Feldman, M. and Guy, Frederick and Iammarino, S. (2019) Regional income disparities, monopoly & finance. Working Paper. Birkbeck, University of London, London, UK.
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Abstract
Many of the most prosperous places in the U.S. are hotbeds of technology and also the home bases of companies which exercise monopoly power across much larger territories – nationally, or even globally. This paper makes four arguments about regional income disparities. First, monopoly, and the market for new prospective monopolies amplifies agglomeration economies, making locations invincible and inimitable. Second, the taxes imposed by the monopoly firms on a wide range of economic activity, together with the restrictions they are able to impose on the dissemination and use of technology, further inhibit local economic development in other places. Third, financialization – the power of the financial sector over both firms which are receiving financing and firms which are paying cash out – serves to feed capital to these spatially concentrated monopolies – and prospective monopoly “while squeezing it out of other places and industries. Finally, we conclude that the most efforts at local economic development would be best furthered by breaking up the concentrated economic power of technology and finance.
Metadata
| Item Type: | Monograph (Working Paper) |
|---|---|
| Additional Information: | CIMR Working Paper Series #43; ISSN 2052-062X |
| Keyword(s) / Subject(s): | regional income distribution, monopoly, market power, economic geography, technology, financial capital |
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Research Centres and Institutes: | Innovation Management Research, Birkbeck Centre for |
| Depositing User: | Administrator |
| Date Deposited: | 15 Oct 2019 09:14 |
| Last Modified: | 02 Aug 2023 17:54 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/29484 |
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