Giersch’s program favors innovative monopoly over perfect competition.

Evidence

What matters most in present circumstances are the driving forces of economic development. Emphasis, therefore, is on the growth and dissemination of knowledge, on path breaking entrepreneurs and eager imitators, on credit creation for the supply of venture capital, and on Schumpeterian competition (i.e. on innovative monopolistic competition rather than sterile perfect competition, on oligopolistic rivalry rather than collusive equilibria and on aggressive trading rather than arbitrage transactions). In the international economy, which Schumpeter mostly neglected [sic!], emphasis is on free trade rather than fair trade (trade minus competition) and on export orientation rather than import substitution. — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 300

Categorization

• XREF: The preference for ‘innovative monopolistic competition rather than sterile perfect competition’ complicates the crude equation of neoliberalism with perfect-market orthodoxy. — connects to: Monopoly is the outcome, not the antithesis, of competition. — Clara E. Mattei, Escape from Capitalism: An Intervention, 138; Monopolies express competition rather than contradict it — Clara E. Mattei, Escape from Capitalism, 138

Broader Connections

• Monopolies express competition rather than contradict it #corroborates (0.85) — Clara E. Mattei, Escape from Capitalism, 138
• Monopoly is the outcome, not the antithesis, of competition. #corroborates (0.80) — Clara E. Mattei, Escape from Capitalism, 138