chapter  14
21 Pages

Competition, Monopoly, and Countervailing Power

OriginallypublishedintheQuarterlyJournalofEconomics,vol.67(November1953); reprintedwithpermission.

collectivist,itseemedbutthemanifestationofnaturallaw-theoperationof inexorabletechnologicalandeconomicforceswhichcouldnotbereversed.To thedefenderofthestatusquo,however,itpresentedauniquechallengeto explainthegreattransformationoftheAmericaneconomy-todemonstratethe compatibilityofmonopolisticandoligopolisticpoweraggregateswiththestabilityandsoundnessofmodemdemocraticcapitalism.