Economics: Current and Future Developments

Economics: Current and Future Developments

Volume: 2

Pluralist Readings in Economics: Key Concepts and Policy Tools for the 21st Century

The era of globalization has brought about unprecedented social, political, and environmental challenges for policy makers around the world due to the global impact of economic decisions. In view of ...
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Capital, Labour and Power

Pp. 21-37 (17)

Maria Alejandra Madi

Abstract

This chapter addresses the contributions of Karl Marx, Michal Kalecki and John Galbraith to these power issues. Firstly, we begin with Karl Marx who pointed out the centrality of class analysis to the study of power in capitalism. Then, we consider the analysis of Michal Kalecki on the degree of monopoly. Proceeding from a Marxist tradition, his analysis highlights important contemporary issues related to power in market structures and their outcomes in terms of income distribution. Finally, we present the main ideas of John Galbraith on the modern institutions. He deeply analysed the institutional set up of large corporations and highlighted their power in the markets and their relations with the nation-state.

Keywords:

Capitalist system, Market power, Large corporations.

Affiliation:

World Economics Association, State University of Campinas, Av. Angélica 1711, cj. 111, São Paulo, SP, Brazil