Competition Law and Economics
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Competition Law and Economics

Developments, Policies and Enforcement Trends in the US and Korea

Edited by Jay P. Choi, Wonhyuk Lim and Sang-Hyop Lee

In this exciting new book, an international team of experts compare market structures, in both global and Korean contexts, particularly focusing on the impact of foreign competition on market concentration and ways to improve market structure. It thoroughly investigates core competition problems, including international abuses of dominance, mergers and collusion, and vertical restraints. Contributions move beyond explaining the laws and practices of enforcement agencies, offering readers an insight into the trend of an ever-increasing interdependence among national economies, complemented by analyses of recent developments in the US and Canada.
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Chapter 2: Competition law and economics: international cooperation and convergence in competition policy

Jay Pil Choi

Abstract

This chapter discusses issues that arise with “decentralized” enforcement of antitrust across jurisdictions due to the proliferation of independent antitrust authorities. The overview examines potential pitfalls of antitrust proliferation, particularly enforcement externalities. The chapter then focuses on specific enforcement areas such as mergers and acquisitions, single-firm conduct by dominant firms and international cartels. The author suggests potential pathways to achieve policy harmonization across jurisdictions. He proposes that the best way to achieve any commonality and harmonization is through movement toward effects-based antitrust enforcement guided by sophisticated economic reasoning rather than a formalistic approach. The effects-based approach enables antitrust agencies to find common ground and be insulated from political considerations and subjective beliefs, thereby promoting predictability and uniformity in antitrust enforcement.

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