rent-Seeking as an Inevitability of Capital Concentration

Autori
Velić, Ismar ; Cerović, Ljerka ; Maradin, Dario

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, sažetak, znanstveni

Izvornik
Future World by 2050 / Križman Pavlović, D. ; Paulišić, M. ; Kostelić, K. - Pula : Juraj Dobrila University of Pula, Faculty of Economics and Tourism „Dr. Mijo Mirković“, 2017, 83-83

ISBN
978-953-7320-57-7

Skup
8th International Scientific Conference: Future World by 2050

Mjesto i datum
Pula, Hrvatska, 01.-03.06.2017

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Capital concentration, Company genesis, Free competition, Regulation, Social cost of monopoly

Sažetak
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.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija



POVEZANOST RADA


Projekt / tema
13.02.1.2.03.

Ustanove
Ekonomski fakultet, Rijeka