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Sectoral Market Power In Global Production: A Theoretical And Observational Study

Author

Listed:
  • PANAGIOTIS TAKIS ILIOPOULOS

    (School of Geography and the Environment, University of Oxford, South Parks Road, Oxford, OX1 2JD, UK)

  • GIORGOS GALANIS

    (School of Business and Management, Queen Mary, University of London, London, E1 4NS, UK)

  • ASHOK KUMAR

    (Department of Management, Birkbeck College, University of London, Malet Street, Bloomsbury, London, WC1E 7HX, UK)

  • LILIT POPOYAN

    (University of Naples “Parthenope†, Via Generale Parisi, 13, I-80132 Naples, Italy)

Abstract

In a globalized world, the distribution of value-added across firms depends on a number of factors that vary across space. A key factor is related to the different types of competition on the multilayer structure of production, which are characterized by different types of (market) power. In this paper, we first argue that PageRank centrality is able to capture sectoral market power within the complex structure of global production. We then study the empirical properties of this market power measure and demonstrate a power-law relationship between sectoral PageRank centrality and relative sectoral profits. This power-law relationship has (international) political economy implications as it demonstrates the high incentives of sectors to become more central to increase their relative profits.

Suggested Citation

  • Panagiotis Takis Iliopoulos & Giorgos Galanis & Ashok Kumar & Lilit Popoyan, 2022. "Sectoral Market Power In Global Production: A Theoretical And Observational Study," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 25(02n03), pages 1-48, March.
    • Handle: RePEc:wsi:acsxxx:v:25:y:2022:i:02n03:n:s0219525922400057
    DOI: 10.1142/S0219525922400057
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