Do company profits eventually converge on a common, competitive
level? How long does the convergence process take? This book seeks
to answer these questions through a comparison of company
profitability using time-series data compiled at the firm level and
at the industry level in Canada, France, Japan, Sweden, West
Germany, the United Kingdom, and the United States. The emphasis is
on long-run, dynamic processes, and the perspective is that of
Joseph Schumpeter, with profits converging, if at all, to
competitive levels only in the long run. The basic methodology of
the book is presented in one chapter, with the subsequent chapters
focusing on results for individual countries. A summary chapter
presenting major resolutions and their implications concludes the
book.
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