Competition Law in Developing Nations
Competition Law in Developing Nations
The Absolutist View
This chapter provides an “absolutist” view: that, after a century of study and application of competition law, there is widespread agreement that there is a set of competition law principles that if appropriately implemented will maximally improve consumer welfare, enhance economic growth, and aid those with low income in any society. If this view can be supported, there is little value in debating how different economic conditions in different countries compel differences in competition law. The competition laws of all nations should in principle be identical. This chapter is purposely provocative and conflicts with the central theses of other chapters in the book. I believe that there is value to the provocation. Of course, economic conditions and institutional conditions differ across countries. These differences will affect the implementation of any competition law and cannot be discounted.
Keywords: competition law, economic development, institutions, consumer welfare, convergence
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