Concentration, competition and distribution - a critique of theories of monopoly capital

The paper argues that: 1. Contrary to the claims of the theory of monopoly capital, the level of competition has had a tendency to increase under capitalism due to the lowering of the costs of transport and communications, the development and dispersion of the techniques of business calculation and the increase in the quantity and the quality of business information. 2. The theory of monopoly capital is based on a questionable causal interpretation of a static equilibrium relation. 3. The empirical evidence of declining profitability cannot be explained by an increased degree of monopoly.