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Global Competition - Law, Markets, and Globalization (Hardcover)
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Global Competition - Law, Markets, and Globalization (Hardcover)
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Global competition now shapes economies and societies in ways
unimaginable only a few years ago, and laws shape and maintain
global competition, determining how effective global markets are
and how they distribute benefits and harms. Competition (or
"antitrust") law plays a central role in this framework of law.
These laws are intended to protect the competitive process from
distortion and restraint, and in the domestic context, they embody
and reflect the relationships between markets, their participants
and those affected by them.
On the global level, however, competition law is provided by those
players that have sufficient "power" to apply their laws
transnationally. In practice, this means that the US and the EU
generally provide the competition law principles for global
competition. This book examines this important and controversial
aspect of globalization.
Part I examines the evolution of the current system of competition
law for global markets, the factors that have shaped it, and how it
operates today. There was once a widespread belief that harm to
global competition was an international problem that should be
addressed through international coordination, but the Cold War
submerged this ideal and led to the current system. Since the 1990s
efforts have been made to develop transnational cooperation in this
area, but the basic system remains in place. The evolution and
operation of this system cannot be understood without understanding
the factors in national experience that have shaped them.
The second part of the book focuses on these national experiences
and the roles they have played in the evolution of the global
system. It examines US and Europeanexperience as well as the
experience of the newer players such as China that will necessarily
play major roles in the future.
Finally, the book examines the potential for creating a system
that functions more effectively and provides more support for
global economic and political development. Drawing on parts I and
II and on social science as well as legal literature, it identifies
the factors that will play a role in moving towards a more
effective legal framework for global competition and suggests a
pathway for needed reforms.
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