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Publishers Abstract:
Competition is the corner-stone of laissez-faire society. The free market economy is based on the assumption that the market's invisible hand is generally a far more powerful guardian of social welfare than any other form of regulation. Competition not only promotes economic efficiency, but also promotes non-purely economic goals such as dispersion of economic opportunity, limitation of undue influences on the political system and strengthening the freedom of speech. This essay addresses this challenge by focusing on the tools available to competition authorities and courts to ensure that the regulatory scheme is socially beneficial. It proposes six general principles that are aimed at creating a system of 'checks and balances' which maintains adequate safeguards to ensure that competition will be limited only where socially warranted. 1. competition advocacy at the legislative stage, 2. mandatory role in regulatory proceedings, 3. ensuring optimal scope of general doctrines, 4. institutional standing in judicial proceedings, 5. ensuring regulatory oversight, and 6. harmonisation of regulatory regimes.
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