Comments on "Market Structure and Interfirm Integration"
JOHN W. WILSON'S ARTICLE IS THE LATEST COMPREHENSIVE EFFORT TO EMPIRICALLY DELINEATE MARKET STRUCTURE CHARACTERISTICS IN THE PETROLEUM INDUSTRY. IN HIS ASSESSMENT OF INADEQUATE SELLER COMPETITION IN THE PETROLEUM INDUSTRY, THERE IS A STRESS IN BOTH THE POLITICAL AND ECONOMIC POWER OF THE OIL IN...
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Published in | Journal of economic issues Vol. 9; no. 2; pp. 337 - 340 |
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Main Author | |
Format | Journal Article |
Language | English |
Published |
Lincoln
Routledge
01.06.1975
Division of Research and Department of Economics, Graduate School of Business Administration, Michigan State University Dept. of Economics, California State University Association for Evolutionary Economics |
Subjects | |
Online Access | Get full text |
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Summary: | JOHN W. WILSON'S ARTICLE IS THE LATEST COMPREHENSIVE EFFORT TO EMPIRICALLY DELINEATE MARKET STRUCTURE CHARACTERISTICS IN THE PETROLEUM INDUSTRY. IN HIS ASSESSMENT OF INADEQUATE SELLER COMPETITION IN THE PETROLEUM INDUSTRY, THERE IS A STRESS IN BOTH THE POLITICAL AND ECONOMIC POWER OF THE OIL INTEREST. A MAJOR AREA FOR WHICH WILSON PROVIDES EXTENSIVE EVIDENCE OF ANTICOMPETITIVE ARRANGEMENTS RELATES TO THE INTERLOCKING DIRECTORATES BETWEEN AND AMONG MAJOR OIL COMPANIES AND MAJOR INDUSTRIAL COMPANIES. THE MASSIVE EVIDENCE OF JOINT-VENTURE ARRANGEMENTS POINTS TO THE UNIQUE INSTITUTIONAL CHARACTERISTICS OF THE PETROLEUM INDUSTRY. IT UNDERMINES THE RELIANCE BY VARIOUS ACADEMICS ON CONCENTRATION RATIOS AS A GAUGE OF WILSON'S STUDY LEADING OVERWHELMINGLY TO THE CONCLUSION THAT THE PETROLEUM INDUSTRY IS NOT WORKABLY COMPETITIVE. |
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ISSN: | 0021-3624 1946-326X |
DOI: | 10.1080/00213624.1975.11503287 |