Competition. The mechanism and results of intra-industry and inter-industry competition in the theory of K. Marx (the most important)

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Competition. The mechanism and results of intra-industry and inter-industry competition in the theory of K. Marx (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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22. The mechanism and results of intra-industry and inter-industry competition in the theory of K. Marx

In the third volume of "Capital", K. Marx analyzes the problems intra-industry and inter-industry competition.

Intra-industry competition - This is a rivalry between manufacturers of similar products that satisfy the same need.

Interindustry competition is a competition of producers of products that meet different needs. Rivalry in this case is conducted for the greatest profit. If one of the industries increases the size of profits, there is an overflow of capital into this industry from less profitable industries.

Relying on a monopoly in a particular sphere of production and circulation, the largest firms get the opportunity to influence the movement of market prices. Methods of monopoly pricing and market strategy change along with the development of economic and organizational forms of a monopolistic firm.

The greatest benefit comes from raising the monopoly price, within the limits of the law of value. K. Marx showed that the level of the monopoly price is determined by the need and solvent demand of buyers. If the commodity on which the monopoly price were set were among the essential commodities of the worker, the monopoly price would be paid by deduction from real wages and from the profits of other capitalists. The limits within which the monopoly price could disturb the normal regulation of commodity prices would be firmly defined and could be accurately measured.

The most powerful capitalist monopolies are not in a position to maintain super-profitable prices for a long time. Capital controlled by other financial groups penetrates into any industry. The rapidly developing production of substitute goods leads to exacerbation intra-industry and inter-industry competition, which restrains a further increase in the monopoly price or leads to its decrease.

Having pushed aside competitors and strengthened their positions, monopolistic firms can again resort to raising prices.

The capture by monopolistic associations of patents for discoveries, inventions and technical improvements is used in intra-industry and in inter-industry competition. It allows the monopoly to apply technical innovations in its enterprises, which other monopolies are deprived of. By seizing patents, a monopoly blocks access to its industry for monopolies coming from other industries.

Theory of K. Marx was uncritically accepted by Soviet economic science and formed the foundation of the political economy of capitalism, on the basis of which the political economy of socialism was built.

Author: Ilyina V.N.

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