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Market Power and the Economy

Industrial, Corporate, Governmental, and Political Aspects

  • Book
  • © 1988

Overview

Editors:
  1. Wallace C. Peterson

    1. Department of Economics, University of Nebraska-Lincoln, USA

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Part of the book series: Recent Economic Thought (RETH, volume 15)

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-xiii
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  2. Industrial Power: Meaning and Measurement

    • Rodney Peterson
    Pages 1-25

  3. Economic Power: History and Institutions

    • John Munkirs
    Pages 27-52

  4. The Concentration of Economic Power

    • Douglas F. Greer
    Pages 53-81

  5. Corporate Power and Economic Performance

    • William M. Dugger
    Pages 83-108

  6. National Economic Management and the Supranational Economy

    • John Willoughby
    Pages 109-125

  7. Economic Power and the Political Process

    • Jerry L. Petr
    Pages 127-155

  8. Concluding Observations

    • Wallace C. Peterson
    Pages 157-169

  9. Back Matter

    Pages 171-176
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Keywords

About this book

A situation in economics that is little short of scandalous is the almost total neglect by mainstream economics of the importance of power in economic affairs. Power in this context means the ability to bend market forces in one's favor, influencing and shaping key economic variables such as prices, wages, and other income determinants. As John Kenneth Galbraith as­ tutely observes: a dominant fact in economic life is the desire of people everywhere and in all circumstances to get control over their personal lives and their incomes-to escape from the "tyranny of the market. " Power is the means to this end. Ever since Adam Smith, economists have been fascinated by and lavish in their praise for the workings of the market. All modern textbooks are built around Smithian ideas about markets and the way the "invisible hand" works through competition for society's better­ ment. Yet one can search nearly in vain through leading texts, under­ graduate and graduate alike, for any reference to market or economic power. This is the situation in spite of the fact that the drive for power, the urge to get control over one's income, permeates the economy as much as does competition. This is a scandal! For a discipline that claims for itself the mantle of a science-one which wants to be accorded the same respect given the natural sciences-it is almost incomprehensible that it should ignore a major force at work in the real economic world.

Editors and Affiliations

  • Department of Economics, University of Nebraska-Lincoln, USA

    Wallace C. Peterson

Bibliographic Information

  • Book Title: Market Power and the Economy

  • Book Subtitle: Industrial, Corporate, Governmental, and Political Aspects

  • Editors: Wallace C. Peterson

  • Series Title: Recent Economic Thought

  • DOI: https://doi.org/10.1007/978-94-009-2673-8

  • Publisher: Springer Dordrecht

  • eBook Packages: Springer Book Archive

  • Copyright Information: Kluwer Academic Publishers 1988

  • Hardcover ISBN: 978-0-89838-267-9Published: 31 August 1988

  • Softcover ISBN: 978-94-010-7705-7Published: 10 November 2011

  • eBook ISBN: 978-94-009-2673-8Published: 06 December 2012

  • Series ISSN: 0924-199X

  • Edition Number: 1

  • Number of Pages: XIV, 176

  • Topics: Finance, general

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