[Annotated] Capitalism is becoming less competitive

How different countries are taking a growing economic problem

Competition in America: Where capitalism has become far less healthy

America's airlines used to be famous for two things: terrible service and worse finances^[각주:1]. Today flyers^[각주:2] still endure hidden fees^[각주:3], late flights, bruised knees^[각주:4], clapped-out^[각주:5] fittings^[각주:6] and sub-par food^[각주:7]. Yet airlines now make juicy profits. Scheduled passenger airlines reported an after-tax net profit of $15.5bn in^[각주:8] 2017, up from $14bn in 2016.

What is true of the airline industry is increasingly true of America's economy. Profits have risen in most rich countries over the past ten years but the increase has been biggest for American firms. Coupled with^[각주:9] an increasing concentration of ownership^[각주:10], this means the fruits of economic growth are being monopolized^[각주:11]. 

High profits across a whole economy can be a sign of sickness^[각주:12]. They can signal the existence of firms more adept at^[각주:13] siphoning wealth off than creating it^[각주:14], such as those that exploit monopolies^[각주:15]. If companies capture more profits than they can spend, it can lead to a shortfall of demand. Ordinary people pay higher prices than they should, for worse service. 

The Economist published a big article on the competitive-intensity of capitalism in^[각주:16] 2016. It focused on America. The piece divided the economy into around 900 sectors covered by America's five-yearly^[각주:17] economic census^[각주:18]. Two-thirds of them became more concentrated between 1997 and 2012. The weighted average share of^[각주:19] the top four firms in each sector rose from 26% to 32%. 

Since that article, more and more academics have become interested in the issue. The latest meeting of the world's central bankers in Jackson Hole, Wyoming, was stuffed with sessions about how^[각주:20] capitalism has become less competitive. Wonks are^[각주:21] talking about how to make things better. Some favour^[각주:22] a serious effort to remove the red tape^[각주:23] and occupational-licensing schemes that^[각주:24] strangle small businesses^[각주:25] and deter new entrants^[각주:26]. Others examine a loosening of the rules that^[각주:27] give too much protection to^[각주:28] some intellectual-property rights^[각주:29]. 

However most of the debate has focused on America when it is increasingly a global problem. So as part of the Open Future initiative, we wish to focus a spotlight on how^[각주:30] the debate is playing out in other parts of the world. What becomes clear is that as the lack of competition in capitalism become a more important question in other countries, exactly what this means varies from place to place^[각주:31]. 

Competition in Mexico: Improving markets is boring but vital work^[각주:32]

Mexico has emphatically elected a man who^[각주:33] tells voters that society is rigged against them^[각주:34]. Andrés Manuel López Obrador, who will become Mexico's next president on December 1st, describes a "mafia of power" which controls political and economic life in the country and keeps ordinary Mexicans down^[각주:35]. This is partly a rhetorical term for^[각주:36] anyone that Mr López Obrador does not get along with^[각주:37]. But it also resonates because^[각주:38] Mexicans sense that the economy is stacked against them^[각주:39], a big part of which is the weak level of competition. 

Under Enrique Peña Nieto, voters endured near-daily headlines filled with^[각주:40] tales of corruption^[각주:41]. Much of it concerned the 230,000 or so government contracts doled out each year^[각주:42]. Just 12% of them are tendered publicly^[각주:43]; many go to cronies^[각주:44] rather than the most suitable bidders^[각주:45]. This often leads to Mexican consumers facing poor options and high prices. But the problem of competition goes beyond government contracts. Santiago Levy, a Mexican economist, argues that well-intended government regulation allows^[각주:46] too many weak, unproductive^[각주:47] small businesses to survive, hindering the growth of^[각주:48] bigger, more productive firms. 

Historically large sectors of Mexico's economy, such as energy and telecommunications, were controlled by a single firm. A recent review by Cofece, Mexico's new federal competition commission, suggested that weak competition laws force Mexicans to spend an extra 2.5bn pesos ($135m) each year on generic drugs^[각주:49] than they otherwise^[각주:50] would. A basic basket of goods costs Mexicans 30% more than it would under perfect competition^[각주:51], reckons Viridiana Ríos^[각주:52], a civil-society campaigner^[각주:53]. 

Ironically, the much-maligned^[각주:54] Mr Peña made inroads against this lack of competition^[각주:55]. He established Cofece^[각주:56] and charged it with promoting competition in^[각주:57] Mexico. His energy reforms have attracted foreign investment into^[각주:58] the oil sector for the first time since the 1930s; they compete with each other for contracts^[각주:59] through a public, transparent procurement process^[각주:60]. Reforms to the telecoms sector in 2013 brought new players into the Mexican market and sent prices plummeting^[각주:61]. The cost of mobile broadband, 30% above the OECD average in 2013, was 30% below average by 2016. 

Mr López Obrador holds a deep, sincere concern for the poor^[각주:62], but he tends to favour^[각주:63] bringing change through the example of^[각주:64] his own personal magnetism^[각주:65] instead of slow, unglamorous^[각주:66] institution-building. After his landslide election victory^[각주:67], Cofece publicly proposed a joint plan^[각주:68] to weed out corruption in^[각주:69] the public procurement process. If Mr López Obrador wants to stick it to Mexico's mafia of power^[각주:70], that would be a great place to start. 

Competition in Britain: Main parties agree that capitalism is rigged

There is growing suspicion in Britain that capitalism is not working as it should. Jeremy Corbyn, the leader of the Labour Party, says that capitalism is "rigged", a word also used by Michael Gove, a prominent^[각주:71] Conservative cabinet minister^[각주:72]. 

They have a point^[각주:73]. The biggest firms across a range of industries in Britain have more market power than they used to. That clout^[각주:74] may allow them to charge higher prices for poor service, and pay lower wages. 

Dividing the British economy into 250-odd^[각주:75] sub-industries^[각주:76], from management consultancy to private security, The Economist calculates that^[각주:77] over the past decade 55% of these sectors have become more concentrated, with the four biggest firms accounting for a larger share of revenue than before^[각주:78]. Other calculations find much the same results. 

A recent paper looks at the pricing power of a sample of^[각주:79] British firms. The researchers examine mark-ups^[각주:80] (ie, selling prices^[각주:81] divided by production costs^[각주:82]). Since the 1980s the average mark-up in Britain has risen by more than in Europe or North America. 

What explains the increasing concentration seen in Britain? Mergers may be one explanation^[각주:83]. In the past 20 years Britain has seen about $5trn-worth of mergers and acquisitions of domestic firms^[각주:84]. Adjusting for the size of^[각주:85] its economy, that is nearly 50% more than in America. 

It is less clear how concentration affects workers. Evidence from America suggests that as firms become more powerful they can get away with offering lower wages^[각주:86], since workers have fewer alternative employers. Across Britain as a whole^[각주:87], the biggest firms actually employ a lower share of employees than in the early 2000s. In parts of the country, however, workers do appear to have fewer options than before. Whatever the explanation, wages as a share of GDP have fallen during the same period. 

Establishment types are finally starting to grapple with this issue^[각주:88]. Liz Truss, a Conservative minister, frets about^[각주:89] things like occupational regulation^[각주:90]. Andy Haldane of the Bank of England recently gave a speech in which^[각주:91] he worried about market power^[각주:92]. But the debate is far less advanced than it is in America. Serious solutions could be a long way off^[각주:93]. 

Competition in Japan: Markets have gradually become more open^[각주:94]

If markets are becoming too cosy in^[각주:95] the so-called "Anglo-Saxon" economies, where the winds of creative destruction^[각주:96] traditionally blow most fiercely^[각주:97], what is the state of competition in Japan, famous for an altogether more clubbable form of^[각주:98] capitalism?

It has certainly been worse. In the tumultuous 1920s^[각주:99] and 1930s Japan's leaders introduced laws designed not to prohibit cartels^[각주:100], but to encourage them. During these years, a wave of collapses and mergers also consolidated economic power^[각주:101]. One such union in 1934 left 96% of Japan's pig-iron production^[각주:102] and over half of steel output in the hands of a single company. The wealth and privilege of these "economic royalists" was widely resented. In 1921 a member of the Righteousness Corps of the Divine Land, an ultranationalist group, denounced "traitorous millionaires", urging his followers to "assassinate them resolutely". He made a start by killing Yasuda Zenjiro, the founder of one of the great business empires, or zaibatsu^[각주:103], that dominated the prewar economy^[각주:104]. 

After the second world war, Japan's American occupiers^[각주:105] tried to break up the zaibatsu^[각주:106]. But it was like "grappling with a jellyfish", as this newspaper put it in 1962. The old family conglomerates evolved into keiretsu^[각주:107], looser, less familial^[각주:108] groupings^[각주:109], revolving around a main bank^[각주:110] and trading company^[각주:111], each member holding shares in the others. Some observers believe this stitched-up capitalism^[각주:112] helped Japan's rise, providing cheap credit and bountiful earnings that^[각주:113] could be ploughed into new, more sophisticated industries^[각주:114]. Others believe the arrangements were ultimately counterproductive^[각주:115]. Still others think Japan's collusive capitalism was^[각주:116] largely mythical^[각주:117]. 

Michael Porter and Mariko Sakakibara have argued that Japan's anti-competitive institutions^[각주:118] were confined to the parts of the economy that were^[각주:119] anyway less exposed to international trade. Outside of these backwaters^[각주:120], Competition was ferocious^[각주:121]. In many cases, the prevalence of^[각주:122] business groups like the keiretsu only added to the competitive pressure^[각주:123]. Each empire felt obliged to enter all of the prestigious^[각주:124] industries^[각주:125], rather than concentrate on what it did best. They plunged headlong into^[각주:126] expansions of capacity^[각주:127], whatever the cost, and kept even loss-making firms^[각주:128] alive. The results were bad for returns on assets^[각주:129], but good for consumers. 

In recent decades^[각주:130], Japan has become less distinctive^[각주:131]. This is partly because its markets have become more open^[각주:132] and its companies a little more attentive to shareholders^[각주:133]. It is also because the rest of the world has become a little more Japanese: dominated by cash-rich companies in^[각주:134] more concentrated industries. 

On the positive side, Japan's product-market regulations^[각주:135] have eased^[각주:136]. They are now no tighter than America's, according to the OECD's indicators^[각주:137]. Japan has also ranked consistently highly on^[각주:138] the World Economic Forum's indicator for "intensity of^[각주:139] local competition" in goods markets. 

Less happily^[각주:140], concentration has, by some measures^[각주:141], increased. In 1994 the top 100 Japanese corporations accounted for 54% of the profits of all listed firms^[각주:142], according to Andrew Karolyi and Dawoon Kim of Cornell University. Twenty years later, they accounted for almost two-thirds. 

But this increase in concentration is mild compared with the trend in^[각주:143] America over a similar period. The share of total profits^[각주:144] held by America's top 100 firms^[각주:145] has increased from under 53% to over 84%, according to work by Kathleen Kahle of the University of Arizona and René Stulz of Ohio State University. America's leading firms may not be as gelatinous as^[각주:146] Japan's sprawling^[각주:147] business groups^[각주:148], but they are big fish indeed^[각주:149]. 

Competition in China: State firms and private players^[각주:150] inhabit alternate worlds^[각주:151]

Competition in China is unusual in that, depending on where you look, the country has either too little or too much. The former is obvious, and more commonly discussed. There are broad swathes of the economy^[각주:152], especially those deemed strategic^[각주:153] by the government^[각주:154], that are dominated by state firms. When choosing a bank, an airline or a mobile provider^[각주:155], consumers have little choice but to pick a state-owned enterprise^[각주:156]. In some of these sectors, there may be many state firms: China, for example, has 4,000-odd banks. But because they answer to the same ultimate boss - the government - and are strictly regulated^[각주:157], they differ little^[각주:158]. 

This lack of competition causes a series of problems. Consumers get a raw deal^[각주:159]. State firms rarely gouge on prices^[각주:160], but without much motivation to make profits^[각주:161], their service standards are notoriously poor^[각주:162]. As a general rule^[각주:163], customers can expect long waits^[각주:164] and surly staff^[각주:165]. More serious is the economic impact^[각주:166]. Banks prefer to lend to state firms^[각주:167], because they know that in the event of trouble^[각주:168] the government is likely to bail them out^[각주:169]. But the return on assets earned by state firms is a third that of their private peers. China, in other words, allocates capital poorly^[각주:170]: too many loans go to the wrong companies. 

This is not just a domestic concern. As state firms expand overseas^[각주:171], they butt heads with multinational firms^[각주:172]. Other governments complain that China's state firms are, in effect^[각주:173], exporting their inefficiencies^[각주:174]. Despite being less productive than their international rivals, they have little trouble scooping up big contracts^[각주:175] and valuable assets thanks to their government backing^[각주:176]. China has vowed to make its state firms more commercially minded^[각주:177]. But reforms are painfully slow, not least because^[각주:178] Xi Jinping, the president, wants state firms to be stronger, not weaker. 

Less noted is the fact that China also has the opposite problem: too much competition in parts of its economy. In sectors from coal to real estate to home appliances^[각주:179], many more companies battle it out than is^[각주:180] normally the case in advanced economies. Partly this reflects China's stage of development^[각주:181]: industry leaders are still just emerging. Partly it stems from^[각주:182] the state's grip on^[각주:183] strategic industries^[각주:184]. Everyone else fights over^[각주:185] the scraps^[각주:186]. 

Fierce competition helps to keep costs down for consumers. But thin margins are^[각주:187] problematic^[각주:188]. Companies are tempted to^[각주:189] cut corners on safety^[각주:190] and environmental standards^[각주:191]. What's more^[각주:192], without reliable cash flow^[각주:193], they have less to invest in research and development. The good news is^[각주:194] that this problem should resolve itself^[각주:195] more or less naturally^[각주:196]. As China's economy matures^[각주:197] and slows^[각주:198], returns to scale are becoming more important^[각주:199]. That makes consolidation more likely in the coming years^[각주:200]. 

As in the West, consolidation is giving rise to a new worry^[각주:201]: the clout of^[각주:202] major tech platforms. Companies such as Alibaba and Tencent have acquired oceans of^[각주:203] user data^[각주:204]. And they have a fast-growing^[각주:205] presence in services from finance to food delivery^[각주:206]. However, for Chinese regulators^[각주:207], the question is not whether these tech giants are becoming monopolistic^[각주:208], but whether they act in line with government policies^[각주:209]. Their focus is on how to maintain control, not foster competition^[각주:210]. 

1. finance ; 3. [pl.] finances (개인단체국가의) 자금[재정] [본문으로]
2. flyer ; 1. (비격식) (보통 여객기가 아닌 작은 비행기) 비행사[조종사] ;; 2. 비행기 승객 [본문으로]
3. fee ; 1. (전문적인 서비스에 대한) 수수료 [본문으로]
4. bruised ; [형용사] 멍든, 타박상[상처]을 입은; [미·속어] 술 취한 [본문으로]
5. clapped out ; [형용사] (英구어) 지친, 허덕이는; 낡아빠진. (또는 clápped óut) [본문으로]
6. fitting ; 3. (보통 fittings) 가구, 설비; 비품, 부속품[기구], 부품. [본문으로]
7. subpar ; [형용사, 부사] (특히 美) 보통[수준] 이하의 ;; 표준[평균] 이하의[로] ;; 미국∙영국 [ˌsʌbˈpɑː(r)] [본문으로]
8. net profit after tax ; [명사] 세금공제후 순이익, 법인세 공제후 순이익 ;; [보충설명] 잔여지분권자에게 귀속하는 당기의 이익. [본문으로]
9. coupled with ; …와 결부된. [본문으로]
10. concentration of ownership ; (사회학) 소유의 집중 [본문으로]
11. monopolize ; 1. [타동사] 독점하다 ;; [VERB] If you say that someone monopolizes something, you mean that they have a very large share of it and prevent other people from having a share. [본문으로]
12. sickness ; 1. [U] 질병; 아픔, 건강하지 못함 [본문으로]
13. be adept at ; ~에 능숙하다 [본문으로]
14. siphon ; 2. <이익 등을> 흡수하다, 빨아들이다 ((off)); <자금 등을> 유용(流用)하다 ((off)) [본문으로]
15. exploit ; 1. [타동사] (못마땅함) (부당하게) 이용하다 ;; 3. [타동사] (최대한 잘) 활용하다 [본문으로]
16. competitive intensity ; In strategy, competitive intensity is defined as the extent to which companies within a specific industry exerts pressure on one another. Some level of competition is healthy because it acts as an impetus for organizations. Competition, whether in an industry or another setting, drives teams and individuals to give their best. In fact, such rivalry is what keeps a majority of firms on their toes, propelling them to do better than their competitors. Competitive intensity is one of the concepts covered in detail in Michael Porter’s Five Forces framework. [본문으로]
17. five-yearly ; 5년의 한번, 5년마다 [본문으로]
18. census ; 인구 조사, 국세[시세] (國勢[市勢]) 조사 ;; [NOUN] A census is an official survey of the population of a country that is carried out in order to find out how many people live there and to obtain details of such things as people's ages and jobs. ;; 미국∙영국 [ˈsensəs] [본문으로]
19. weighted average ; (통계) 가중 평균 ;; [NOUN] an average calculated by taking into account not only the frequencies of the values of a variable but also some other factor such as their variance. The weighted average of observed data is the result of dividing the sum of the products of each observed value, the number of times it occurs, and this other factor by the total number of observations [본문으로]
20. be stuffed with ; ~로 채워지다 [본문으로]
21. wonk ; (특히 美, 비격식, 못마땅함) 1. 일만 아는 사람, 일[공부] 벌레 ;; 2. (정책에 대해) 좀스러울 정도로 꼼꼼한 사람, 꼼꼼쟁이 [본문으로]
22. favour ((英)) (美 favor) ; 1. (시스템계획방식 등을) 선호하다 ;; [VERB] If you favour something, you prefer it to the other choices available. ;; 흐름상 some을 복수로 받음을 확인 [본문으로]
23. red tape ; [U] (못마땅함) (관공서의) 불필요한 요식 ;; [유래] 공식 문서를 빨간색이나 분홍색 테이프로 묶는 관습에서 나온 표현. ;; [NOUN] You refer to official rules and procedures as red tape when they seem unnecessary and cause delay. [본문으로]
24. occupational licensing ; (사회복지학) 직업면허 ;; 정부가 일정한 자격 요건을 정해 이를 충족하는 자에게만 특정의 직업에 종사할 수 있도록 면허하는 것을 말한다. 의사·약사·간호사·변호사·공인회계사·건축설계사 등에 대한 면허가 이러한 예에 속한다. [본문으로]
25. strangle ; 교살하다, 질식시키다(choke); (칼라 따위가) 너무 꼭 끼다; (의안 따위를) 묵살하다(suppress), (하품 따위를) 삼키다(stifle) ;; [VERB] To strangle someone means to kill them by squeezing their throat tightly so that they cannot breathe. [본문으로]
26. entrant ; (~ (to sth)) 1. (어떤 직종·대학 등에) 갓 들어온[합류한] 사람 ;; 2. (경주·대회의) 출전자[참가자]; (시험) 응시생 ;; [NOUN] [with supp] An entrant is a person who has recently become a member of an institution such as a university. ;; 미국∙영국 [ˈentrənt] [본문으로]
27. loosening ; 헐거워짐 ;; 명사적으로 활용한 것을 확인 [본문으로]
28. give protection to ; ...을 보호하다. [본문으로]
29. intellectual property rights ; [명사] (법률) 지적재산권, 지적소유권 [본문으로]
30. focus a spotlight on ; …에 스포트라이트를 비추다. [본문으로]
31. vary from ~ to ~ ; ~에서 ~까지 다양하다 [본문으로]
32. vital ; 1. ~ (for/to sth) 필수적인 [본문으로]
33. emphatically ; 어세(語勢)를 강하게 하여, 강조하여(with emphasis) ; 힘을 주어, 힘차게(forcibly) ; 단호하게(decidedly). ;; [ADV] [ADV with v] If you say something emphatically, you say it in a forceful way which shows that you feel very strongly about what you are saying. [본문으로]
34. be rigged against ; ~에 불리하게 조작되다 [본문으로]
35. keep sth down ; 1. (커지거나 증가하지 않도록) 억제하다[낮추다] ;; to make something remain at a low level; to avoid increasing something [본문으로]
36. rhetorical ; 2. (격식, 흔히 못마땅함) (말·글이) 미사여구식의, 과장이 심한 [본문으로]
37. get along with ; ~와 잘 지내다 [본문으로]
38. resonate ; 3. [자동사] ~ (with sb/sth) (…을) 상기시키다[떠올리게 하다]; (…의) 공명을 받다[반향을 불러일으키다] [본문으로]
39. stack against ; …에 불리하게 조작하다. [본문으로]
40. near-daily ; 거의 매일 (일어나는, 발생하는... etc) [본문으로]
41. tale ; 3. [pl.] 객담; (남의 비밀 등의) 소문; 험담 [본문으로]
42. dole sth out (to sb) ; (~에게) ~을 조금씩 나눠 주다 ;; to give money, food, etc. to a group of people [본문으로]
43. tender ; 2. [타동사][VN] ~ sth (to sb) (격식) 제출[제공]하다 [본문으로]
44. crony ; 친한 친구, 옛친구; 《경멸적》 좋지 않은 친구; 추종자, 측근, 패거리. ; 유의어 FRIEND [본문으로]
45. bidder ; 1. 가격 제시자, 호가한 사람 ;; 2. 응찰자 [본문으로]
46. well-intended ; 1. Of a person: favourably minded or inclined; having good intentions; well-meaning. ;; 2. Of an action, utterance, etc.: motivated or characterized by good intentions; well-meant. [본문으로]
47. unproductive ; 수확이 없는, 불모의; 비생산적인, 수익[이익]이 없는, 무효한, 헛된 [본문으로]
48. hinder ; [타동사][VN] ~ sb/sth (from sth/from doing sth) 저해[방해]하다, …을 못하게 하다 ; 유의어 hamper ; 참조 hindrance [본문으로]
49. a generic drug ; [명사] (생명과학) 복제약품(複製藥品) ;; 상표 등록에 의한 법적 보호를 받고 있지 않은 약 ;; 상표 없는 약 [본문으로]
50. otherwise ; 1. (만약) 그렇지 않으면[않았다면] [본문으로]
51. perfect competition ; (경제) 완전 경쟁 ;; [NOUN] a market situation in which there exists a homogeneous product, freedom of entry, and a large number of buyers and sellers none of whom individually can affect price [본문으로]
52. reckon ; 1. (비격식, 특히 英) (…라고) 생각하다 ;; 3. [타동사][V to inf] (英, 비격식) 예상하다 ;; 생각, 예상하는 주체를 동사 다음에 놓은 것을 확인 [본문으로]
53. civil society ; [명사] 시민 사회; 문명 사회. [본문으로]
54. much-maligned ; [ADJ] If you describe someone or something as much-maligned, you mean that they are often criticized by people, but you think the criticism is unfair or exaggerated because they have good qualities too. [본문으로]
55. make inroads (into, on, upon, against) ; 침입하다 ;; ~을 잠식해 들어가다[감소시키다] ;; …을 먹어 들어가다, …에 침입하다 ;; 1.reduce the amount of something ;; 2.advance successfully into a new area [본문으로]
56. establish ; 1. <국가·학교·기업 등을> 설립하다, 개설[창립]하다; <관계 등을> 성립시키다, 수립하다 ; 유의어 found ;; [ORIGIN Latin]「공고히 하다」의 뜻에서 ;; [VERB] If someone establishes something such as an organization, a type of activity, or a set of rules, they create it or introduce it in such a way that it is likely to last for a long time. [본문으로]
57. charge sb with sth ; to give somebody a duty, responsibility or task [본문으로]
58. attract[draw, lure] foreign investment ; 외국인 투자를 유치하다 [본문으로]
59. compete (with somebody) for ; …을 위해 (…와) 싸우다, 다투다, 경재하다. [본문으로]
60. procurement ; [U] (격식) (특히 정부·기관의 물품) 조달[입수] ;; [NOUN] Procurement is the act of obtaining something such as supplies for an army or other organization. [본문으로]
61. send ; 4. <재빨리·갑자기 어떤 움직임을 하게 함을 나타냄> ;; 5. ~ sb (to/into sth) <사람에게 어떤 행동이나 반응을 하게 함을 나타냄> [본문으로]
62. concern ; 1. [U, C] ~ (about/for/over sth/sb) | ~ (that…) (특히 많은 사람들이 공유하는) 우려[걱정] ; 참조 unconcern ;; 2. [U] 배려, 염려 [본문으로]
63. favor ; 1. <계획·제안 등에> 호의를 보이다, 찬성하다 [본문으로]
64. bring change ; 변화를 가져오다, 불러일으키다 [본문으로]
65. personal magnetism ; 개성, 개인의 매력 ;; 미국·영국 [ˈmæɡnətɪzəm] [본문으로]
66. unglamorous ; [형용사] 매력적이지 못한, 따분한 ;; [ADJ] lacking in glamour, allure, or fascination [본문으로]
67. landslide ; [명사] 2. (선거에서) 압도적인 득표[승리] ;; [형용사] <선거 등이> 압도적인, 압승의 [본문으로]
68. joint plan ; 공동 개획, 작전 [본문으로]
69. weed (sth/sb) out ; (불필요하거나 부족한 대상 등을) 제거하다[뽑아 버리다] ;; to remove or get rid of somebody/something that you do not want from a group of people or things [본문으로]
70. stick it to ; (속어) …을 심하게 다루다; …에게 문제를 들이대다, 불만을 토로하다 [본문으로]
71. prominent ; 1. 중요한; 유명한 ;; [ADJ] Someone who is prominent is important. [본문으로]
72. cabinet minister ; [명사] (종종 C- M-) 장관, 각료(閣僚). [본문으로]
73. have a point ; [동사] 일가견을 가지고 있다, 일리 있다; 장점이 있다. ; 유의어 have a worthwhile opinion, be correct [effective] in one's contention [본문으로]
74. clout ; 1. [U] 영향력 ;; [NOUN] A person or institution that has clout has influence and power. [본문으로]
75. odd ; 3-b. [끝수가 없는 숫자 뒤, 또는 복합어를 이루어] …남짓의 [본문으로]
76. subindustry ; An industry that makes up part of a larger industry. [본문으로]
77. calculate ; 2. (상식·경험으로) 추정하다, 평가[판단]하다(evaluate); <장래 일을> 계산해 내다, 예측하다, 어림하다 ;; 4. …이라고 생각하다(think), 상상하다(suppose) [본문으로]
78. account for ; 3. (부분·비율을) 차지하다 ;; 2.to be a particular part of something; to be a particular amount [본문으로]
79. look at ; 1. ~을 (자세히) 살피다[검토/진찰하다] ;; 2. ~에 대해 생각[고려/검토]하다 ;; 3. (특정한 방식으로) ~을 보다[고려하다] [본문으로]
80. mark-up ; [명사] (상업) (정찰)가격인상(하다) ;; [NOUN] A mark-up is an increase in the price of something, for example the difference between its cost and the price that it is sold for. [본문으로]
81. selling price ; [명사] 판매가 ; 참조 asking price, cost price [본문으로]
82. production costs ; 생산비, 제작 비용 [본문으로]
83. explanation ; 1. [C, U] ~ (for sth/for doing sth) 해명, 이유; 설명 [본문으로]
84. acquisition ; 3. [C, U] (상업) (기업) 인수, 매입(한 물건) [본문으로]
85. adjust for ; make allowance(s) for ; ~을 감안[참작]하다 [본문으로]
86. get away with ; 3. (나쁜 짓을 하고도) 처벌을 모면하다[그냥 넘어가다] ;; 4. (예상보다 적은 것으로) 그럭저럭 해 나가다 ;; 1.to steal something and escape with it ;; 2.to do something wrong and not be punished or criticized for it [본문으로]
87. as a whole ; considered as one general group [본문으로]
88. grapple with ; ~을 해결하려고 노력하다 ;; to try to deal with a difficult situation or solve a difficult problem [본문으로]
89. fret about ; …에 대해 초조해하다. [본문으로]
90. occupational regulation ; Occupational regulation refers to state approved standards for either being listed as qualified or being licensed to perform certain tasks or jobs prescribed by the government. Standard forms of occupational regulation include licensure, certification, and regulation. [본문으로]
91. give a speech ; 연설하다 [본문으로]
92. market power ; In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost. In perfectly competitive markets, market participants have no market power. A firm with total market power can raise prices without losing any customers to competitors. Market participants that have market power are therefore sometimes referred to as "price makers" or "price setters", while those without are sometimes called "price takers". Significant market power occurs when prices exceed marginal cost and long run average cost, so the firm makes profit. [본문으로]
93. be a long way off ; 멀리 떨어져 있다, 격원하다, 까마득하다, 가능성이 희박하다 [본문으로]
94. gradually ; [부사] 서서히 ;; [ADV] If something changes or is done gradually, it changes or is done in small stages over a long period of time, rather than suddenly. [본문으로]
95. cosy ; [형용사] (cosier, cosiest, cozier, coziest) 3. (흔히 못마땅함) 안이한, 편리한(반드시 정직하거나 옳지 않을 수도 있음을 내포함) [본문으로]
96. creative destruction ; [명사] (경제) 창조[건설]적 파괴. ;; Creative destruction (German: schöpferische Zerstörung), sometimes known as Schumpeter's gale, is a concept in economics which since the 1950s has become most readily identified with the Austrian economist Joseph Schumpeter who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle. According to Schumpeter, the "gale of creative destruction" describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one". In Marxian economic theory the concept refers more broadly to the linked processes of the accumulation and annihilation of wealth under capitalism. [본문으로]
97. fiercely ; [부사] 사납게, 맹렬하게; 지독하게 [본문으로]
98. clubbable (clubable) ; [형용사] [구어] 클럽 회원에 적합한; 사교적인 ;; [ADJ] A clubbable person is friendly and likes being with other people, which makes them good members of social clubs. [본문으로]
99. tumultuous ; [주로 명사 앞에 씀] 1. (특히 기쁜 마음으로) 떠들썩한 ;; 2. 격동의 ; 유의어 tempestuous [본문으로]
100. cartel ; 1. [경제] 카르텔, 기업 연합(cf. TRUST 8); [정치] 당파 연합 ;; [NOUN] A cartel is an association of similar companies or businesses that have grouped together in order to prevent competition and to control prices. [본문으로]
101. consolidate ; 1. (세력 있는 위치·성공의 가능성 등을) 굳히다[강화하다] ;; [VERB] If you consolidate something that you have, for example power or success, you strengthen it so that it becomes more effective or secure. [본문으로]
102. pig iron ; [명사] 선철(銑鐵) ;; Pig iron is an intermediate product of the iron industry, also known as crude iron, which is first obtained from a smelting furnace in the form of oblong blocks. Pig iron has a very high carbon content, typically 3.8–4.7%,[1] along with silica and other constituents of dross, which makes it very brittle and not useful directly as a material except for limited applications. [본문으로]
103. zaibatsu ; [명사] 일본 재벌; 기업 연합. ;; [NOUN] the group or combine comprising a few wealthy families that controls industry, business, and finance in Japan [본문으로]
104. prewar ; [형용사, 부사] 전전(戰前)의[에](opp. postwar) [본문으로]
105. occupier ; 1. ~ (of sth) (격식) (건물·방·토지 등의) 사용자[거주자/입주자] ; 유의어 occupant ; 참조 owner-occupier ;; 2. [주로 복수로] 점령군(의 한 사람) [본문으로]
106. zaibatsu ; [명사] 일본 재벌; 기업 연합. ;; [NOUN] the group or combine comprising a few wealthy families that controls industry, business, and finance in Japan [본문으로]
107. keiretsu ; [명사] (일본) 기업 계열(系列), 계열화(기업이 계열을 형성해 외국 기업의 국내 시장 진입을 어렵게 하는 것). [본문으로]
108. familial ; [명사 앞에만 씀] (격식) 1. 가족의 ;; 2. (의학) (질병·신체 조건 등이) 가족성의, 집안 내력인 ;; 미국∙영국 [fəˈmɪliəl] [본문으로]
109. grouping ; 1. [C] (흔히 더 큰 집단의 일부인) 그룹[집단] ;; 2. [U] 그룹으로 나누기, 분류 ;; [NOUN] A grouping is a set of people or things that have something in common. [본문으로]
110. revolve around[round] sb/sth ; (관심·주제가) ~을 중심으로[위주로] 삼다[돌아가다] ;; to have somebody/something as the main subject or interest [본문으로]
111. trading company ; 상사(商事) 회사, (무역) 상사(商社) [본문으로]
112. stitch sb up ; (英, 비격식) ~를 속이다; ~에게 죄를 덮어씌우다[누명을 씌우다] ;; to make somebody appear to be guilty of something they have not done, for example by giving false information; to cheat somebody [본문으로]
113. bountiful ; (격식 또는 문예체) 1. 많은, 풍부한 ;; [ADJ] A bountiful supply or amount of something pleasant is a large one. [본문으로]
114. plough sth into sth ; (거액의 자본을 회사·프로젝트에) 투자하다 ;; to invest a large amount of money in a project, a business, etc. [본문으로]
115. counterproductive ; [형용사] (대개 명사 앞에는 안 씀) 역효과를 낳는 ; 참조 productive [본문으로]
116. collusive ; [형용사] 공모의, (미리) 결탁한 ;; [ADJ] Collusive behaviour involves secret or illegal co-operation, especially between countries or organizations. [본문으로]
117. mythical ; [주로 명사 앞에 씀] 2. (드물게 myth·ic) 가공의, 사실이 아닌 ; 유의어 fictitious [본문으로]
118. anticompetitive ; [형용사] (기업 간의) 반(反)경쟁적인 [본문으로]
119. be confined to ; …에 틀어박혀[갇혀] 있다 [본문으로]
120. backwater ; 2. (흔히 못마땅함) (발전·변화 등의 영향을 덜 받는) 후미진 곳, 벽지 [본문으로]
121. ferocious ; [형용사] 흉포한; 맹렬한, 격렬한 ; 유의어 savage [본문으로]
122. prevalence ; [명사] [U] 널리 퍼짐, 유행, 보급; [드물게] = PREDOMINANCE [본문으로]
123. competitive pressure ; Competitive pressure is defined in terms of its effect on a firm's incentives to undertake product and process innovations. The result of product innovation is a new product to introduce into the market. Hence the incentive for product innovation is determined by the profit level associated with this new product. [본문으로]
124. prestigious ; [형용사] (주로 명사 앞에 씀) 명망 있는[높은], 일류의 [본문으로]
125. feel obliged (to do) ; 의무감이 들다[생기다] [본문으로]
126. plunge headlong into ; ~로 곤두박질치다, ~로 거꾸로 뛰어들다, (시장, 분야 등)으로 뛰어들다. [본문으로]
127. expansion ; [U, C] 확대, 확장, 팽창 ;; [NOUN] Expansion is the process of becoming greater in size, number, or amount. [본문으로]
128. loss-making ; [형용사] 기업·사업체가 수익을 못 낳는, 손실을 보고 있는 [본문으로]
129. return on asset ; (지식경제용어) 자산수익률 ;; 기업의 당기순이익을 자산총액으로 나눈 수치로, 그 기업이 자산을 얼마나 효율적으로 운용했느냐를 나타내는 지표가 된다. [본문으로]
130. in recent decades ; 요 근래 수십 년간, 최근 수십 년간 [본문으로]
131. distinctive ; [형용사] 독특한 ; 유의어 characteristic ;; [ADJ] Something that is distinctive has a special quality or feature which makes it easily recognizable and different from other things of the same type. [본문으로]
132. This is partly because ~ ; 이것은 부분적으로는 ~하기 때문이다. [본문으로]
133. attentive ; 1. 주의[귀]를 기울이는 ;; 2. ~ (to sb/sth) 배려하는, 신경을 쓰는 ;; [ADJ] If you are attentive, you are paying close attention to what is being said or done. [본문으로]
134. cash-rich ; [형용사] 보유 자금[현금]이 풍부한. [본문으로]
135. product market ; In economics, the product market is the marketplace in which final goods or services are offered for purchase by businesses and the public sector. Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials [본문으로]
136. ease ; [자동사] 4. (주가 따위가) 하락하다, (시황이) 진정되다(off). [본문으로]
137. indicator ; 7. (경제) 경제 지표 [본문으로]
138. rank high (on) ; ~에서 상위를 차지하다 [본문으로]
139. intensity ; [U]강렬, 격렬, 맹렬, 엄격성; 세기, 강도(strength), 효력 [본문으로]
140. happily ; 1. 행복하게; 만족스럽게 ;; 2. 다행히, 운 좋게도 ; 유의어 fortunately ;; 4. (격식) 적절히, 알맞게 [본문으로]
141. by some measures ; 어떤 측면에서 보면 [본문으로]
142. listed firms ; (세무) 공개법인(公開法人) ;; 상장기업 [본문으로]
143. compared with ; ~과 비교하여 [본문으로]
144. total profit ; (경제학) 총 이윤 ;; [보충설명] 총수입과 총비용의 차액을 말하는데, 기업은 이 총 이윤을 극대화하는 산출량을 생산하려 한다. [본문으로]
145. 위에는 the top 100 Japanese corporations 라고 하고 이번에는 America's top 100 firms 로 달리 표현한것을 확인 [본문으로]
146. gelatinous ; 젤리 비슷한[모양의]; 젤라틴의[을 함유한], 젤라틴으로 이루어진; 안정된. ;; [ADJ] Gelatinous substances or mixtures are wet and sticky. [본문으로]
147. sprawling ; [형용사] (명사 앞에만 씀) 제멋대로 뻗어[퍼져] 나가는 [본문으로]
148. business group ; 대규모 기업집단, 대기업집단 [본문으로]
149. big fish ; [미·속어] 거물, 중요 인물(cf. SMALL FRY); 권위자; 재능 있는 인물 ;; [NOUN] If you describe someone as a big fish, you believe that they are powerful or important in some way. [본문으로]
150. player ; 2. (특정 사업·정치 분야에서 활동하는) 회사[개인] ; 참조 team player [본문으로]
151. inhabit ; [타동사][VN] (특정 지역에) 살다[거주/서식하다] [본문으로]
152. swathe ; [literary] [S] literary a large part of something that includes several different things: ;; [본문으로]
153. strategic (드물게 stra·tegic·al[-dʒɪkl]) ; [주로 명사 앞에 씀] 1. (목적 달성을 위한) 전략상 중요한[전략적인] [본문으로]
154. deem ; [자, 타동사] [보통 진행형으로는 쓰이지 않음] (격식) (…로) 여기다[생각하다] ; 유의어 consider ;; [VERB] If something is deemed to have a particular quality or to do a particular thing, it is considered to have that quality or do that thing. [본문으로]
155. mobile provider ; 이동통신사, 모바일 서비스 제공업체 [본문으로]
156. state-owned enterprise ; (경영) 국유기업 ;; [보충설명] 기업 자산이 모두 국가소유이며 비회사제도로 등기 등록 한 경제조직이다. [본문으로]
157. strictly ; 1. 엄격히, 엄밀히, 정확히; [문장 전체를 수식하여] 엄밀히 말하자면 [본문으로]
158. differ ; [자동사] 1. 다르다 ((in, as to, from)) ;; 2. 의견을 달리하다 ((with, from)) ((disagree보다 딱딱한 말)) [본문으로]
159. get[have] a raw[rough] deal ;; 부당한 대우를 받다 [본문으로]
160. gouge ; 사취[갈취]하다; 터무니없는 값으로 바가지 씌우다(overcharge). ;; 미국∙영국 [ɡaʊdʒ] [본문으로]
161. make profits ; 수익을 올리다 [본문으로]
162. notoriously ; [부사] 악명 높게; 주지의 사실로서 [본문으로]
163. as a general rule ; 대개는, 보통은, 일반적으로 ;; 대략(大略). [본문으로]
164. wait ; [명사] [주로 단수로] ~ (for sb/sth) 기다리기, 기다림; 기다리는 시간 [본문으로]
165. surly ; (sur·lier, sur·li·est) 1. (심술궂게) 기분이 언짢아하는; 무뚝뚝한, 퉁명스러운 [본문으로]
166. economic impact ; 경제적 영향(효과) [본문으로]
167. lend ; [자동사] 돈을 빌려 주다, 융자하다 [본문으로]
168. in the event of sth ; 만약 …하면[…할 경우에는] ; 유의어 in the event that something happens [본문으로]
169. bail sb out (of sth) ; ~를 (곤경에서) 구하다 [본문으로]
170. allocate ; <일·임무 등을> 할당하다; <이익 등을> 배분하다(assign) ((to)); 배치하다 ((to)); [컴퓨터] …에 할당하다 [본문으로]
171. overseas ; [부사] 해외에[로], 외국[국외]에[으로] ; 유의어 abroad ;; [형용사] (특히 바다로 분리된) 해외[외국/국외]의 ; 참조 home [본문으로]
172. butt heads ; 충돌(대치)하다 [본문으로]
173. in effect ; 1. 사실상[실제로는] [본문으로]
174. inefficiency ; 1. [U] 비능률, 무효과; 무능력. ;; 2. [C] 비능률적인 점, 효과가 없는 것. [본문으로]
175. scoop sth up ; to win or get something easily, especially a large sum of money or a prize [본문으로]
176. government backing ; 정부의 지원 [본문으로]
177. commercially minded ; 장사에 관심이 많은, 장사 기질이 있는 ;; minded ; 1. [형용사와 함께 쓰여 합성 형용사를 형성함] 생각[성격/태도]이 …한 ; 참조 absent-minded, bloody-minded ;; 2. [부사와 함께 쓰여 합성 형용사를 형성함] …에 관심이 있는, …을 잘 이해하는 ;; 3. [명사와 함께 쓰여 합성 형용사를 형성함] …에 관심이 많은[열광하는] ;; 4. [명사 앞에는 안 씀] ~ (to do sth) (격식) … 하고 싶어 하는, … 할 의향이 있는 ; 유의어 inclined [본문으로]
178. not least because ; This phrase is used when there are several reasons for doing (or not doing something). When you put "not least" before one of them, it means that this is "not the most unimportant reason" -- so it is an important reason. E.g.: "You should exercise more because you will be happier, healthier, and not least because you live longer." The "not least" empasizes that even though I put the "live longer" reason after the other two reasons, it is not because it is less important than those. [본문으로]
179. from ~ to ~ to ; 형식을 사용한 것을 확인 [본문으로]
180. battle it out ; 끝까지[필사적으로] 싸우다 [본문으로]
181. stage of development ; 발달, 발전, 개발 단계 [본문으로]
182. stem from ; [동사] …에 기인하다, …에 유래하다. ; 유의어 originate in, emanate from. ;; (진행형으로는 쓰이지 않음) ~에서 생겨나다[기인하다] ;; to be caused by something; to be the result of something [본문으로]
183. grip ; 1. [C, 주로 단수로] ~ (on sb/sth) 꽉 붙잡음, 움켜쥠; 잡는[쥐는] 방식 ; 유의어 grasp ;; 2. [sing.] ~ (on sb/sth) 통제, 지배 ;; 3. [sing.] ~ (on sth) 이해, 파악 유의어 grasp [본문으로]
184. strategic industry ; an industry that a government considers to be very important for the country's economy or safety: [본문으로]
185. fight over ; …에 관하여 싸우다 [본문으로]
186. scrap ; 3. [pl.] scraps (식사 때 먹고) 남은 음식 [본문으로]
187. thin margin ; 미미한 판매수익 [본문으로]
188. problematic (드물게 prob·lem·at·ical[-ɪkl]) ; 문제가 있는[많은] ; 반의어 unproblematic [본문으로]
189. be tempted to ; ~하라고 유혹받다 ;; ~하고 싶다, ~하도록 유혹당하다 ;; ~하고 싶어지다 [본문으로]
190. cut corners ; (못마땅함) (일을 쉽게 하려고) 절차[원칙 등]를 무시[생략]하다 ;; 흐름상 "안전에 관한 비용을 아끼려고 하다" 정도의 의미 [본문으로]
191. environmental standard ; An environmental standard is a policy guideline that regulates the effect of human activity upon the environment. Standards may specify a desired state (e.g. lake pH should be between 6.5 and 7.5) or limit alterations (e.g. no more than 50% of natural forest may be damaged). Environmental standards are a set of quality conditions that are adhered to or maintained for a particular environmental component and function. The different environmental activities have different concerns and therefore different standards. [본문으로]
192. (and) what's more ; 한 술 더 떠서 ;; (and) more importantly; (and) in addition [본문으로]
193. cash flow ; [C, U] 현금 유동성(한 사업체의 수입과 지출의 흐름) ;; [NOUN] The cash flow of a firm or business is the movement of money into and out of it. [본문으로]
194. news는 단수로 받음을 확인 [본문으로]
195. resolve ; 4. <문제 등을> 풀다, 해결하다(solve); <의심 등을> 풀다, 해명하다, 설명하다 [본문으로]
196. more or less ; 1. 거의(almost) ;; 2. 약[대략](approximately) [본문으로]
197. mature ; 3. [자동사][V] ~ (into sth) (기량 등이) 원숙해지다[원숙해져서 ~이 되다] [본문으로]
198. slow ; [자동사] 속도가 떨어지다, 늦어지다; 활기가 없어지다 ((up, down)) [본문으로]
199. returns to scale ; (경제) 규모에 대한 수익;; [참고] Economies of scale ; 대량생산의 경우에서와 같이, 생산규모가 증가함에 따라 생산비에 비해 생산량이 보다 크게 증가함으로써 생기는 경제적 이익을 말하며, 규모에 대한 수익(returns to scale)이라고도 한다. ;; In economics, returns to scale and economies of scale are related but different terms that describe what happens as the scale of production increases in the long run, when all input levels including physical capital usage are variable (chosen by the firm). The term returns to scale arises in the context of a firm's production function. It explains the behavior of the rate of increase in output (production) relative to the associated increase in the inputs (the factors of production) in the long run. In the long run all factors of production are variable and subject to change due to a given increase in size (scale). While economies of scale show the effect of an increased output level on unit costs, returns to scale focus only on the relation between input and output quantities. [본문으로]
200. in the coming years ; 향후 몇년간, 앞으로 몇 년 동안 [본문으로]
201. give rise to sth ; [동사] 낳다; 일으키다. ; 유의어 originate; cause. ;; (격식) ~이 생기게 하다 ;; cause something to happen or exist [본문으로]
202. clout ; 1. [U] 영향력 ;; [NOUN] A person or institution that has clout has influence and power. [본문으로]
203. an ocean of sth (英 또한 oceans of something) ; (비격식) 엄청나게 많은 (양의) ~ ;; a large amount of something [본문으로]
204. user data ; (IT) <데이터통신>사용자 데이터(使用者~) [본문으로]
205. fast-growing ; [형용사] 빨리 성장하는, 급성장하는 [본문으로]
206. presence ; 3. [U, C] (타국 군대의) 주둔, 주재; 그 (군사·경제적) 영향력; (외국에의 군사력·경제력 따위의) 진출. [본문으로]
207. regulator ; 1. (산업·상업 분야의) 규제[단속] 기관[담당자] [본문으로]
208. monopolistic ; [형용사] (격식) (특히 산업·기업이) 독점적인 ;; 미국식 [məˌnɑːpə-] 영국식 [məˌnɒpəˈlɪstɪk] [본문으로]
209. in line with sth ; ~와 비슷한; ~와 긴밀히 연결되도록 ;; be in agreement/disagreement with something [본문으로]
210. foster ; 2. 마음에 품다(cherish, harbor fondly in one's mind). ;; 3. (성장·발달을) 촉진하다, 조장하다, 육성하다, 형편에 알맞게 하다(encourage, promote). [본문으로]