Please note this updated and revised Research Review is only available online. The link to Buy Book in Print and Find This Book in Your Library is to a previous edition available in print. The previous print edition reprints the full text of many, though not all, of the Recommended Articles and complements the online edition. This review draws on a collection of seminal writings dealing with the development of competition policy in Europe, the United States and Japan. It begins by discussing the writings of leading philosophers and scholars on the rationale and desirability of competition in market economies. These interpretations range in time of origin from ancient Greece through to Adam Smith and James Madison to very recent contributions in the competition policy debate. Having established relevant philosophical foundations, the review offers analyses by leading British, American, German and Japanese scholars on the interpretation and administration of laws concerning price-fixing and other restrictive agreements, market dominance and monopolization, predatory practices and mergers.
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Competition policy aims to prevent anticompetitive agreements and mergers, limiting the abusive exercise of market power. The formulation and application of this policy presents significant challenges, which include showing that proposed mergers are anticompetitive, proving that firms are members of cartels and defending apparently restrictive vertical agreements. This research review considers papers which illustrate how far we have come towards meeting these challenges.
Edited by François Lévêque
This book responds to the opening up of electricity markets to competition, which has completely changed the nature of power generation. The building of new generation and transmission capacity and the setting of the energy mix between nuclear, gas and renewable resources are mainly left to private initiative and investors.