Competition vs. monopoly in Greek large-scale manufacturing industries

The purpose of this paper is to examine the factors that affect the process of capital accumulation in large-scale Greek manufacturing industries for the period 1963–1989, and at the same time to test whether or not the structure of Greek manufacturing is competitive. The empirical results lend support to the classical and neoclassical economic theories that in the long run capital tends to flow from the less profitable to more profitable industries resulting in a tendential equalization of the rate of profit and the rate of capital accumulation.We wish to thank Ioannis Kaskarelis and two anonymous referees of this journal of helpful comments.