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“Global Market Power”
Open accessAbstract
To date, little is known about the evolution of market power for the economies around the world.We extract data from the financial statements of over 70,000 firms in 134 countries, and we analyze and document the evolution of markups over the last four decades.We show that the average global markup has gone up from close to 1.1 in 1980 to around 1.6 in 2016.Markups have risen most in North America and Europe, and least in emerging economies in Latin America and Asia.We discuss the distributional implications of the rise in global market power for the labor share and for the profit share.
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“The result has been an increase in profits as a share of sales across the economy, as well as a declining share of value added that is allocated to labor (e.g., Akcigit et al. 2021; De Loecker et al. 2020; De Loecker and Eeckhout 2018; Weber and Wasner 2023).”
From Corporate concentration and power matter for agency in food systems (2025) · cites this paper as De Loecker and Eeckhout 2018
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“It is well established in the economics literature that concentrated firms can shape the contours of markets in ways that enable them to earn higher profits than they would in a more competitive market, fueling inequities (De Loecker and Eeckhout 2018; Ennis et al. 2019).”
From Corporate concentration and power matter for agency in food systems (2025) · cites this paper as De Loecker and Eeckhout 2018
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“This pattern appears largely driven by a reallocation of sales and value-added towards firms with high markups (and low labor shares).”
From The Fall of the Labor Share and the Rise of Superstar Firms* (2020) · cites this paper as de Loecker and Eeckhout, 2018
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“On average across countries, the weighted average markup has risen.”
From The Fall of the Labor Share and the Rise of Superstar Firms* (2020) · cites this paper as de Loecker and Eeckhout, 2018
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Metadata
- Authors
- De Loecker, J., & Eeckhout, J.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2018-06
- OpenAlex
- W2810366719
- Cited by
- 308
- References
- 18
- Citations by year
- 2026: 24 · 2025: 49 · 2024: 40 · 2023: 28 · 2022: 30 · 2021: 56 · 2020: 47 · 2019: 24 · 2018: 8
- Type
- report
- Language
- en
- Open access
- green
- doi.org
- Locations
- National Bureau of Economic Research (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- National Bureau of Economic Research (submittedVersion)
- Funders
- Fonds Wetenschappelijk Onderzoek
- FP7 Ideas: European Research Council (339186)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Merger and Competition Analysis
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Global trade and economics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Keywords
- market power, markups, financial statements, firm-level data, labor share, profit share, distributional effects, emerging markets, North America, Europe, Latin America, Asia
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