MONOPOLY CAPITAL AND ITS INSULATION FROM COUNTERVAILING POWER: AMERICAN CAPITALISM REVISTED | Zendy

Kichiro Iwamoto | Zendy

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MONOPOLY CAPITAL AND ITS INSULATION FROM COUNTERVAILING POWER: AMERICAN CAPITALISM REVISTED

Author(s) -

Kichiro Iwamoto

Publication year - 1979

Publication title -

social thought and research

Language(s) - English

Resource type - Journals

eISSN - 2469-8466

pISSN - 1094-5830

DOI - 10.17161/str.1808.4853

Subject(s) - monopoly , capital (architecture) , capitalism , power (physics) , market economy , economics , business , political science , law , art , physics , quantum mechanics , politics , visual arts

This paper will discuss, critique, and revise John Kenneth Galbraith's 'theory of. countervailing power.' Galbraith (1952) attempted to answer the question: what prevents some organi zations in capitalist economic systems from developing market power, which can control and stifle free economic exchange? In the 19th century it was thought that competition among busi nesses each sharing a small part of the total market would restrict any one organization from establishing economic power.

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