Competition in the Marxist tradition

Abstract

There is a strong theme in contemporary Marxism which argues that the monopoly stage of capitalism requires a different analysis from that provided by Marx, who is seen as essentially examining a competitive stage. Such a view leads to a questioning of the law of value as a law of regulation of capitalism, operating through the formation of an average profit rate. It is important to ask how far modern Marxists have been able to return to, develop and make use of Marx's analytical ideas. This is something that has to date not been comprehensively done (although Semmler in his article in Capital and Class 18 raised many pertinent issues, so providing the inspiration for this article). Using a history of economic thought approach, this piece will examine the concepts of competition and monopoly in the Marxist tradition.