oligopoly, distribution and the rate of profit

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1、EuropeanEconomicReviewIS(1981)195-224.North-HollandPublishingCompanyOLIGOPOLY,DISTRIBUTIONANDTHERATEOFPROFIT*KeithCOWLINGUnitxvSityojWarwick,Coarntr)~cV47AL,LK1.IntroductionThispapersetsouttoexplorethedivisionofnationalincomebetweenworkersandcapitalistsinaworldwheremonopolycapitalismdominate

2、s,bothforitsintrinsicinterestandbecauseofitsrelevancetotheprocessofaccumula-tion.Elsewhere,Cowling(1978),Ihavetriedtosubstantiatetheargumentforregardingthecontemporarycapitalistworldasessentiallymonopolisticratherthanessentiallycompetitive,but1willreturntothatthemeatv-uiouspointsinthepaper.T

3、hebasicpointisthatthemajorcorporationsartnoworgan&din,ofteninterlinked,oligopolygroups,inmanycaseswi:haninternationalbase,andhavecaptureddominantpositionswhicharere-lativelyunassailable.Theywillremainunassailablepartlybecausethesedominantoligopolieswilllogicallyinvestintheirmaintenanceinorde

4、rtosecurethebenefitsofthestreamofmonopolyrentsassociatedwiththeirposition.Competitionbetweenandwithinnationaloligopolygroupswilloccasionallybreakoutbuttheseshouldbeseenastransientelementsintheaccommodationofdilferentcapitalstoeachother.Thenorminsuchanoiigopolisticworldwillbecollusionoveroutp

5、utorplricingpolicies.withcollusionbeingitselftheproductofpotentiallyrivalruusbehaviour-aseeminglyparadoxicalresultwhichwewillseektosubslantiate.Agentshavesubstantialeconomicpowerandwilluseitinavarietyofwayswhichhastoberecogniredinanydiscussionofthedistributionofnationalincome.Thispointwasobv

6、iouslyclearlyrecognisedbyKalecki(1971),Steindl(1952)andBaranandSweezy(1966),andthepresentpaperfollowscloselyontheirwork.ThestartingpointwillbeanattempttocompleteKaleckismodelofdistributionbyspecifyingtherelationshipbetweenelementsofmarketstructureandtheshareofgrosscapitalistincomeplussalarie

7、sinvalueadded.Thiswillallowustopreciselyidentifythoseprocesseswhichwilllead*ThanksareduetoJohnCubbin,DennisMueller,BobSolowandOliverWilliamsonforcommentsonamuchearlierversion.ThislaterversionhasbenefittedsubstantiallyfromdiscusyionswithBobRowthorna