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Edited by Manfred Neumann and Jürgen Weigand
Chapter 10: Competition Policy in a Globalized Economy: From Extraterritorial Application to Harmonization
10 Competition policy in a globalized economy: from extraterritorial application to harmonization Jürgen Basedow 1 The worldwide boom of competition law and its harmonization One of the conspicuous features of law and legal thinking in the recent past is the proliferation of legislation which purports to protect competition against private restrictions. Today, more than 80 countries are said to have some kind of competition law, and more than two-thirds of these statutes have taken effect since 1992.1 While competition policy and antitrust law were concomitant with highly developed economies until 15 years ago, they are spread all over the world today. Competition statutes have been enacted in Latin America, in the former Soviet Bloc and in the Tiger States of Southeast Asia.2 Even in the Arab world and China, competition law and policy are making some progress.3 The worldwide trend towards competition law can of course easily be explained by the breakdown of the socialist economies a decade ago. Only one of the two traditionally competing models of economic order – competition and central administration – has survived, and the nations are now in a hurry to equip their legal systems with the standard outﬁt of successful market economies. The increase in number of competition statutes is also favored by the continuing liberalization of international trade as evidenced by the agreement establishing the World Trade Organization of 1994 and its annexes. As trade barriers set up by states are being removed in the course of liberalization, private companies are becoming...
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