THEORIES OF MONOPOLY CAPITALISM

Abstract. This article presents a survey of theories of monopoly capitalism. The defining characteristic of monopoly capitalism is that developed capitalist economies are seen as essentially dominated by firms which operate in oligopolistic industries. It discusses in chronological order the contributions of Hilferding, Lenin, Kalecki, Steindl, Baran and Sweezy, and Cowling to the monopoly capitalism approach. By drawing out some common features of the authors discussed we arrive at an implicit view of the nature of theories of monopoly capitalism. The macroeconomic aspects of monopoly capitalism are discussed with emphasis on the implications for the level of economic activity. A further section discusses the international aspects of the monopoly capital approach. The final section of the paper reviews criticisms of the theories of monopoly capitalism with concentration on those advanced from a Marxist perspective.     

Developing and using a customer profile data bank

This article proposes the implementation of a customer profile system to aid the industrial marketer in: making daily sales decisions involving the firm's customers; the development of the vendor's “buyer mix”; and the production of marketing analysis reports used by the firm. The components of the customer profile are presented and the procedures by which these elements can be incorporated into the firm's decision making are explained. Working examples are also provided to reinforce the concepts. Unfortunately the names of the actual corporations had to be deleted or changed for reasons of confidentiality.     

Counselling to resolve a clash of cognitive styles

A conflict concerning perceived effectiveness arose within a small specialised department between the departmental managers and their senior analyst. Through self-referral and by referral from the managers, the analyst approached the author for counselling. Data concerning the cognitive styles of the departmental members were gathered using the Kirton Innovation-Adaption Inventory (KAI). Additional data on the analyst were gathered using the Myers-Briggs Personality Type Indicator. The KAI data was fed back to the members of the department along with an explanation of the theory underlying the instrument. They discussed the problem and their new perceptions in an attempt to develop a solution. The author acted to manage the process and keep the aims of their discussion in focus. Additionally, individual counselling with the analyst was carried out, using the other psychometric data and data derived through discussions of the problem. The analyst subscribed to look for an alternative career as a means of escaping from his situation since the pressures on the Company were reducing the possibilities of operational change within his department. The problems of counselling in this situation and the pitfalls of the approach are discussed, along with the benefits derived. The conclusions give new perspectives useful to future counselling situations.     

Impacts of COVID-19 on Women and/or Caregivers in Accounting Academia at Canadian Postsecondary Institutions and Suggestions Moving Forward: A Commentary*

This commentary provides insights on the issues faced by women and/or caregivers in accounting academia at Canadian postsecondary institutions during the COVID-19 pandemic. Personal reflections from 23 contributors across Canada were compiled and analyzed using thematic content analysis. Results show that COVID-19 has adversely impacted research, teaching, and other areas of work and life for this demographic. Research stopped or slowed, lower productivity was experienced, concerns over academic integrity increased, interactions with students decreased, academics left the profession, mental health was adversely impacted, and academics lost dedicated work time. In addition, the contributors provide suggestions to address these issues moving forward to help equity-seeking groups. Suggestions include support from postsecondary institutions at all levels, additional funding, adjustments to tenure and promotion criteria, and the option for a reduced workload.     

Consumer preferences and the international harmonization of organic standards

Harmonization of technical standards is often advocated as a means to remove technical barriers that reduce the welfare gains available from international trade. Organic standards are not currently harmonized internationally. If domestic organic standards reflect consumer tastes, and consumers have strong preferences for those standards, then harmonization to a common standard may reduce the benefits consumers receive from organic products. Through a consumer survey, conjoint analysis was used to explore the preferences of consumers in the US, the UK and Canada for organic food. The results suggest that consumers in the three countries do not have a strong attachment to the current national organic standards and that international harmonization may be a legitimate food policy goal.     

Book review

Bayard, Thomas O., and Kimberly Ann Elliott, Reciprocity and Retaliation in U.S. Trade Policy, Washington, DC: Institute for International Economics, 1994, 503 pages.

Rugman, Alan M. (Ed.), Foreign Investment and NAFTA, Columbia, SC: University of South Carolina Press, 1994, xii + 340 pages.

Zahra, Shaker A., and Abbas J. Ali (Eds.), The Impact of Innovation and Technology in the Global Marketplace, Binghamton Haworth Press, 1994, 222 pages.

Connolly, Michael, and Jaime de Melo (Eds.), The Effects of Protectionism on a Small Country: The Case of Uruguay, Washington, DC, The World Bank, 1994, 172 pages.

Andersson, Thomas, Managing Trade Relations in the New World Economy, New York: Routledge, 1993, 183 pages.

Rondinelli, Dennis A. (Ed.), Expanding Sino-American Business and Trade: China's Economic Transition, Westport, CT: Quorum Books, 1994, ix + 270 pages.

Chukwumeiue, Okezie, Choice of Law and International Commercial Arbitration, Westport, CT: Quorum, 1994, xii + 218 pages.

Welford, Richard, and Kate Prescott (Eds.), European Business: An Issue Based Approach, 2nd Edition, Philadelphia, PA: Trans Atlantic Publishers, Inc., 1994, 384 pages.

Copeland, Laurence, Exchange Rates and International Finance, Second Edition, Reading, MA: Addison-Wesley, 1994, xiv + 455 pages.

Surajaras, Patchara, and Richard Sweeney, Profit-Making Speculation in Foreign Exchange Markets, Boulder, CO: Westview Press, 1992, 280 pages.

Esty, Daniel C., Greening the GATT: Trade, Environment, and the Future, Washington, DC: Institute for International Economics, 1994, 319 pages.

Scherer, F. M., Competition Policies for an Integrated World Economy, Washington, DC: The Brookings Institution, 1994, xxii + 133 pages.

Safarian, A. E., Multinational Enterprise and Public Policy: A Study of the Industrial Countries, Hants, England: Edward Elgar Publishing Limited, 1993, 581 pages.     

NSPCC: Marketing the “solution” not the “problem”

In private sector companies, marketing philosophy and their accompanying portfolio of tools and techniques have long had a strong and shaping role in the creation of a market‐led corporate strategy. This is because in most cases there is an obvious and direct link in the economic transaction which takes place, between the consumers of the product and the suppliers of the product. In such a relationship, consumer preference and consumer sovereignty are meaningful and explanatory concepts. In contrast, in the Charitable Sector, the situation arises where a consumer receives a product or service which is supplied by a charity, but paid for by a third party, which may be a private sector organisation, a public sector organisation or a private individual. This arrangement has often meant that charities have only selectively applied those marketing techniques which are primarily concerned with attracting income from funders to the organisation. Thus a marketing philosophy and all that it implies for the development of an interactive and consumer responsive marketing system, has not been significantly developed.

This paper will argue through use of the illustrative example of the NSPCC (National Society for Prevention of Cruelty to Children), that charitable organisations can enjoy substantial benefits through the wider application of marketing principles to their activities.

It will show through its narrow emphasis upon its relationship with the funders, that the NSPCC has created a brand image based upon the problems encountered by the NSPCC, rather than upon the “solutions “ to those problems. This has had the further consequence that the resource allocation and resource attraction systems within the NSPCC has remained separate. A simple model is presented which facilitates examination of this relationship.

It will be suggested that this dichotomy within the NSPCC can be bridged through the Introduction of a marketing orientation which will enhance understanding of the relationship between the NSPCC and its funders, and which above all will provide the stimulus to the creation of a communication system between the funders and the children who are beneficiaries of the NSPCC activity.     

FROM EXPERIENCE: Disruptive Innovation and the Need for Disruptive Intellectual Asset Strategy

Disruption has become a popular business term, yet it is often used so loosely as to convey almost nothing of substance. Here a largely neglected factor is addressed: the role of intellectual assets in securing opportunities for or averting threats from disruptive innovations. While the literature explains why the decision-making systems in large established companies cause difficulty in responding effectively to disruptive innovation the generation of intellectual assets (e.g., patents, publications, trademarks) typically is not subject to the same cultural and structural barriers. Though it may be difficult to convince a business to invest millions in pursuit of a speculative disruptive innovation, it is much easier for a small team to gain support in pursuing low-cost intellectual assets in the name of mitigating potential threats. A two-pronged approach is proposed that builds on the authors' experience at Kimberly-Clark Corporation in dealing with disruptive threats and opportunities. The approach calls for generation of intellectual assets, often using small proactive teams, to (1) protect an existing business by reducing competitive risks from disruptive innovation, including the risk of new products with disruptive potential and the risk of associated competitive patents that might limit one's response; and (2) prepare for future new and disruptive business opportunities that could be protected or strengthened by the intellectual assets generated. Kimberly-Clark's growing experience with this approach suggests that it may be a valuable component of one's strategy for innovation and protection of the business.     

Measuring consumer vulnerability to perceived product-similarity problems and its consequences

Abstract

The brand clutter in many product categories and increasing numbers of similar products, some of which are deliberate look-alikes, make it more difficult for consumers to distinguish between brands, which can lead to more mistaken and misinformed purchases. Moreover, increasing brand similarity is likely to influence important consumer outcomes. To examine this phenomenon, a perceived product-similarity scale developed in Germany was administered to 220 consumers in the United Kingdom. Following the formulation of testable hypotheses and assessments of the scale's reliability and validity, the scale was used to measure perceived product similarity (PPS) across three different product categories, while examining the impact of PPS on brand loyalty and word of mouth. Structural equation modelling revealed that PPS significantly affects word of mouth but not brand loyalty. In addition, cluster analysis identified three meaningful and distinct PPS groups. Implications for marketing managers, consumer policy makers, and marketing research are discussed.