Competition law and competition policy

Competition policy deals with anti-competitive business practices (sometimes called restrictive business practices). Competition laws were first introduced in the United States and later in European countries. Latin American countries have only recently adopted competition laws.

A set of policies that promote competition in local and national markets, for example policies to eliminate restrictive trade practices, favour market entry and

Competition policy helps to promote and protect the competitive process and provides a level playing field for all enterprises. Fair and effective competition contributes to improvements in economic efficiency, economic growth and development, as well as consumer welfare.

What are the objectives of competition law?

The key objectives of competition law are welfare, efficiency, and free and fair competition.
There are distributive dimensions in competition law that are related to different notions of welfare (consumer surplus and producer surplus).
The different types of efficiencies are subject to trade-offs - within a given time (allocative versus ..

What does competition law prohibit?

The purpose of competition law is ensuring a fair marketplace for consumers and producers by prohibiting unethical practices designed to garner greater market share than what could be realized through honest competition.

What does competition law stand for?

Competition law, or antitrust law, has three main elements:

prohibiting agreements or practices that restrict free trading and competition between business.
This includes ,in particular the repression of free trade caused by cartels.

What changes have been made to the competition law?

The amendments have also introduced new categories of companies such as gatekeeper platforms or undertakings of paramount significance for competition across markets

Such companies would be subjected to greater scrutiny and be given more responsibilities to maintain the market in which they operate competitive and open to potential entry

What is competition policy?

1In this paper, 'competition policy' includes the full range of measures that governments take to suppress or deter anti-competitive behaviour and to promote the efficient and competitive operation of markets, including, but not limited to, the enforcement of competition law per se

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