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Michal Gal's thorough analysis shows the effects of market size on competition policy, ranging from rules of thumb to more general policy prescriptions, such as goals and remedial tools. Competition policy in small economies is becoming increasingly important, since the number of small jurisdictions adopting such policy is rapidly growing. Gal's focus extends beyond domestic competition policy to the evaluation of the current trend toward the worldwide harmonization of policies.
For the most part, competition and antitrust policy literature have focused on large economies. Yet the economic models on which such policies are based do not necessarily apply to small market economies. The book demonstrates that optimal competition policy is very much dependent on the size of an economy. Because small market economies cannot support the same level of competition as large economies, the effect of applying the same competition policy to all economies is often a distorting one. In other cases, the special economic characteristics of small economies strengthen the case for applying policies which are focused on efficiency. Competition policy must therefore be equipped to deal effectively with the concentrated nature of most markets in small economies. The book analyzes the effects of market size on competition policy, ranging from rules of thumb to more general policy prescriptions, such as policy goals, trade-offs, and remedial tools. It uses many examples of known and contemporary cases to demonstrate its prescriptions. Its focus extends beyond domestic competition policy to the evaluation of the current trend toward the worldwide harmonization of competition policies.
This book provides edited selections of primary source material in the intellectual history of competition policy from Adam Smith to the present day. Chapters include classical theories of competition, the U.S. founding era, classicism and neoclassicism, progressivism, the New Deal, structuralism, the Chicago School, and post-Chicago theories. Although the focus is largely on Anglo-American sources, there is also a chapter on European Ordoliberalism, an influential school of thought in post-War Europe. Each chapter begins with a brief essay by one of the editors pulling together the important themes from the period under consideration.
As countries large and small, rich and poor are drawn inexorably into the global economy, protectionist policies are proving increasingly inefficient and ineffective for driving growth. The countries of Latin America, which have long pursued agendas of state ownership and heavy regulation of key industries, began to institute a series of reforms in the 1980s and 1990s, designed to promote competition and business creation. However, without the legal and institutional framework to support these policies (and thus guarantee resource-efficient behavior on the part of business owners), the record has been spotty at best. Competition Policies in Emerging Economies features in-depth analysis of two key industries—telecommunications and banking—in several Central American nations to shed light on the dynamics of the transition to deregulation and trade liberalization, and learn from the experiences of these economies. This book has a three-fold purpose: (1) to examine the competition conditions and policies of small developing countries of Central America (and hence cover an area where very little information exists); (2) develop an in-depth analysis of regulation and competition policies in two key industrial sectors with poor competition records (telecommunications and banking); (3) link the former results analysis with other international experiences, in order to derive research and policy recommendations that can be applied to other small, developing, and emerging economies. Featuring discussion of political, legal, economic, financial, cultural, and organization-level issues, the book provides unique perspectives on the forces resisting competitive practices and offers suggestions for overcoming them.
For the most part, competition policy literature focuses on large economies. Yet the economic paradigms on which such competition policies are based do not necessarily apply to the many small market economies that exist around the world. As this paper argues, the size of an economy necessarily affects the optimal competition policy that should be adopted by it. The paper demonstrates the effects of market size both on rules of thumb used in competition policy as well as on more general policy prescriptions, such as policy goals, trade-offs and remedial tools. The implications of this article extend beyond domestic competition policy to the evaluation of the current global drive towards the world-wide harmonization of competition policies.
ÔThis comprehensive Handbook demonstrates that academic thinking, new and old, has a role to play in shaping modern competition policy.Õ Ð Gunnar Niels, Oxera This indispensable Handbook examines the interface of competition policy, competition law and industrial economics. The book aims to further our understanding of how economic reasoning and legal expertise complement each other in defining the fundamental issues and principles in competition policy. In specially commissioned chapters the book provides a scholarly review of economic theory, empirical evidence and standards of legal evaluation with respect to monopolization of markets, exploitation of market power and mergers, among other issues. The International Handbook of Competition Ð Second Edition will be accessible to a wide audience including students of economics and law, public administrators, lawyers, consultants, and business executives.
As markets become increasingly integrated and globalised, competition policy is facing new challenges. Contributions from leading international experts explore theoretical and methodological issues of practical relevance for the new competition policy order and give examples of practical policy adjustments.
This outstanding collection of original essays brings together some of the leading experts in competition economics, policy and law. They examine what lies at the core of the .economic approach to competition law' and deal with its normative and institutional limitations. In recent years the more .economic approach' has led to a modernisation of competition law throughout the world. This book comprehensivelyexamines for the first time, the foundations and limitations of the approach and will be of great interest to scholars of competition policy no matter what discipline. Competition Policy and the Economic Approach will appeal to academics in competition economics and law, policy-makers and practitioners in the field of antitrust/competition law as well as postgraduate students in competition law and economics. Those interested in the interplay of law and economicsin the field of competition will also find this book invaluable.
Neumann (economics, U. Erlangen-Nurnberg, Germany) examines the history of competition policy in the US and Europe to demonstrate how far a convergence of principles has developed. He then outlines the theory of industrial organization as a tool to devise an appropriate policy. Neumann also discusses the practice of competition policy in the US, individual European countries, and the EC as a whole, in terms of collusion, mergers, and vertical restraints. The final section places competition policy within the social framework, treating such issues as property rights, international trade policy, and social justice. Annotation copyrighted by Book News Inc., Portland, OR