Competition and monopoly in the U.S. economy: What do the industrial concentration data show?

dc.contributor.authorOrhangazi, Özgür
dc.contributor.authorOrhangazi, Özgür
dc.date.accessioned2020-07-17T11:27:32Z
dc.date.available2020-07-17T11:27:32Z
dc.date.issued2021
dc.departmentFakülteler, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümüen_US
dc.description.abstractA recent series of academic studies, think-tank reports, and news articles shows widespread attention to rising industrial concentration and market power in the U.S. economy. In this paper, we focus on concentration in the U.S. nonfinancial corporate sector to make three contributions to the literature. First, we use examples from the debate on industrial concentration to show that there are often-divergent predictions in the theoretical literature surrounding the expected consequences of concentration and monopolization for nonfinancial firms. Second, we use industry-level concentration data to describe recent trends in average concentration. We show that, while concentration increases across the majority of industries after the late 1990s, the retail and information-services sectors are particularly key for understanding recent trends in average industrial concentration. Third, we link our industry-level analysis with firm-level data to describe the relationship between industrial concentration and nonfinancial corporations' profitability, markups, and investment. Consistent with the ambiguities in the theoretical literature, we find that these relationships are not uniform: while some highly concentrated industries confirm standard expectations with high markups, high profitability, and low investment rates, other highly concentrated industries earn lower-than-average markups and profits, suggesting that - in some industries - increased concentration and intensified competition may go hand in hand.en_US
dc.identifier.citation11
dc.identifier.doi10.1177/1024529420934011en_US
dc.identifier.issn1024-5294en_US
dc.identifier.issn1477-2221en_US
dc.identifier.issn1024-5294
dc.identifier.issn1477-2221
dc.identifier.scopus2-s2.0-85087312138en_US
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://hdl.handle.net/20.500.12469/3045
dc.identifier.urihttps://doi.org/10.1177/1024529420934011
dc.identifier.wosWOS:000544964600001en_US
dc.identifier.wosqualityQ2
dc.institutionauthorOrhangazi, Özgüren_US
dc.language.isoenen_US
dc.publisherSage Publicationsen_US
dc.relation.journalCompetition & Changeen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/embargoedAccessen_US
dc.subjectIndustrial concentrationen_US
dc.subjectMarket concentrationen_US
dc.subjectMonopolizationen_US
dc.subjectCompetitionen_US
dc.subjectCapital accumulationen_US
dc.subjectProfitabilityen_US
dc.titleCompetition and monopoly in the U.S. economy: What do the industrial concentration data show?en_US
dc.typeArticleen_US
dspace.entity.typePublication
relation.isAuthorOfPublicationaad6bd22-3f32-4c7f-b625-51b081f50ddd
relation.isAuthorOfPublication.latestForDiscoveryaad6bd22-3f32-4c7f-b625-51b081f50ddd

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