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The Social Costs of Monopoly in an Open Economy

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  • Klaus Stegemann

Abstract

In a small open economy trading perfect substitutes at given world-market prices, monopoly power cannot exist unless the domestic market is protected. This assessment of monopoly changes radically if we relax the small-country assumption and/or the assumption that imports are perfect substitutes of domestic goods. In either case, a domestic monopoly retains some market power even in the absence of protection. In an open economy there is the familiar monopoly welfare loss due to underconsumption and a new loss due to excessive importation.
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Suggested Citation

  • Klaus Stegemann, 1984. "The Social Costs of Monopoly in an Open Economy," Canadian Journal of Economics, Canadian Economics Association, vol. 17(4), pages 718-730, November.
  • Handle: RePEc:cje:issued:v:17:y:1984:i:4:p:718-30
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    References listed on IDEAS

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    1. Halpern, Paul J. & Mathewson, G. Frank, 1975. "Economies of scale in financial institutions : A general model applied to insurance," Journal of Monetary Economics, Elsevier, vol. 1(2), pages 203-220, April.
    2. Bernstein, Jeffrey I, 1992. " Information Spillovers, Margins, Scale and Scope: With an Application to Canadian Life Insurance," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(0), pages 95-105, Supplemen.
    3. Diewert, W E, 1992. "The Measurement of Productivity," Bulletin of Economic Research, Wiley Blackwell, vol. 44(3), pages 163-198, July.
    4. David B. Humphrey, 1991. "Productivity in banking and effects from deregulation," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 16-28.
    5. Daly, Michael J. & Someshwar Rao, P. & Geehan, Randall, 1985. "Productivity, scale economies and technical progress in the Canadian life insurance industry," International Journal of Industrial Organization, Elsevier, vol. 3(3), pages 345-361, September.
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    Cited by:

    1. Gumus, Erdal, 2006. "The Social Costs of Monopoly: A Survey And An Evaluation," MPRA Paper 42107, University Library of Munich, Germany.

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