Competition. Monopolization of the economy of the late 19th - early 20th centuries and its impact on competition (the most important)

Lecture notes, cheat sheets
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Competition. Monopolization of the economy of the late 19th - early 20th centuries and its impact on competition (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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14. Monopolization of the economy of the late XIX - early XX centuries and its impact on competition

The history of the monopolization of the economy reaches deep antiquity. Monopolistic tendencies in various forms and to varying degrees manifest themselves at all stages of the development of market processes and accompany them. But their newest story starts in the last third XIX century (1873 - time of economic crisis). The relationship between the phenomena of crisis and monopolies indicates one of the reasons for monopolization - the attempt of many firms to find salvation from crisis shocks in monopolistic practice.

The first big wave of monopolization took place at the end XIX century and in the early years XX century. As a result, the largest companies were formed, subordinating entire industries to themselves.

В late XIX century, the market, almost for the first time in its history of development, faced complex problems. There was a real threat to the functioning of competition - this necessary element of the market. Significant obstacles have arisen in the way of competition in the form of monopoly formations in the economy.

The history of monopolies is inextricably linked with the development of those processes that at each stage accelerated the growth of monopolization of the economy, giving it new forms.

There are two ways to form monopolies:

▪ through profit capitalization;

▪ through mergers and acquisitions.

An important characteristic of the monopolies of the second half XX century is their entry into the international arena not only in the field of trade, but also directly in production, organized in the form of branches and subsidiaries abroad, i.e., the transformation of national monopolies into transnational corporations (TNCs). The economic and financial power of TNCs is growing rapidly, in the mid-80s their share reached one third of the gross product of developed countries, in world exports - 40% and in technology exchange - 80%. Some TNCs in terms of annual turnover exceed the gross domestic product of small states, and even surpass them in terms of their role in the world economy.

The development of all types of monopolistic concentration steadily leads to the fact that an ever greater part of the national income and national wealth of countries is concentrated in the hands of a handful of the largest monopolies. This is evidenced by statistics on the share of capital assets of the largest 200 US manufacturing corporations in the total amount of manufacturing assets of 48,3% in 1948 and 60,1% in 1969. In Britain, the proportion of capital assets held by the top 100 manufacturing, trading and service firms rose from 44% in 1953 to 62% of total assets in 1963.

Author: Ilyina V.N.

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