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32. Protection of monopoly in the theories of J. Schumpeter and R. Hilferding
During the formation of the Marxist concept of monopolies, the theory of effective competition developed. Its author is the Austrian economist Joseph Schumpeter (1883-1950). In contrast to the traditional opposition of monopolies and competition, perceived by Marxists, J. Schumpeter sees the possibility of their positive interaction.
efficient J. Schumpeter considers only competition based on reducing production costs and improving product quality through technical, organizational and managerial innovations.
best conditions for the implementation of such innovations have the largest companies and their monopoly associations. It is the monopolies, which have enormous resources, that have the opportunity to carry out research work, introduce new equipment and technologies, which is associated with gigantic capital investments, with long payback periods for investments. Monopoly profit - the product of innovation, remuneration for technical and organizational innovation.
An effective monopoly is a monopoly that generates excess profits through innovative activities. Surplus profit disappears due to the implementation of other innovations by competitors, rival monopolies. Each monopoly pursues its own private interests, but the result is the benefit of the whole society.
According to J. Schumpeter, an effective monopoly is a source of positive economic dynamism. In this respect, his theory is directly opposed to the Marxist concept, which sees monopolies as the cause of economic stagnation and regression.
The German Social Democrat Rudolf Hilferding (1877-4941) in his work "Finance Capital" paid special attention to monopolies in banking. He believed that banking monopolies subjugated industry.
financial capital - capital at the disposal of banks, but applied to industrial production. The assertion of the dominance of financial capital paves the way for the replacement of free competition by a planned organization of the economy.
At the end of the twenties, R. Hilferding proclaimed the beginning of the era of organized capitalism - the conscious management of the entire national economy, carried out by banking monopolies.
The formation of international cartels means the elimination of competition on the scale of a group of countries or even on a world scale, the establishment of the principles of internationally organized capitalism, which results in the exclusion of military rivalry between states. In the theory of R. Hilferding, monopoly capitalism means overcoming free competition and limiting market forces.
Author: Ilyina V.N.
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