Evolution And Comparison Of Competition Laws: US, UK & India

Akshat Mittal, OP Jindal Global University

INTRODUCTION

The idea of Monopoly in a freely competitive market breeds the idea of Anti-Competition legislations. Monopoly, to state, refers to the establishment of control over a product or service by an enterprise through a variety of modes. The biggest bane with which Monopoly comes, is the killing of positive spirit of competition in the market through imposing high prices of goods leading to a collusion against the public in form of imposing higher costs. The cycle continues by the National Demand being hit, thus causing economic distress to the Nation.

But why do firms create these collaborations in the market at the first place? The sole objective of preventing customers from stepping in as sellers is to maximize profits along with stifling creativity and efficiency that a competition fosters.

Free and fair competition, on the other hand provides consumers with a very wide set of alternatives and enhances product differentiation and better satisfaction of consumer demand. Thus, competition in the present era has been a potent tool for encouraging economic development and socioeconomic welfare rather than curbing monopolies only.