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Encyclopedia > Competition law
Modern competition law is modelled on the United States' Sherman Act, which aimed to "bust the trusts" which dominated markets in corporate America.
Modern competition law is modelled on the United States' Sherman Act, which aimed to "bust the trusts" which dominated markets in corporate America.

Competition law, known in the United States as "antitrust law", has three main elements: Antitrust is a 2001 film directed by Peter Howitt and written by Howard Franklin. ... The Department of Justice building in Washington, D.C. is home to the United States antitrust enforcers United States antitrust law is the body of laws which prohibit anti-competitive behavior (monopoly) and unfair business practices. ... The Sherman Antitrust Act was the first government action to limit trusts (A combination of firms or corporations who agree not to lower prices below a certain rate for the purpose of reducing competition and controlling prices throughout a business or an industry). ...

  • prohibiting agreements or practices that restrict free trading and competition between business entities. This includes in particular the repression of cartels.
  • banning abusive behaviour by a firm dominating a market, or anti-competitive practices that tend to lead to such a dominant position. Practices controlled in this way may include predatory pricing, tying, price gouging, refusal to deal and many others.
  • supervising the mergers and acquisitions of large corporations, including some joint ventures. Transactions that are considered to threaten the competitive process can be prohibited altogether, or approved subject to "remedies" such as an obligation to divest part of the merged business or to offer licences or access to facilities to enable other businesses to continue competing.

The substance and practice of competition law vary from jurisdiction to jurisdiction. Protecting the interests of consumers (consumer welfare) and ensuring that enterpreneurs have an opportunity to compete in the market economy are often treated as important objectives. Competition law is closely connected with law on deregulation of access to markets, state aids and subsidies, the privatisation of state owned assets and the establishment of independent sector regulators. In recent decades, competition law has been viewed as a way to provide better public services.[1] The history of competition law reaches back further than the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the twentieth century, competition law has become global. The two largest and most influential systems of competition regulation are United States antitrust law and European Community competition law. National and regional competition authorities across the world have formed international support and enforcement networks. For the American pop-punk band, see Cartel (band). ... Predatory pricing is the practice of a dominant firm selling a product at a loss in order to drive some or all competitors out of the market, or create a barrier to entry into the market for potential new competitors. ... Tying is the practice of making the sale of one good (the tying good) to the de facto or de jure customer conditional on the purchase of a second distinctive good (the tied good). ... Price gouging is a term of variable, but nearly always pejorative, meaning, referring to a sellers asking a price that is much higher than what is seen as fair under the circumstances. ... Refusal to deal is one of several anti-competitive practices forbidden in countries which have free market economies. ... Acquisition redirects here. ... A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. ... Welfare economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution consequences associated with it. ... A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets (though completley useless to some dumbasses) guided by a free price system. ... Privatization (sometimes privatisation, denationalization, or — especially in India — disinvestment) is the process of transferring property, from public ownership to private ownership. ... Public services is a term usually used to mean services provided by government to its citizens, either directly (through the public sector) or by financing private provision of services. ... For other uses, see Roman Empire (disambiguation). ... A guild is an association of persons of the same trade or pursuits, formed to protect mutual interests and maintain standards of morality or conduct. ... The Department of Justice building in Washington, D.C. is home to the United States antitrust enforcers United States antitrust law is the body of laws which prohibit anti-competitive behavior (monopoly) and unfair business practices. ... The European Commission, established following World War II, was the first Europe wide competition authority European Community competition law is one of the areas of authority of the European Union. ...

Contents

Competition law history

Competition law
Basic concepts
Anti-competitive practices
Laws and doctrines

United States Image File history File links Scale_of_justice_2. ... Competition law history refers to attempts by governments to regulate competitive markets for goods and services, leading up to the modern competition or antitrust laws around the world today. ... The term monopolization refers to an offense under Section 2 of the American Sherman Antitrust Act, passed in 1890. ... In economics and business ethics, a coercive monopoly is any monopoly maintained by coercion. ... In economics, the term natural monopoly is used to refer to two different things. ... In economics and especially in the theory of competition, barriers to entry are obstacles in the path of a firm which wants to enter a given market. ... In economics, market power is the ability of a firm to alter the market price of a good or service. ... In competition law, before deciding whether companies have significant market power which would justify government intervention, the test of Small but Significant and Non-transitory Increase in Price is used to define the relevant market in a consistent way. ... In competition law the Relevant market defines the market in which one or more goods compete. ... Merger Control refers to the procedure of reviewing mergers and acquisitions under antitrust / competition law. ... Anti-competitive practices are business or government practices that prevent and/or reduce competition in a market. ... Look up collusion in Wiktionary, the free dictionary. ... For the American pop-punk band, see Cartel (band). ... Price fixing is an agreement between business competitors to sell the same product or service at the same price. ... Product bundling is a marketing strategy that involves offering several products for sale as one combined product. ... Tying is the practice of making the sale of one good (the tying good) to the de facto or de jure customer conditional on the purchase of a second distinctive good (the tied good). ... Refusal to deal is one of several anti-competitive practices forbidden in countries which have free market economies. ... In competition law, a group boycott is a type of secondary boycott in which two or more competitors in a relevant market refuse to do business with a firm unless the firm agrees to cease doing business with an actual or potential competitor of the firms conducting the boycott. ... Exclusive dealing refers to when a retailer or wholesaler is ‘tied’ to purchase from a supplier on the understanding that no other distributor will be appointed or receive supplies in a given area. ... This article needs to be wikified. ... It has been suggested that this article or section be merged with Market division. ... Conscious parallelism is a term used in antitrust law to describe price-fixing between competitors in an oligopoly that occurs without an actual spoken agreement between the parties. ... Predatory pricing is the practice of a dominant firm selling a product at a loss in order to drive some or all competitors out of the market, or create a barrier to entry into the market for potential new competitors. ... Patent misuse in the United States, is an affirmative defense used in patent litigation after the defendant has been found infringed a patent. ... Copyright misuse is an equitable defense against copyright infringement in the United States based on the unreasonable conduct of the copyright owner. ...

Europe John Sherman The Sherman Antitrust Act (Sherman Act[1], July 2, 1890, ch. ... In the United States, the Clayton Anti-trust Act of 1914 (codified as 15 U.S.C. §§ 12-27) was enacted to remedy deficiencies in antitrust law created under the Sherman Anti-trust Act(1890) that allowed corporations to dissolve labor unions. ... The Robinson-Patman Act of 1936 (or Anti-Price Discrimination Act, ) is a United States federal law that outlawed anticompetitive practices by producers in which chain stores were allowed to purchase goods at lower prices than other retailers. ... The Federal Trade Commission Act of 1934 established the Federal Trade Commission, a bipartisan body of two hundred members appointed by the President of the United States for seven year terms. ... The Merger guidelines are a set of internal rules promulgated by the Antitrust Division of the United States Department of Justice (USDOJ) in conjunction with the Federal Trade Commission. ... The essential facilities doctrine (sometimes also referred to as the essential facility doctrine) is a particular type of claim of monopolization made under competition laws. ... The Noerr-Pennington doctrine is a doctrine of United States antitrust law set forth by the United States Supreme Court in a pair of cases which suggested that under the First Amendment, it can not be a violation of the federal antitrust laws for competitors to lobby the government to... The rule of reason is a doctrine developed by the United States Supreme Court in its interpretation of the Sherman Antitrust Act. ...

Australia The European Commission, established following World War II, was the first Europe wide competition authority European Community competition law is one of the areas of authority of the European Union. ... The Irish Competition Law is the Irish body of legal rules designed to ensure fairness and freedom in the marketplace. ... The Competition Act 1998 banned public schools from fee-fixing in the United Kingdom, which they had previously been allowed to do. ...

Enforcement authorities and organizations
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Laws governing competition law are found in over two millennia of history. Roman Emperors and Medieval monarchs alike used the use of tariffs to stabilize prices or support local production. The formal study of "competition", began in earnest during the 18th century with such works as Adam Smith's The Wealth of Nations. Different terms were used to describe this area of the law, including "restrictive practices", "the law of monopolies", "combination acts" and the "restraint of trade". The Trade Practices Act 1974 is an act of the Parliament of Australia. ... The International Competition Network is an informal, virtual network that seeks to facilitate cooperation between competition law authorities globally. ... A competition regulator is a government agency, typically a statutory authority, which regulates competition laws, and may sometimes also regulate consumer protection laws. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... Competition is the act of striving against others for the purpose of achieving gain, such as income, pride, amusement, or dominance. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Adam Smiths first title page An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776, during the Scottish Enlightenment. ... A term used in antitrust law that includes such conduct as price fixing, market sharing, monopolizing, or attempting to monopolize markets. ... The Combination Act of 1799, titled An Act to prevent Unlawful Combinations of Workmen (short title 39 Geo. ...


Roman legislation

See also: Roman law
At a time of high inflation, Diocletian passed tough laws to stop price distortions

An early example of competition law is the Lex Julia de Annona, enacted during the Roman Republic around 50 BC.[2] To protect the corn trade, heavy fines were imposed on anyone directly, deliberately and insidiously stopping supply ships.[3] Under Diocletian in 301 AD an edict imposed the death penalty for anyone violating a tariff system, for example by buying up, concealing or contriving the scarcity of everyday goods.[4] Using the term Roman law in a broader sense, one may say that Roman law is not only the legal system of ancient Rome but the law that was applied throughout most of Europe until the end of the 18th century. ... Image File history File links Diocletian. ... Image File history File links Diocletian. ... Gaius Aurelius Valerius Diocletianus (c. ... This article is about the state which existed from the 6th century BC to the 1st century BC. For the state which existed in the 18th century, see Roman Republic (18th century). ... Gaius Aurelius Valerius Diocletianus (c. ... The Edict on Maximum Prices (also known as the Edict on Prices or the Edict of Diocletian; in Latin Edictum De Pretiis Rerum Venalium) was issued in 301 by Roman Emperor Diocletian. ...


More legislation came under the Constitution of Zeno of 483 AD, which can be traced into Florentine Municipal laws of 1322 and 1325.[5] This provided for confiscation of property and banishment for any trade combinations or joint action of monopolies private or granted by the Emperor. Zeno rescinded all previously granted exclusive rights.[6] Justinian I subsequently introduced legislation to pay officials to manage state monopolies.[7] As Europe slipped into the dark ages, so did the records of law making until the Middle Ages brought greater expansion of trade in the time of lex mercatoria. Zeno is a Greek name derived from the more ancient variant Zenon. ... Zeno is a Greek name derived from the more ancient variant Zenon. ... This article is about the Roman emperor. ... Petrarch, who conceived the idea of a European Dark Age. From Cycle of Famous Men and Women, Andrea di Bartolo di Bargillac, c. ... This article needs cleanup. ...


Middle ages

See also: Lex Mercatoria and Guilds
Edward III during the Black Death enacted the Statute of Labourers to cap wages, and provide double damages against infringers

Legislation in England to control monopolies and restrictive practices were in force well before the Norman Conquest.[8] The Domesday Book recorded that "foresteel" (i.e. forestalling, the practice of buying up goods before they reach market and then inflating the prices) was one of three forfeitures that King Edward the Confessor could carry out through England.[9] But concern for fair prices also led to attempts to directly regulate the market. Under Henry III an act was passed in 1266[10] to fix bread and ale prices in correspondence with corn prices laid down by the assizes. Penalties for breach included amercements, pillory and tumbrel.[11] A fourteenth century statute labelled forestallers as "oppressors of the poor and the community at large and enemies of the whole country."[12] Under King Edward III the Statute of Labourers of 1349[13] fixed wages of artificers and workmen and decreed that foodstuffs should be sold at reasonable prices. On top of existing penalties, the statute stated that overcharging merchants must pay the injured party double the sum he received, an idea that has been replicated in punitive treble damages under US antitrust law. Also under Edward III, the following statutory provision outlawed trade combinations.[14] This article needs cleanup. ... A guild is an association of persons of the same trade or pursuits, formed to protect mutual interests and maintain standards of morality or conduct. ... Image File history File links Edward3. ... Image File history File links Edward3. ... This article concerns the mid fourteenth century pandemic. ... Bayeux Tapestry depicting events leading to the Battle of Hastings The Norman Conquest of England was the conquest of the Kingdom of England by William the Conqueror (Duke of Normandy), in 1066 at the Battle of Hastings and the subsequent Norman control of England. ... A line drawing entitled Domesday Book from Andrew Williamss Historic Byways and Highways of Old England. ... In English common law of the nineteenth century engrossing, forestalling and regrating were three terms used to describe the achievement of an illegal monopoly of a certain good, often food, at market. ... Search and seizure is a legal tool whereby police who suspect that a crime has been committed may do a search of the property. ... Edward the Confessor or Eadweard III (c. ... The Courts of Assize, or Assizes, were periodic criminal courts held around England and Wales until 1972, when together with the Quarter Sessions they were abolished by the Courts Act 1971 and replaced by a single permanent Crown Court. ... An amercement is a financial penalty in English law, common during the Middle Ages, imposed either by the court or by peers. ... Gothic pillory (early 16th century) in Schwäbisch Hall, Germany The pillory was a device used in punishment by public humiliation and often additional, sometimes lethal, physical abuse. ... A common scold gets her comeuppance in the ducking stool. ... Edward III King of England Edward III (13 November 1312–21 June 1377) was one of the most successful English Kings of medieval times. ... The Statute of Labourers was a law enacted by the English parliament under King Edward III in 1351 in response to a labour shortage. ... Punitive damages are damages awarded to a successful plaintiff in a civil action, over and above the amount of compensatory damages, to: punish the conduct of the civil defendant; deter the civil defendant from committing the invidious act again; and deter others from doing the same thing. ... Treble damages, in law, is a term that indicates that a statute permits a court to triple the amount of the actual damages to be awarded to a prevailing party, generally in order to punish the losing party for willful conduct. ... This article is about anti-competitive business behavior. ...

"...we have ordained and established, that no merchant or other shall make Confederacy, Conspiracy, Coin, Imagination, or Murmur, or Evil Device in any point that may turn to the Impeachment, Disturbance, Defeating or Decay of the said Staples, or of anything that to them pertaineth, or may pertain."

Examples of legislation in mainland Europe include the constitutiones juris metallici by Wenceslas II of Bohemia between 1283 and 1305, condemning combinations of ore traders increasing prices; the Municipal Statutes of Florence in 1322 and 1325 followed Zeno's legislation against state monopolies; and under Emperor Charles V in the Holy Roman Empire a law was passed "to prevent losses resulting from monopolies and improper contracts which many merchants and artisans made in the Netherlands." In 1553 King Henry VIII reintroduced tariffs for foodstuffs, designed to stabilise prices, in the face of fluctuations in supply from overseas. So the legislation read here that whereas, Wenceslaus II on Jan Matejkos painting Wenceslaus II Premyslid (Czech Václav, Polish Wacław) (September 17, 1271 - June 21, 1305). ... Flag of Bohemia Bohemia (Czech: ; German: ) is a historical region in central Europe, occupying the western and middle thirds of the Czech Republic. ... Zeno is a Greek name derived from the more ancient variant Zenon. ... Charles (February 24, 1500 – September 21, 1558) was Holy Roman Emperor (as Charles V) from 1519-1558; he was also King of Spain from 1516-1556, officially as Charles I of Spain, although often referred to as Charles V (Carlos Quinto or Carlos V) in Spain and Latin America. ... This article is about the medieval empire. ... Henry VIII King of England and Ireland by Hans Holbein the Younger His Grace King Henry VIII (28 June 1491–28 January 1547) was King of England and Lord of Ireland (later King of Ireland) from 22 April 1509 until his death. ...

"it is very hard and difficult to put certain prices to any such things... [it is necessary because] prices of such victuals be many times enhanced and raised by the Greedy Covetousness and Appetites of the Owners of such Victuals, by occasion of ingrossing and regrating the same, more than upon any reasonable or just ground or cause, to the great damage and impoverishing of the King's subjects."[15]

Around this time organisations representing various tradesmen and handicraftspeople, known as guilds had been developing, and enjoyed many concessions and exemptions from the laws against monopolies. The privileges conferred were not abolished until the Municipal Corporations Act 1835. A guild is an association of craftspeople in a particular trade. ...


Renaissance developments

See also: Renaissance
Elizabeth I assured monopolies would not be abused in the early era of globalisation
Elizabeth I assured monopolies would not be abused in the early era of globalisation

Europe around the 15th century was changing fast. The new world had just been opened up, overseas trade and plunder was pouring wealth through the international economy and attitudes among businessmen were shifting. In 1561 a system of Industrial Monopoly Licences, similar to modern patents had been introduced into England. But by the reign of Queen Elizabeth I, the system was reputedly much abused and used merely to preserve privileges, encouraging nothing new in the way of innovation or manufacture.[16] When a protest was made in the House of Commons and a Bill was introduced, the Queen convinced the protesters to challenge the case in the courts. This was the catalyst for the Case of Monopolies or Darcy v. Allin.[17] The plaintiff, an officer of the Queen's household, had been granted the sole right of making playing cards and claimed damages for the defendant's infringement of this right. The court found the grant void and that three characteristics of monopoly were (1) price increases (2) quality decrease (3) the tendency to reduce artificers to idleness and beggary. This put a temporary end to complaints about monopoly, until King James I began to grant them again. In 1623 Parliament passed the Statute of Monopolies, which for the most part excluded patent rights from its prohibitions, as well as guilds. From King Charles I, through the civil war and to King Charles II, monopolies continued, especially useful for raising revenue.[18] Then in 1684, in East India Company v. Sandys[19] it was decided that exclusive rights to trade only outside the realm were legitimate, on the grounds that only large and powerful concerns could trade in the conditions prevailing overseas. In 1710 to deal with high coal prices caused by a Newcastle Coal Monopoly the New Law was passed.[20] Its provisions stated that "all and every contract or contracts, Covenants and Agreements, whether the same be in writing or not in writing... are hereby declared to be illegal." When Adam Smith wrote the Wealth of Nations in 1776[21] he was somewhat cynical of the possibility for change. This article is about the European Renaissance of the 14th-17th centuries. ... Image File history File links Elizabeth_I_(Armada_Portrait). ... Image File history File links Elizabeth_I_(Armada_Portrait). ... Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. ... Frontispiece of Peter Martyr dAnghieras De orbe novo (On the New World). Carte dAmérique, Guillaume Delisle, 1722. ... For other uses, see Patent (disambiguation). ... Type Lower House Speaker Michael Martin, (Non-affiliated) since October 23, 2000 Leader Harriet Harman, (Labour) since June 28, 2007 Shadow Leader Theresa May, (Conservative) since May 5, 2005 Members 659 Political groups Labour Party Conservative Party Liberal Democrats Scottish National Party Plaid Cymru Democratic Unionist Party Sinn Féin... Darcy v. ... James VI and I (19 June 1566 – 27 March 1625) was King of Scots as James VI, and King of England and King of Ireland as James I. He ruled in Scotland as James VI from 24 July 1567, when he was only one year old, succeeding his mother Mary... Englands Statute of Monopolies of 1623 (21 Jac. ... Charles I (19 November 1600 – 30 January 1649) was King of England, King of Scots and King of Ireland from 27 March 1625 until his execution. ... Charles II (29 May 1630 – 6 February 1685) was the King of England, Scotland, and Ireland. ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ...

"To expect indeed that freedom of trade should ever be entirely restored in Great Britain is as absurd as to expect that Oceana or Utopia should ever be established in it. Not only the prejudices of the public, but what is more unconquerable, the private interests of many individuals irresistibly oppose it. The Member of Parliament who supports any proposal for strengthening this Monopoly is seen to acquire not only the reputation for understanding trade, but great popularity and influence with an order of men whose members and wealth render them of great importance." // The Commonwealth of Oceana (1656) is a seventeenth-century political tract by the English theorist of classical republicanism, James Harrington (1611-1677). ... For other uses, see Utopia (disambiguation). ...

Restraint of trade

Main article: Restraint of trade
Judge Coke in the 17th century thought that general restraints on trade were unreasonable
Judge Coke in the 17th century thought that general restraints on trade were unreasonable

The English law of restraint of trade is the direct predecessor to modern competition law.[22] Its current use is small, given modern and economically oriented statutes in most common law countries. Its approach was based on the two concepts of prohibiting agreements that ran counter to public policy, unless the reasonableness of an agreement could be shown. A restraint of trade is simply some kind of agreed provision that is designed to restrain another's trade. For example, in Nordenfelt v. Maxim, Nordenfelt Gun Co.[23] a Swedish arm inventor promised on sale of his business to an American gun maker that he "would not make guns or ammunition anywhere in the world, and would not compete with Maxim in any way." At present, the law will not enforce certain types of contracts on the ground of illegality. ... Image File history File links Edward_coke. ... Image File history File links Edward_coke. ... Sir Edward Coke Sir Edward Coke (pronounced cook) (1 February 1552 – 3 September 1634), was an early English colonial entrepreneur and jurist whose writings on the English common law were the definitive legal texts for some 300 years. ... The reasonable man or reasonable person standard is a legal fiction that originated in the development of the common law. ...


To be consider whether or not there is a restraint of trade in the first place, both parties must have provided valuable consideration for their agreement. In Dyer's case[24] a dyer had given a bond not to exercise his trade in the same town as the plaintiff for six months but the plaintiff had promised nothing in return. On hearing the plaintiff's attempt to enforce this restraint, Hull J exclaimed, Consideration is something that is done or promised in return for a contractual promise. ...

"per Dieu, if the plaintiff were here, he should go to prison until he had paid a fine to the King."

The common law has evolved to reflect changing business conditions. So in the 1613 case of Rogers v. Parry[25] a court held that a joiner who promised not to trade from his house for 21 years could have this bond enforced against him since the time and place was certain. It was also held that a man cannot bind himself to not use his trade generally by Chief Justice Coke. This was followed in Broad v. Jolyffe[26] and Mitchell v. Reynolds[27] where Lord Macclesfield asked, "What does it signify to a tradesman in London what another does in Newcastle?" In times of such slow communications, commerce around the country it seemed axiomatic that a general restraint served no legitimate purpose for one's business and ought to be void. But already in 1880 in Roussillon v. Roussillon[28] Lord Justice Fry stated that a restraint unlimited in space need not be void, since the real question was whether it went further than necessary for the promisee's protection. So in the Nordenfelt[29] case Lord McNaughton ruled that while one could validly promise to "not make guns or ammunition anywhere in the world" it was an unreasonable restraint to "not compete with Maxim in any way." This approach in England was confirmed by the House of Lords in Mason v. The Provident Supply and Clothing Co.[30] Sir Edward Coke Sir Edward Coke (pronounced cook) (1 February 1552 – 3 September 1634), was an early English colonial entrepreneur and jurist whose writings on the English common law were the definitive legal texts for some 300 years. ... Thomas Parker, 1st Earl of Macclesfield (1666-1732) was an English politician. ... Sir Edward Fry (1827-1918), a judge on the British Court of Appeal (1883-1892) and also an arbitrator on the International Permanent Court of Arbitration. ...


Competition law today

Modern competition law begins with the United States legislation of the Sherman Act of 1890 and the Clayton Act of 1914. While other, particularly European, countries also had some form of regulation on monopolies and cartels, the US codification of the common law position on restraint of trade had a widespread effect on subsequent competition law development. Both after World War II and after the fall of the Berlin wall competition law has gone through phases of renewed attention and legislative updates around the world. The Sherman Antitrust Act was the first government action to limit trusts (A combination of firms or corporations who agree not to lower prices below a certain rate for the purpose of reducing competition and controlling prices throughout a business or an industry). ... In the United States, the Clayton Antitrust Act of 1914 was enacted to remedy perceived deficiencies in antitrust law created under the Sherman Antitrust Act of 1890. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... View in 1986 from the west side of graffiti art on the walls infamous death strip Walls poster in memory of the fall. ...


United States antitrust

Main article: United States antitrust law
Standard Oil was one of the greatest companies to be broken up under United States antitrust laws
Standard Oil was one of the greatest companies to be broken up under United States antitrust laws

The American term anti-trust arose not because the US statutes had anything to do with ordinary trust law, but because the large American corporations used trusts to conceal the nature of their business arrangements. Big trusts became synonymous with big monopolies, the perceived threat to democracy and the free market these trusts represented led to the Sherman and Clayton Acts. These laws, in part, codified past American and English common law of restraints of trade. Senator Hoar, an author of the Sherman Act said in a debate, "We have affirmed the old doctrine of the common law in regard to all inter-state and international commercial transactions and have clothed the United States courts with authority to enforce that doctrine by injunction." Evidence of the common law basis of the Sherman and Clayton acts is found in the Standard Oil case,[31] where Chief Justice White explicitly linked the Sherman Act with the common law and sixteenth century English statutes on engrossing.[32] The Act's wording also reflects common law. The first two sections read as follows, The Department of Justice building in Washington, D.C. is home to the United States antitrust enforcers United States antitrust law is the body of laws which prohibit anti-competitive behavior (monopoly) and unfair business practices. ... Image File history File links Standard_Oil. ... Image File history File links Standard_Oil. ... Standard Oil was a predominant integrated oil producing, transporting, refining, and marketing company. ... A trust or business trust was a form of business entity used in the late 19th century with intent to create a monopoly. ... This law-related article does not cite its references or sources. ... The Sherman Antitrust Act was the first government action to limit trusts (A combination of firms or corporations who agree not to lower prices below a certain rate for the purpose of reducing competition and controlling prices throughout a business or an industry). ... In the United States, the Clayton Antitrust Act of 1914 was enacted to remedy perceived deficiencies in antitrust law created under the Sherman Antitrust Act of 1890. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... George Frisbie Hoar (29 August 1826–30 September 1904) was a prominent United States politician. ... The Sherman Antitrust Act was the first government action to limit trusts (A combination of firms or corporations who agree not to lower prices below a certain rate for the purpose of reducing competition and controlling prices throughout a business or an industry). ... Edward Douglass White (November 3, 1845 – May 19, 1921), American politician and jurist, was a United States Senator, Associate Justice of the Supreme Court of the United States and the ninth Chief Justice of the United States. ...

"Section 1. Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine....

Section 2. Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine...."

The Sherman Act did not have the immediate effects its authors intended, though Republican President Theodore Roosevelt's federal government sued 45 companies, and William Taft used it against 75. The Clayton Act of 1914 was passed to supplement the Sherman Act. Specific categories of abusive conduct were listed, including price discrimination(section 2), exclusive dealings (section 3) and mergers which substantially lessen competition (section 7). Section 6 exempted trade unions from the law's operation. Both the Sherman and Clayton acts are now codified under Title 15 of the United States Code. GOP redirects here. ... For other persons named Theodore Roosevelt, see Theodore Roosevelt (disambiguation). ... William Howard Taft I (September 15, 1857–March 8, 1930) was the 27th President of the United States (1909-1913), and the 10th Chief Justice of the United States (1921 - 1930). ... In the United States, the Clayton Antitrust Act of 1914 was enacted to remedy perceived deficiencies in antitrust law created under the Sherman Antitrust Act of 1890. ... Price discrimination exists when sales of identical goods or services are transacted at different prices from the same provider. ... Title 15 of the United States Code outlines the role of the commerce and trade in the United States Code. ... The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal law of the United States. ...


Post war consensus

See also: Competition regulator
The European Commission, established following World War II, was the first Europe wide competition authority
The European Commission, established following World War II, was the first Europe wide competition authority

It was after the First World War that countries began to follow the United States' lead in competition policy. In 1923 Canada introduced the Combines Investigation Act and in 1926 France reinforced its basic competition provisions from the 1810 Code Napoleon. After World War II, the Allies, led by the United States, introduced tight regulation of cartels and monopolies in occupied Germany and Japan. In Germany, despite the existence of laws against unfair competition passed in 1909 (Gesetz gegen den unlauteren Wettbewerb or UWB) it was widely believed that the predominance of large cartels of German industry had made it easier for the Nazis to assume total economic control, simply by bribing or blackmailing the heads of a small number of industrial magnates. Similarly in Japan, where business was organised along family and nepotistic ties, the zaibatsu were easy for the despotic government to manipulate into the war effort. Following, unconditional surrender tighter controls, replicating American policy were introduced. A competition regulator is a government agency, typically a statutory authority, which regulates competition laws, and may sometimes also regulate consumer protection laws. ... Berlaymont, Brussels / 2004-04-17 / selfmade / licence: GNU FDL File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Berlaymont, Brussels / 2004-04-17 / selfmade / licence: GNU FDL File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Berlaymont, the Commissions seat The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Ypres, 1917, in the vicinity of the Battle of Passchendaele. ... The Combines Investigation Act was a Canadian Act of Parliament, passed in 1923 by MacKenzie King, which regulated certain corporate business practices that were anti-competitive. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... The Nazi party used a right-facing swastika as their symbol and the red and black colors were said to represent Blut und Boden (blood and soil). ... Zaibatsu ) is a Japanese term referring to the financial cliques, or business conglomerates, whose influence and size allowed for control over significant parts of the Japanese economy throughout the Edo and Meiji periods. ...


Further developments however were considerably overshadowed by the move towards nationalisation and industry wide planning in many countries. Making the economy and industry democratically accountable through direct government action became a priority. Coal industry, railroads, steel, electricity, water, health care and many other sectors were targeted for their special qualities of being natural monopolies. Commonwealth countries were slow in enacting statutory competition law provisions. The United Kingdom introduced the (considerably less stringent) Restrictive Practices Act in 1956. Australia introduced its current Trade Practices Act in 1974. Recently however there has been a wave of updates, especially in Europe to harmonise legislation with contemporary competition law thinking. Nationalization is the act of taking assets into state ownership. ... Coal Example chemical structure of coal Coal is a fossil fuel formed in ecosystems where plant remains were saved by water and mud from oxidization and biodegradation. ... This is the top-level page of WikiProject trains Rail tracks Rail transport refers to the land transport of passengers and goods along railways or railroads. ... For other uses, see Steel (disambiguation). ... Electricity (from New Latin Ä“lectricus, amberlike) is a general term for a variety of phenomena resulting from the presence and flow of electric charge. ... Water laws are regulated individually by sovereign states. ... A physician visiting the sick in a hospital. ... In economics, the term natural monopoly is used to refer to two different things. ... The Commonwealth of Nations as of 2007 Headquarters Marlborough House, London, UK Official languages English Membership 53 sovereign states Leaders  -  Queen Elizabeth II  -  Secretary-General Kamalesh Sharma Appointed 24 November 2007 Establishment  -  Balfour Declaration 18 November 1926   -  Statute of Westminster 11 December 1931   -  London Declaration 28 April 1949  Area  -  Total... The Trade Practices Act 1974 is an act of the Parliament of Australia. ...


European Union law

Main article: European Community competition law
The signatories to the Treaty of Rome which covers EU competition laws
The signatories to the Treaty of Rome which covers EU competition laws

In 1957 six Western European countries signed the Treaty of the European Community (EC Treaty or Treaty of Rome), which over the last fifty years has grown into a European Union of nearly half a billion citizens. The European Community is the name for the economic and social pillar of EU law, under which competition law falls. Healthy competition is seen as an essential element in the creation of a common market free from restraints on trade. The first provision is Article 81 EC, which deals with cartels and restrictive vertical agreements. Prohibited are... The European Commission, established following World War II, was the first Europe wide competition authority European Community competition law is one of the areas of authority of the European Union. ... Download high resolution version (2693x1748, 1095 KB)TreatyRomesigning This material is offered free of charge for EU-related information and education purposes. ... Download high resolution version (2693x1748, 1095 KB)TreatyRomesigning This material is offered free of charge for EU-related information and education purposes. ... The Treaty of Rome signing ceremony Signatures in the Treaty The Treaty of Rome, signed by France, West Germany, Italy and Benelux (Belgium, the Netherlands and Luxembourg) on March 25, 1957, established the European Economic Community (EEC). ... The Treaty of Rome signing ceremony Signatures in the Treaty The Treaty of Rome refers to the treaty which established the European Economic Community (EEC) and was signed by France, West Germany, Italy, Belgium, the Netherlands and Luxembourg on March 25, 1957. ... The European Union is unique among international organizations in having a complex and highly developed system of internal law which has direct effect within the legal systems of its member states. ...

"(1) ...all agreements between undertakings, decisions by associations of undertakings and concerted practices which may affect trade between Member States and which have as their object or effect the prevention, restriction or distortion of competition within the common market..."

Article 81(1) EC then gives examples of "hard core" restrictive practices such as price fixing or market sharing and 81(2) EC confirms that any agreements are automatically void. However, just like the Statute of Monopolies 1623, Article 81(3) EC creates exemptions, if the collusion is for distributional or technological innovation, gives consumers a "fair share" of the benefit and does not include unreasonable restraints (or disproportionate, in ECJ terminology) that risk eliminating competition anywhere. Article 82 EC deals with monopolies, or more precisely firms who have a dominant market share and abuse that position. Unlike U.S. Antitrust, EC law has never been used to punish the existence of dominant firms, but merely imposes a special responsibility to conduct oneself appropriately. Specific categories of abuse listed in Article 82 EC include price discrimination and exclusive dealing, much the same as sections 2 and 3 of the U.S. Clayton Act. Also under Article 82 EC, the European Council was empowered to enact a regulation to control mergers between firms, currently the latest known by the abbreviation of ECMR "Reg. 139/2004". The general test is whether a concentration (i.e. merger or acquisition) with a community dimension (i.e. affects a number of EU member states) might significantly impede effective competition. Again, the similarity to the Clayton Act's substantial lessening of competition. Finally, Articles 86 and 87 EC regulate the state's role in the market. Article 86(2) EC states clearly that nothing in the rules can be used to obstruct a member state's right to deliver public services, but that otherwise public enterprises must play by the same rules on collusion and abuse of dominance as everyone else. Article 87 EC, similar to Article 81 EC, lays down a general rule that the state may not aid or subsidise private parties in distortion of free competition, but then grants exceptions for things like charities, natural disasters or regional development. Englands Statute of Monopolies of 1623 (21 Jac. ... This article is about anti-competitive business behavior. ... A regulation is a legislative act of the European Union which becomes immediately enforceable as law in all member states simultaneously. ... In the United States, the Clayton Antitrust Act of 1914 was enacted to remedy perceived deficiencies in antitrust law created under the Sherman Antitrust Act of 1890. ...


International enforcement

See also: World Trade Organization and International Competition Network
There is considerable controversy among WTO members, in green, whether competition law should form part of the agreements
There is considerable controversy among WTO members, in green, whether competition law should form part of the agreements

Competition law has already been substantially internationalised along the lines of the US model by nation states themselves, however the involvement of international organisations has been growing. Increasingly active at all international conferences are the United Nations Conference on Trade and Development (UNCTAD) and the Organisation for Economic Co-operation and Development (OECD), which is prone to making neo-liberal recommendations about the total application of competition law for public and private industries.[33] Chapter 5 of the post war Havana Charter contained an Antitrust code[34] but this was never incorporated into the WTO's forerunner, the General Agreement on Tariffs and Trade 1947. Office of Fair Trading Director and Professor Richard Whish wrote sceptically that it "seems unlikely at the current stage of its development that the WTO will metamorphose into a global competition authority."[35] Despite that, at the ongoing Doha round of trade talks for the World Trade Organisation, discussion includes the prospect of competition law enforcement moving up to a global level. While it is incapable of enforcement itself, the newly established International Competition Network[36] (ICN) is a way for national authorities to coordinate their own enforcement activities. WTO redirects here. ... The International Competition Network is an informal, virtual network that seeks to facilitate cooperation between competition law authorities globally. ... Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... WTO redirects here. ... The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body, UNCTAD is the principal organ of the United Nations General Assembly dealing with trade, investment and development issues. ... The Organisation for Economic Co-operation and Development (OECD), (in French: Organisation de coopération et de développement économiques; OCDE) is an international organisation of thirty countries that accept the principles of representative democracy and a free market economy. ... There are very few or no other articles that link to this one. ... The General Agreement on Tariffs and Trade (typically abbreviated GATT) was originally created by the Bretton Woods Conference as part of a larger plan for economic recovery after World War II. The GATTs main objective was the reduction of barriers to international trade. ... The Office of Fair Trading or OFT is a UK statutory body established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UKs economic regulator. ... The Doha Development Round of World Trade Organization negotiations aims to lower trade barriers around the world, permitting free trade between countries of varying prosperity. ... For other uses of the initials WTO, see WTO (disambiguation). ... The International Competition Network is an informal, virtual network that seeks to facilitate cooperation between competition law authorities globally. ...


Competition law theory

Main article: Competition law theory

Competition law theory covers the strands of thought relating to competition law or antitrust policy. ...

Classical perspective

See also: Classical economics
John Stuart Mill believed the restraint of trade doctrine was justified to preserve liberty and competition
John Stuart Mill believed the restraint of trade doctrine was justified to preserve liberty and competition

The classical perspective on competition was that certain agreements and business practice could be an unreasonable restraint on the individual liberty of tradespeople to carry on their livelihoods. Restraints were judged as permissible or not by courts as new cases appeared and in the light of changing business circumstances. Hence the courts found specific categories of agreement, specific clauses, to fall foul of their doctrine on economic fairness, and they did not contrive an overarching conception of market power. Earlier theorists like Adam Smith rejected any monopoly power on this basis. Classical economics is widely regarded as the first modern school of economic thought. ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist, civil servant and Member of Parliament, was an influential liberal thinker of the 19th century. ... At present, the law will not enforce certain types of contracts on the ground of illegality. ... For other uses, see Liberty (disambiguation). ... Competition is the act of striving against others for the purpose of achieving gain, such as income, pride, amusement, or dominance. ... This page is a candidate for speedy deletion. ...

"A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures. The monopolists, by keeping the market constantly under-stocked, by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate."[37]

In The Wealth of Nations (1776) Adam Smith also pointed out the cartel problem, but did not advocate legal measures to combat them. Adam Smiths first title page An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776, during the Scottish Enlightenment. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ...

"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary."[38]

Smith also rejected the very existence of, not just dominant and abusive corporations, but corporations at all.[39] For other uses, see Corporation (disambiguation). ...


By the latter half of the nineteenth century it had become clear that large firms had become a fact of the market economy. John Stuart Mill's approach was laid down in his treatise On Liberty (1859). John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist, civil servant and Member of Parliament, was an influential liberal thinker of the 19th century. ... On Liberty is a philosophical work in the English language by 19th century philosopher John Stuart Mill, first published in 1859. ...

"Again, trade is a social act. Whoever undertakes to sell any description of goods to the public, does what affects the interest of other persons, and of society in general; and thus his conduct, in principle, comes within the jurisdiction of society... both the cheapness and the good quality of commodities are most effectually provided for by leaving the producers and sellers perfectly free, under the sole check of equal freedom to the buyers for supplying themselves elsewhere. This is the so-called doctrine of Free Trade, which rests on grounds different from, though equally solid with, the principle of individual liberty asserted in this Essay. Restrictions on trade, or on production for purposes of trade, are indeed restraints; and all restraint, qua restraint, is an evil..."[40]

Neo-classical synthesis

See also: Neo-classical economics
Joseph Schumpeter argued competition drove progress in capitalist democracies

After Mill, there was a shift in economic theory, which emphasised a more precise and theoretical model of competition. A simple neo-classical model of free markets holds that production and distribution of goods and services in competitive free markets maximizes social welfare. This model assumes that new firms can freely enter markets and compete with existing firms, or to use legal language, there are no barriers to entry. By this term economists mean something very specific, that competitive free markets deliver allocative, productive and dynamic efficiency. Allocative efficiency is also known as Pareto efficiency after the Italian economist Vilfredo Pareto and means that resources in an economy over the long run will go precisely to those who are willing and able to pay for them. Because rational producers will keep producing and selling, and buyers will keep buying up to the last marginal unit of possible output - or alternatively rational producers will be reduce their output to the margin at which buyers will buy the same amount as produced - there is no waste, the greatest number wants of the greatest number of people become satisfied and utility is perfected because resources can no longer be reallocated to make anyone better off without making someone else worse off; society has achieved allocative efficiency. Productive efficiency simply means that society is making as much as it can. Free markets are meant to reward those who work hard, and therefore those who will put society's resources towards the frontier of its possible production.[41] Dynamic efficiency refers to the idea that business which constantly competes must research, create and innovate to keep its share of consumers. This traces to Austrian-American political scientist Joseph Schumpeter's notion that a "perennial gale of creative destruction" is ever sweeping through capitalist economies, driving enterprise at the market's mercy.[42] Neoclassical economics is the grouping of a number of schools of thought in economics. ... low res pic, historical person source: http://www. ... low res pic, historical person source: http://www. ... Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an economist from Austria and an influential political scientist. ... ... In economics and especially in the theory of competition, barriers to entry are obstacles in the path of a firm which wants to enter a given market. ... Allocative efficiency is the market condition whereby resources are allocated in a way that maximizes the net benefit attained through their use. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... Vilfredo Pareto Vilfredo Federico Damaso Pareto [vilfre:do pare:to] (July 15, 1848, Paris – August 19, 1923, Geneva) was a French-Italian sociologist, economist and philosopher. ... In economic models, the long run time frame assumes no fixed factors of production. ... Consumerist redirects here. ... A boy from an East Cipinang trash dump slum in Jakarta, Indonesia shows what he found. ... Marginalism is the use of marginal concepts within economics. ... This article discusses utilitarian ethical theory. ... The Protestant work ethic, or sometimes called the Puritan work ethic, is a Calvinist value emphasizing the necessity of constant labor in a persons calling as a sign of personal salvation. ... In economics, the production possibility frontier (the PPF, also called the production possibilities curve (PPC) or the “transformation curve”) is a graph that depicts the trade-off between any two items produced. ... Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an economist from Austria and an influential political scientist. ... In economics, a capitalist is someone who owns capital, presumably within the economic system of capitalism. ...


Contrasting with the allocatively, productively and dynamically efficient market model are monopolies, oligopolies, and cartels. When only one or a few firms exist in the market, and there is no credible threat of the entry of competing firms, prices raise above the competitive level, to either a monopolistic or oligopolistic equilibrium price. Production is also decreased, further decreasing social welfare by creating a deadweight loss. Sources of this market power are said to include the existence of externalities, barriers to entry of the market, and the free rider problem. Markets may fail to be efficient for a variety of reasons, so the exception of competition law's intervention to the rule of laissez faire is justified. Orthodox economists fully acknowledge that perfect competition is seldom observed in the real world, and so aim for what is called "workable competition".[43][44] This follows the theory that if one cannot achieve the ideal, then go for the second best option[45] by using the law to tame market operation where it can. ... In economics, a deadweight loss (also known as excess burden) is a permanent loss of well being to society that can occur when equilibrium for a good or service is not Pareto optimal, (that at least one individual could be made better off without others being made worse off). ... An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision. ... In economics and especially in the theory of competition, barriers to entry are obstacles in the path of a firm which wants to enter a given market. ... In economics and political science, free riders are actors who consume more than their fair share of a resource, or shoulder less than a fair share of the costs of its production. ... Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ... Laissez-faire (pronunciation: French, ; English, IPA: ) is a French phrase meaning let do. From the French diction first used by the 18th century physiocrats as an injunction against government interference with trade, it became used as a synonym for strict free market economics during the early and mid-19th century. ... Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. ...


Chicago School

See also: Chicago School (economics)
Robert Bork argues that competition law is fundamentally flawed
Robert Bork argues that competition law is fundamentally flawed

A group of economists and lawyers, who are largely associated with the University of Chicago, advocate an approach to competition law guided by the proposition that some actions that were originally considered to be anticompetitive could actually promote competition. The US Supreme Court has used the Chicago School approach in several recent cases [46]. One view of the Chicago School approach to antitrust is found in United States Circuit Court of Appeals Judge Richard Posner's books' 'Antitrust law[47] and Economic Analysis of Law[48] The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ... Image File history File links Bork2. ... Image File history File links Bork2. ... Robert Heron Bork (born March 1, 1927) is a conservative American legal scholar who advocates the judicial philosophy of originalism. ... For other uses, see University of Chicago (disambiguation). ... The Supreme Court Building, Washington, D.C. The Supreme Court Building, Washington, D.C., (large image) The Supreme Court of the United States, located in Washington, D.C., is the highest court (see supreme court) in the United States; that is, it has ultimate judicial authority within the United States...


Robert Bork was highly critical of court decisions on United States antitrust law in a series of law review articles and his book The Antitrust Paradox.[49] Bork argued that both the original intention of antitrust laws and economic efficiency was pursuit only of consumer welfare, the protection of competition rather than competitors.[50] Furthermore, only a few acts should be prohibited, namely cartels that fix prices and divide markets, mergers that create monopolies, and dominant firms pricing predatorily, while allowing such practices as vertical agreements and price discrimination on the grounds that it did not harm consumers.[51] Running through the different critiques of US antitrust policy is the common theme that government interference in the operation of free markets does more harm than good.[52] "The only cure for bad theory", writes Bork, "is better theory".[53] The late Harvard Law School Professor Philip Areeda, who favours more aggressive antitrust policy, in at least one Supreme Court case challenged Robert Bork's preference for non intervention.[54] Robert Heron Bork (born March 1, 1927) is a conservative American legal scholar who advocates the judicial philosophy of originalism. ... The Antitrust Paradox is a 1978 book by Robert Bork that criticized the state of United States antitrust law in the 1970s. ... Harvard Law School (colloquially, Harvard Law or HLS) is one of the professional graduate schools of Harvard University. ...


Policy developments

Anti-cartel enforcement is a key focus of competition law enforcement policy. In the US the Antitrust Criminal Penalty Enhancement and Reform Act 2004 raised the maximum imprisonment term for price fixing from three to ten years, and the maximum fine from $10 to $100 million.[55] In 2007 British Airways and Korean Air pleaded guilty to fixing cargo and passenger flight prices.[56] For the American pop-punk band, see Cartel (band). ... United States may refer to: Places: United States of America SS United States, the fastest ocean liner ever built. ... For the 1930s airline of similar name, see British Airways Ltd. ... Korean Air (formerly Korean Air Lines) (KRXS: 003490) (Korean Air Daehan Hanggong) is the flag carrier airline of Korea, its global headquarters are located in Seoul, Korea. ...


These actions complement the private enforcement which has always been an important feature of United States antitrust law. The United States Supreme Court summarised why Congress allows punitive damages in Hawaii v. Standard Oil[57]. The Department of Justice building in Washington, D.C. is home to the United States antitrust enforcers United States antitrust law is the body of laws which prohibit anti-competitive behavior (monopoly) and unfair business practices. ... The Supreme Court Building, Washington, D.C. The Supreme Court Building, Washington, D.C., (large image) The Supreme Court of the United States, located in Washington, D.C., is the highest court (see supreme court) in the United States; that is, it has ultimate judicial authority within the United States... Type Bicameral Houses Senate House of Representatives President of the Senate President pro tempore Dick Cheney, (R) since January 20, 2001 Robert C. Byrd, (D) since January 4, 2007 Speaker of the House Nancy Pelosi, (D) since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political...

"Every violation of the antitrust laws is a blow to the free-enterprise system envisaged by Congress. This system depends on strong competition for its health and vigor, and strong competition depends, in turn, on compliance with antitrust legislation. In enacting these laws, Congress had many means at its disposal to penalize violators. It could have, for example, required violators to compensate federal, state, and local governments for the estimated damage to their respective economies caused by the violations. But, this remedy was not selected. Instead, Congress chose to permit all persons to sue to recover three times their actual damages every time they were injured in their business or property by an antitrust violation."

In the EU, the Modernisation Regulation 1/2003 means that the European Commission is no longer the only body capable of public enforcement of European Community competition law. This was done in order to facilitate quicker resolution of competition-related inquiries. In 2005 the Commission issued a Green Paper on Damages actions for the breach of the EC antitrust rules,[58] which suggested ways of making private damages claims against cartels easier.[59] Wikiquote has a collection of quotations by or about: European Union The European Union On-Line Official EU website, europa. ... Berlaymont, the Commissions seat The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. ... The European Commission, established following World War II, was the first Europe wide competition authority European Community competition law is one of the areas of authority of the European Union. ... In Britain, the Republic of Ireland, and other similar Commonwealth jurisdictions (e. ...


Competition law practice

Image File history File links Gnome-globe. ...

Collusion and cartels

Main articles: Collusion and Cartel
Scottish Enlightenment philosopher Adam Smith was an early enemy of cartels
Scottish Enlightenment philosopher Adam Smith was an early enemy of cartels

The core of competition policy has, since the 1980s, been the anti-price fixing cartel agenda, despite criticism by economic libertarians.[60] In The Wealth of Nations (1776) Adam Smith pointed out the cartel problem, but did not advocate legal measures to combat them.[61] Nowadays a far stricter approach is taken. Under EC law cartels are banned by Article 81 EC, whereas under US law the Sherman Act prohibitions of section 1. To compare, the target of competition law under the Sherman Act 1890 is every "contract, combination in the form of trust or otherwise, or conspiracy", which essentially targets anybody who has some dealing or contact with someone else. In the mean time, Art. 81 EC makes clear who the targets of competition law are in two stages with the term agreement "undertaking". This is used to describe almost anyone "engaged in an economic activity",[62] but excludes both employees, who are by their "very nature the opposite of the independent exercise of an economic or commercial activity",[63] and public services based on "solidarity" for a "social purpose".[64] Undertakings must then have formed an agreement, developed a "concerted practice", or, within an association, taken a decision. Like US antitrust, this just means all the same thing;[65] any kind of dealing or contact, or a "meeting of the minds" between parties. Covered therefore is a whole range from a strong handshaken written or verbal agreement to a supplier sending invoices with directions not to export to its retailer who gives "tacit acquiescence" to the conduct.[66] Look up collusion in Wiktionary, the free dictionary. ... For the American pop-punk band, see Cartel (band). ... Download high resolution version (1456x2173, 850 KB) This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... Download high resolution version (1456x2173, 850 KB) This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... The Scottish Enlightenment was a period of intellectual ferment in Scotland, running from approximately 1740 to 1800. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Price fixing is an agreement between business competitors to sell the same product or service at the same price. ... Economic libertarianism is a strain of political thought that emphasizes the freedom of individuals to order their economic lives without state interference. ... Adam Smiths first title page An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776, during the Scottish Enlightenment. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... The Treaty of Rome signing ceremony Signatures in the Treaty The Treaty of Rome, signed by France, West Germany, Italy and Benelux (Belgium, the Netherlands and Luxembourg) on March 25, 1957, established the European Economic Community (EEC). ... The Sherman Antitrust Act was the first government action to limit trusts (A combination of firms or corporations who agree not to lower prices below a certain rate for the purpose of reducing competition and controlling prices throughout a business or an industry). ...


Less of a consensus exists in the field of vertical agreements. These are agreements not between firms at the same level of production, but firms at different levels in the supply chain, for instance a supermarket and a bread producer. Recently, the United States Supreme Court has become more skeptical of antitrust cases predicated on agreements between companies that are not directly in competition with one another, such as a clothing manufacturer and a clothing retailer, while maintaining the strict prohibition against agreements that limit competition between companies at the same level of the supply chain, such as agreements between two retailers or between two distributors. Vertical agreements may still be illegal, but the burden of proving them illegal was raised by a number of recent cases from the per se illegal standard to a more demanding rule of reason standard. [67] A Subaru car dealership. ... A supply chain, logistics network, or supply network is a coordinated system of organizations, people, activities, information and resources involved in moving a product or service in physical or virtual manner from supplier to customer. ... The term illegal per se means that the act is inherently illegal. ... The rule of reason is a doctrine developed by the United States Supreme Court in its interpretation of the Sherman Antitrust Act. ...


Dominance and monopoly

Main article: Dominance and monopoly
The economist's depiction of deadweight loss to efficiency that monopolies cause

When firms hold large market shares, consumers risk paying higher prices and getting lower quality products than compared to competitive markets. However, the existence of a very high market share does not always mean consumers are paying excessive prices since the threat of new entrants to the market can restrain a high-market-share firm's price increases. Competition law does not make merely having a monopoly illegal, but rather abusing the power that a monopoly may confer, for instance through exclusionary practices. The economists depiction of deadweight loss to efficiency that monopolies cause Being one of three categories of a competition law, a law regulating dominance and monopoly prevents firms from using their market power to damage the interests of consumers. ... Image File history File links Monopoly-surpluses. ... Image File history File links Monopoly-surpluses. ... In economics, a deadweight loss (also known as excess burden) is a permanent loss of well being to society that can occur when equilibrium for a good or service is not Pareto optimal, (that at least one individual could be made better off without others being made worse off). ...


First it is necessary to determine whether a firm is dominant, or whether it behaves "to an appreciable extent independently of its competitors, customers and ultimately of its consumer."[68] Under EU law, very large market shares raise a presumption that a firm is dominant,[69] which may be rebuttable.[70] If a firm has a dominant position, then there is "a special responsibility not to allow its conduct to impair competition on the common market"[71]. Similarly as with collusive conduct, market shares are determined with reference to the particular market in which the firm and product in question is sold. Then although the lists are seldom closed,[72] certain categories of abusive conduct are usually prohibited under the country's legislation. For instance, limiting production at a shipping port by refusing to raise expenditure and update technology could be abusive.[73] Tying one product into the sale of another can be considered abuse too, being restrictive of consumer choice and depriving competitors of outlets. This was the alleged case in Microsoft v. Commission[74] leading to an eventual fine of €497 million for including its Windows Media Player with the Microsoft Windows platform. A refusal to supply a facility which is essential for all businesses attempting to compete to use can constitute an abuse. One example was in a case involving a medical company named Commercial Solvents.[75] When it set up its own rival in the tuberculosis drugs market, Commercial Solvents were forced to continue supplying a company named Zoja with the raw materials for the drug. Zoja was the only market competitor, so without the court forcing supply, all competition would have been eliminated. Windows Media Player (WMP) is a digital media player and media library application developed by Microsoft that is used for playing audio, video and viewing images on personal computers running the Microsoft Windows operating system, as well as on Pocket PC and Windows Mobile-based devices. ... Windows redirects here. ... Tuberculosis (abbreviated as TB for tubercle bacillus or Tuberculosis) is a common and deadly infectious disease caused by mycobacteria, mainly Mycobacterium tuberculosis. ...


Forms of abuse relating directly to pricing include price exploitation. It is difficult to prove at what point a dominant firm's prices become "exploitative" and this category of abuse is rarely found. In one case however, a French funeral service was found to have demanded exploitative prices, and this was justified on the basis that prices of funeral services outside the region could be compared.[76] A more tricky issue is predatory pricing. This is the practice of dropping prices of a product so much that in order one's smaller competitors cannot cover their costs and fall out of business. The Chicago School (economics) considers predatory pricing to be unlikely.[77] However in France Telecom SA v. Commission[78] a broadband internet company was forced to pay €10.35 million for dropping its prices below its own production costs. It had "no interest in applying such prices except that of eliminating competitors"[79] and was being crossed subsidised to capture the lion's share of a booming market. One last category of pricing abuse is price discrimination.[80] An example of this could be offering rebates to industrial customers who export your company's sugar, but not to Irish customers who are selling their goods in the same market as you are in.[81] Predatory pricing is the practice of a dominant firm selling a product at a loss in order to drive some or all competitors out of the market, or create a barrier to entry into the market for potential new competitors. ... The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ... Price discrimination exists when sales of identical goods or services are transacted at different prices from the same provider. ...


Mergers and acquisitions

A merger or acquisition involves, from a competition law perspective, the concentration of economic power in the hands of fewer than before.[82] This usually means that one firm buys out the shares of another. The reasons for oversight of economic concentrations by the state are the same as the reasons to restrict firms who abuse a position of dominance, only that regulation of mergers and acquisitions attempts to deal with the problem before it arises, ex ante prevention of creating dominant firms.[83] In the United States merger regulation began under the Clayton Act, and in the European Union, under the Merger Regulation 139/2004 (known as the "ECMR"[84]). Competition law requires that firms proposing to merge gain authorisation from the relevant government authority, or simply go ahead but face the prospect of demerger should the concentration later be found to lessen competition. The theory behind mergers is that transaction costs can be reduced compared to operating on an open market through bilateral contracts.[85] Concentrations can increase economies of scale and scope. However often firms take advantage of their increase in market power, their increased market share and decreased number of competitors, which can have a knock on effect on the deal that consumers get. Merger control is about predicting what the market might be like, not knowing and making a judgment. Hence the central provision under EU law asks whether a concentration would if it went ahead "significantly impede effective competition... in particular as a result of the creation or strengthening off a dominant position..."[86] and the corresponding provision under US antitrust states similarly, Acquisition redirects here. ... Look up share on Wiktionary, the free dictionary. ... Demerger is the converse of a merger or acquisition. ... The increase in output from Q to Q2 causes a decrease in the average cost of each unit from C to C1. ...

"No person shall acquire, directly or indirectly, the whole or any part of the stock or other share capital... of the assets of one or more persons engaged in commerce or in any activity affecting commerce, where... the effect of such acquisition, of such stocks or assets, or of the use of such stock by the voting or granting of proxies or otherwise, may be substantially to lessen competition, or to tend to create a monopoly.[87]

What amounts to a substantial lessening of, or significant impediment to competition is usually answered through empirical study. The market shares of the merging companies can be assessed and added, although this kind of analysis only gives rise to presumptions, not conclusions.[88] Something called the Herfindahl-Hirschman Index is used to calculate the "density" of the market, or what concentration exists. Aside from the maths, it is important to consider the product in question and the rate of technical innovation in the market.[89] A further problem of collective dominance, or oligopoly through "economic links"[90] can arise, whereby the new market becomes more conducive to collusion. It is relevant how transparent a market is, because a more concentrated structure could mean firms can coordinate their behaviour more easily, whether firms can deploy deterrants and whether firms are safe from a reaction by their competitors and consumers.[91] The entry of new firms to the market, and any barriers that they might encounter should be considered.[92] If firms are shown to be creating an uncompetitive concentration, in the US they can still argue that they create efficiencies enough to outweigh any detriment, and similar reference to "technical and economic progress" is mentioned in Art. 2 of the ECMR.[93] Another defence might be that a firm which is being taken over is about to fail or go insolvent, and taking it over leaves a no less competitive state than what would happen anyway.[94] Mergers vertically in the market are rarely of concern, although in AOL/Time Warner[95] the European Commission required that a joint venture with a competitor Bertelsmann be ceased beforehand. The EU authorities have also focussed lately on the effect of conglomerate mergers, where companies acquire a large portfolio of related products, though without necessarily dominant shares in any individual market.[96] The Herfindahl index, also known as Herfindahl-Hirschman Index or HHI, is a measure of the size of firms in relationship to the industry and an indicator of the amount of competition among them. ... This article does not cite any references or sources. ... Look up collusion in Wiktionary, the free dictionary. ... Berlaymont, the Commissions seat The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. ... Bertelsmann AG is a transnational media corporation founded in 1835, based in Gütersloh, Germany. ... A conglomerate merger is whereby two companies or organizations which have no common interest and nor competitors or have or could have the same supplier or customers merger. ...


Developing Countries

It is unclear whether competition policy is a sensible role for government in developing, particularly low-income countries. In these countries the markets are usually very small and fragmented so that developing scale sufficient to raise competitiveness and engage in international markets is a major challenge. The bigger problem is however poor governance - in societies with widespread corruption, inadequate public finances,[97] and weak judiciary and oversight institutions, competition policy may become another tool for capture by vested interests - becoming in itself a barrier to entry. The evidence for this is the many competition authorities around the developing world, that have achieved little impact.[citation needed]


See also

Competition policy is an economics term referring to the body of laws of a state which govern the extent, and ability, to which bodies can economically compete. ... Consumer protection is a form of government regulation which protects the interests of consumers. ... This is a list of different countries and the length of their standard copyright in years. ... In competition law, before deciding whether companies have significant market power which would justify government intervention, the test of Small but Significant and Non-transitory Increase in Price is used to define the relevant market in a consistent way. ... In competition law the Relevant market defines the market in which one or more goods compete. ... The European Commission, established following World War II, was the first Europe wide competition authority European Community competition law is one of the areas of authority of the European Union. ... The Irish Competition Law is the Irish body of legal rules designed to ensure fairness and freedom in the marketplace. ... Resale price maintenance is the practice whereby a manufacturer requires distributors of their product to sell at certain prices, or set a minimum price. ...

Notes

  1. ^ see, Organisation for Economic Co-operation and Development's Regulation and Sectors page.
  2. ^ This is Julius Caesar's time according to Babled in De La Cure Annone chez le Romains
  3. ^ Wilberforce (1966) p.20
  4. ^ Wilberforce (1966) p.20
  5. ^ Wilberforce (1966) p.22
  6. ^ Wilberforce (1966) p.21
  7. ^ Wilberforce (1966) p.21
  8. ^ Wilberforce (1966) p.21
  9. ^ Pollock and Maitland, History of English Law Vol. II, 453
  10. ^ 51 & 52 Hen. 3, Stat. 1
  11. ^ 51 & 52 Hen. 3, Stat. 6
  12. ^ Wilberforce (1966) p.23
  13. ^ 23 Edw. 3.
  14. ^ 27 Edw. 3, Stat. 2, c. 25
  15. ^ 25 Hen. 8, c. 2.
  16. ^ according to William Searle Holdsworth, 4 Holdsworth, 3rd ed., Chap. 4 p. 346
  17. ^ (1602) 11 Co. Rep. 84b
  18. ^ e.g. one John Manley paid £10,000 p.a. from 1654 to the Crown for a tender on the "postage of letters both inland and foreign" Wilberforce (1966) p. 18
  19. ^ (1685) 10 St. Tr. 371
  20. ^ 9 Anne, c. 30
  21. ^ Adam Smith, An Enquiry into the Wealth of Nations (1776)
  22. ^ "the modern common law of England [has] passed directly into the legislation and thereafter into the judge-made law of the United States." Wilberforce (1966) p.7
  23. ^ Nordenfelt v. Maxim, Nordenfelt Gun Co. [1894] AC 535
  24. ^ (1414) 2 Hen. 5, 5 Pl. 26
  25. ^ Rogers v. Parry (1613) 2 Bulstr. 136
  26. ^ Broad v. Jolyffe (1620) Cro. Jac. 596
  27. ^ Mitchell v. Reynolds (1711) 1 P.Wms. 181
  28. ^ Roussillon v. Roussillon (1880) 14 Ch. D. 351
  29. ^ Nordenfelt v. Maxim, Nordenfelt Gun Co. [1894] AC 535
  30. ^ Mason v. The Provident Supply and Clothing Co. [1913] AC 724
  31. ^ Standard Oil of New Jersey v. United States (1911) 221 U.S. 1
  32. ^ e.g. Under King Edward VI in 1552, 5 & 6 Edw. 6, c. 14
  33. ^ see, Tony Prosser, The Limits of Competition Law (2005) ch.1
  34. ^ see a speech by Wood, The Internationalisation of Antitrust Law: Options for the Future 3 February 1995, at http://www.usdoj.gov/atr/public/speeches/future.txt
  35. ^ Whish (2003) p.448
  36. ^ see, http://www.internationalcompetitionnetwork.org/
  37. ^ Smith (1776) Book I, Chapter 7, para 26
  38. ^ Smith (1776) Book I, Chapter 10, para 82
  39. ^ Smith (1776) Book V, Chapter 1, para 107
  40. ^ Mill (1859) Chapter V, para 4
  41. ^ for one of the opposite views, see Kenneth Galbraith, The New Industrial State (1967)
  42. ^ Joseph Schumpeter, The Process of Creative Destruction (1942)
  43. ^ Whish (2003) p.14
  44. ^ Clark, "Towards a Concept of Workable Competition" (1940) 30 Am Ec Rev p.241-256
  45. ^ c.f. Lipsey and Lancaster, "The General Theory of Second Best" (1956-7) 24 Rev Ec Stud 11-32
  46. ^ Continental T.V., Inc. v. GTE Sylvania Inc., 433 U.S. 36 (1977), Broadcast Music Inc. v. Columbia Broadcasting System, Inc., NCAA v. Board of Regents of Univ. of Oklahoma, Spectrum Sports Inc. v. McQuillan, State Oil Co. v. Khan, Verizon v. Trinko, and Leegin Creative Leather Products, Inc. v. PSKS, Inc.
  47. ^ Posner, Antitrust Law (2001) 2nd ed., ISBN 9780226675763
  48. ^ Posner, Economic Analysis of Law (2007) 7th ed., ISBN 9780735563544
  49. ^ Bork, Robert H. The Antitrust Paradox (1978) New York Free Press ISBN 0465003699
  50. ^ Bork (1978) p.405
  51. ^ Bork (1978) p.406
  52. ^ Frank Easterbrook, The Limits of Antitrust, 63 U. Tex. L. Rev. 1 (1984).
  53. ^ Bork (1978) p.405
  54. ^ Brooke Group v. Williamson 509 US 209 (1993)
  55. ^ see generally, Pate (2004) at USDOJ
  56. ^ see, USDOJ Antitrust's press release and the court filing
  57. ^ Hawaii v. Standard Oil Co. of California 405 U.S. 251, 262 (1972)
  58. ^ Damages actions for the breach of the EC antitrust rules {SEC(2005) 1732} /* COM/2005/0672
  59. ^ see FAQ on the Green paper here
  60. ^ see, Michael E. DeBow (2007) What's Wrong with Price Fixing: Responding to the New Critics of Antitrust, published by the Cato Institute
  61. ^ Smith (1776) Book I, Chapter 10, para 82
  62. ^ Hoefner v Macroton GmbH [1991]
  63. ^ per AG Jacobs, Albany International BV [1999]
  64. ^ FENIN v. Commission [2004]
  65. ^ per AG Reischl, Van Landweyck [1980] there is no need to distinguish an agreement from a concerted practice, because they are merely convenient labels
  66. ^ Sandoz Prodotti Farmaceutica SpA v. Commission [1990]
  67. ^ See Leegin Creative Leather Products, Inc, v. PSKS, Inc., 551 U. S. ____ (2007)
  68. ^ C-27/76 United Brands Continental BV v. Commission [1978] ECR 207
  69. ^ C-85/76 Hoffmann-La Roche & Co AG v. Commission [1979] ECR 461
  70. ^ AKZO [1991]
  71. ^ Michelin [1983]
  72. ^ Continental Can [1973]
  73. ^ Art. 82 (b) Porto di Genova [1991]
  74. ^ Case T-201/04 Microsoft v. Commission Order, 22 December 2004
  75. ^ Commercial Solvents [1974]
  76. ^ C-30/87 Corinne Bodson v. SA Pompes funèbres des régions libérées [1987] ECR 2479
  77. ^ see, e.g. Posner (1998) p.332; "While it is possible to imagine cases in which predatory pricing would be a rational stragy, it should be apparent by now why confirmed cases of it are rare."
  78. ^ Case T-340/03 France Telecom SA v. Commission
  79. ^ AKZO [1991] para 71
  80. ^ in the EU under Article 82(2)c)
  81. ^ Irish Sugar [1999]
  82. ^ Under EC law, a concentration is where a "change of control on a lasting basis results from (a) the merger of two or more previously independent undertakings... (b) the acquisition... if direct or indirect control of the whole or parts of one or more other undertakings." Art. 3(1), Regulation 139/2004, the European Community Merger Regulation
  83. ^ In the case of [T-102/96] Gencor Ltd v. Commission [1999] ECR II-753 the EU Court of First Instance wrote merger control is there "to avoid the etablishment of market structures which may create or strengthen a dominant position and not need to control directly possible abuses of dominant positions"
  84. ^ The authority for the Commission to pass this regulation is found under Art. 83 TEC
  85. ^ Coase, Ronald H. (November 1937). "The Nature of the Firm". Economica 4 (16): 386–405. Retrieved on 2007-02-10. 
  86. ^ Art. 2(3) Reg. 129/2005
  87. ^ Clayton Act Section 7, codified at 15 U.S.C. § 18
  88. ^ see, for instance para 17, Guidelines on the assessment of horizontal mergers (2004/C 31/03)
  89. ^ C-68/94 France v. Commission [1998] ECR I-1375, para. 219
  90. ^ Italian Flat Glass [1992] ECR ii-1403
  91. ^ T-342/99 Airtours plc v. Commission [2002] ECR II-2585, para 62
  92. ^ Mannesmann, Vallourec and Ilva [1994] CMLR 529, OJ L102 21 April 1994
  93. ^ see the argument put forth in Hovenkamp H (1999) Federal Antitrust Policy: The Law of Competition and Its Practice, 2nd Ed, West Group, St. Paul, Minnesota. Unlike the authorities however, the courts take a dim view of the efficiencies defence.
  94. ^ Kali und Salz AG v. Commission [1975] ECR 499
  95. ^ Time Warner/AOL [2002] 4 CMLR 454, OJ L268
  96. ^ e.g. Guinness/Grand Metropolitan [1997] 5 CMLR 760, OJ L288; Many in the US disapprove of this approach, see W. J. Kolasky, Conglomerate Mergers and Range Effects: It’s a long way from Chicago to Brussels 9 November 2001, Address before George Mason University Symposium Washington, DC.
  97. ^ So that paying off factions to keep peace and stability has to be don off-budget requiring 'grand corruption': see Douglass North et al 2006

The Organisation for Economic Co-operation and Development (OECD), (in French: Organisation de coopération et de développement économiques; OCDE) is an international organisation of thirty countries that accept the principles of representative democracy and a free market economy. ... Sir Frederick Pollock, 3rd Baronet PC (December 10, 1845-January 18, 1937) was an English jurist best known for his History of English Law before Edward I, written with F.W. Maitland, and his lifelong correspondence with Oliver Wendell Holmes. ... Frederic William Maitland (May 28, 1850 - December 19, 1906) was an English jurist and historian. ... Sir William Searle Holdsworth, OM, KC, DCL, HON LL.D, FBA, (born May 7, 1871; died January 2, 1944) was a legal historian and Vinerian Professor of English Law at Oxford University amongst who works is the 12 volume History of English Law. ... Edward VI King of England and Ireland Edward VI (12 October 1537–6 July 1553) was King of England and King of Ireland from 28 January 1547 until his death. ... is the 34th day of the year in the Gregorian calendar. ... Year 1995 (MCMXCV) was a common year starting on Sunday. ... John Kenneth Galbraith John Kenneth Galbraith (October 15, 1908–April 29, 2006) was an influential Canadian-American economist. ... The New Industrial State is a 1967 book by John Kenneth Galbraith. ... Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an economist from Austria and an influential political scientist. ... Frank Hoover Easterbrook (born 1948) has been a judge on the United States Seventh Circuit Court of Appeals since 1985. ... is the 356th day of the year (357th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... European Community merger law is a part of the law of the European Union which regulates which firms can merge with one another. ... The Court of First Instance, created in 1989, is a court of the European Union. ... Ronald Coase (born December 29, 1910) is a British economist. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 41st day of the year in the Gregorian calendar. ... Title 15 of the United States Code outlines the role of the commerce and trade in the United States Code. ... is the 111th day of the year (112th in leap years) in the Gregorian calendar. ... Year 1994 (MCMXCIV) The year 1994 was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal by the United Nations. ...

References

Robert Heron Bork (born March 1, 1927) is a conservative American legal scholar who advocates the judicial philosophy of originalism. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... John Kenneth Galbraith John Kenneth Galbraith (October 15, 1908–April 29, 2006) was an influential Canadian-American economist. ... John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist, civil servant and Member of Parliament, was an influential liberal thinker of the 19th century. ... On Liberty is a philosophical work in the English language by 19th century philosopher John Stuart Mill, first published in 1859. ... Richard Allen Posner (born January 11, 1939, in New York City) is currently a judge on the United States Court of Appeals for the Seventh Circuit. ... Richard Allen Posner (born January 11, 1939, in New York City) is currently a judge on the United States Court of Appeals for the Seventh Circuit. ... Joseph Schumpeter Joseph Alois Schumpeter (February 8, 1883 – January 8, 1950) was an economist from Austria and an influential political scientist. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Adam Smiths first title page An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776, during the Scottish Enlightenment. ... Richard Orme Wilberforce (March 11, 1907 — February 15, 2003) – popularly known as Lord Wilberforce – was a Law Lord in the House of Lords from 1964 to 1982. ... The Library of Congress Control Number or LCCN is a serially based system of numbering books in the Library of Congress in the United States. ...

Further reading

  • Chalmers, Damien; Hadjiemmanuil, Christos; Monti, Giorgio; Tomkins, Adam (2006) European Union Law, ISBN 9780521527415
  • Elhauge, Einer; Geradin, Damien (2007) Global Competition Law and Economics, ISBN 1841134651
  • Faull, Jonathan; Nikpay, Ali (eds) (2007) "Faull & Nikpay : The EC Law of Competition"; ISBN-13: 978-0199269297
  • Georg Erber and Stefan Kooths, Windows Vista: Securing Itself against Competition?, in: DIW Weekly Report, 2/2007, Vol.3, 7-14.
  • Keith N. Hylton et al., Antitrust World Reports, available at http://www.antitrustworldwiki.com
  • Competition Policy International (various issues), ISSN 1554-6853, available at http://www.globalcompetitionpolicy.org

External links

Criticism
  • Antitrust Policy As Corporate Welfare
  • The Truth About The Robber Barons
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  Results from FactBites:
 
Competition - Wikipedia, the free encyclopedia (1965 words)
Competition is the act of striving against another force for the purpose of achieving dominance or attaining a reward or goal, or out of a biological imperative such as survival.
Depending on the respective economic policy, the pure competition is to a greater or lesser extent regulated by competition policy and competition law.
Competition between members of a species is the driving force of evolution and natural selection- the competition for resources, such as food, water, territory, and sunlight, results in the ultimate survival and dominance of the variation of the species best suited for survival.
EU competition law - Wikipedia, the free encyclopedia (283 words)
This last point is a unique characteristic of the EU competition law regime.
As the EU is made up of independent member states, both competition policy and the creation of the European single market could be rendered ineffective were member states free to support national companies as they saw fit.
On 1 May 2004 a decentralised regime for antitrust came into force which is intended to increase the application of EU competition law by national competition authorities and national courts.
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