International records / OpenAlex research

Oligopoly Theory Meets Practice: Collusion, Innovation, and Market Concentration in the 21st Century

In the 21st century, oligopolistic markets have become central to understanding economic dynamics, where a few dominant firms shape competition, innovation, and growth. This review addresses the nexus of oligopoly theory and practice in the real world, and it identifies collusion, innovation, and market concentration. On the basis of economic literature, it recognises erosion of competition in developed and emerging economies, leading to higher market power, reduced business dynamism, and implications for inclusive growth. Collusion implicit and explicit enables companies to set high prices, h…