Towards A Broader View of Competition Policy

Over the past third of a century, however, the scope and effectiveness of competition policy has been narrowed, under the influence of certain ideas about the functioning of the market economy—ideas which have subsequently been widely discredited within the economics profession, but whose influence within antitrust law remains significant. This paper argues that, to the contrary, changes in our economy and our understandings of the interplay between economics and politics necessitates a broader reach for competition policy than envisaged by the original advocates of antitrust law, and that this is especially so in developing countries and emerging markets.