Competition acts as a form of "economic warfare" where producers constantly attempt to lower costs through wage reduction, technological innovation, and increased efficiency.
Real competition creates intense conflict between companies, industries, and nations, as producers fight for a share of the total global profit.
Competition shapes global patterns of trade, finance, and investment, reinforcing imbalances between developed and developing economies.
Shaikh argues that the neoclassical model of "perfect competition" is unrealistic and ideologically driven. Instead, he proposes a theory of :