The Spiraling of Market Power
This chapter starts with a discussion of the development of the highly diversified business/industrial groups that have grown in late‐industrializing countries – as exemplified by the zaibatsu in Japan, and the chaebol in South Korea. Such big businesses raise various issues, including economic performance, and their social effects, but this chapter is mainly concerned with two further issues: the magnitude and causes of concentration, of which there has been no systematic study; and the support of, and the discipline by, the government. These issues are discussed under the headings of market concentration, corporate strategy towards diversification, and the discipline of monopoly power.
Keywords: big businesses, chaebol, discipline, diversification, economic performance, government control, industrial groups, Japan, market concentration, market power, monopoly power, social effects, South Korea, zaibatsu
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