The Degree of Monopoly, International Trade and Transnational Corporations
This paper explores the impact, on an average degree of monopoly used to analyse the functional distribution of income, of transnational corporations (TNC's) producing in and yet trading between several countries. Cowling (1976) and Cowling and Waterson (1976) consider a closed economy and relate an industry's degree of monopoly (defined as the mark up of price over marginal cost) to its herfindahl index of concentration, degree of collusion, and price elasticity of demand. Lyons (1979) introduces international trade into the model, allowing for imports from overseas corporations - i.e. firms which do not produce in the domestic market. This ignores the possibility of a transnational corporation, a firm which produces in more than one country, engaging in domestic production and importing from its overseas affiliates.
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