Value, competiton, and concentration

Jonas Zoninsein ()

Brazilian Journal of Political Economy, 1986, vol. 6, issue 3, 370-393

Abstract: This article discusses Hilferding’s theory of competition and argues that it resemblesthe neoclassical theory of perfect competition, The existence of differential profitrates is interpreted by Hilferding as representing an expression of the process of generalmonopolization in the economy, the law of value being therefore gradually weakened. Yet, inthe light of Marx’s conception, the phenomenon of differential rates of profit among capitalsin one and the same industry, as well as the differential rates of profit in different industriesare necessary phenomena of competition. The conclusion may thus be reached that monopolyis part of the concept of capitalist competition and that the law of value should be maintainedas an indispensable theoretical foundation for the study of the workings of capitalism. JEL Classification: B24;B26; D42.

Keywords: Value; competition; monopoly; history of economic thought; Hilferding (search for similar items in EconPapers)
Date: 1986
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