ABSTRACT
This article discusses Hilferding’s theory of competition and argues that it resembles the neoclassical theory of perfect competition, The existence of differential profit rates is interpreted by Hilferding as representing an expression of the process of general monopolization in the economy, the law of value being therefore gradually weakened. Yet, in the light of Marx’s conception, the phenomenon of differential rates of profit among capitals in one and the same industry, as well as the differential rates of profit in different industries are necessary phenomena of competition. The conclusion may thus be reached that monopoly is part of the concept of capitalist competition and that the law of value should be maintained as an indispensable theoretical foundation for the study of the workings of capitalism.
KEYWORDS:
Value; competition; monopoly; history of economic thought; Hilferding