Mrunmai Pimparkar, ILS College, Pune
Background of Competition Law
Competition law, also known as antitrust law in some jurisdictions, is a set of legal rules and regulations designed to promote fair competition among businesses in order to prevent anti- competitive practices that could harm consumers, competitors, or the overall market. It is a branch of law that aims to ensure that companies compete on a level playing field, without engaging in unfair practices such as monopolization, price fixing, collusion, or abuse of dominance. The primary goal of competition law is to promote efficiency, innovation, and consumer welfare by fostering competitive markets that provide consumers with a wide range of choices and products at affordable prices. It is enforced by government agencies and courts, and violations can result in fines, injunctions, or other penalties.
Competition Law: Story so far
Competition law is the primary weapon for promoting competition, and its scope, applicability, and execution vary greatly among jurisdictions.
Worldwide
According to some scholars, the earliest anti-competitive regulations date back to medieval times, when cartels were found in most European towns. The Sherman Act of 18902 and the Clayton Act of 19143 established the first modern body of competition law in the United States. In the second part of the nineteenth century, railroads and steamships broadened numerous markets, while agricultural prices declined due to the gold standard's monetary restrictions. Farmers and small business owners advocated for laws to curb the trusts' influence, which resulted in the passage of competition legislation in Canada (1889)4 and the United States (1890).
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