For the most part, competition policy literature has focused on
large economies. Yet the economic paradigms on which such policies
are based do not necessarily apply to small market economies. This
book demonstrates that optimal competition policy is very much
dependent on the size of an economy. Whether and how firms compete
is a matter of the natural conditions of the markets in which firms
operate. A critical feature of small economies is the concentrated
nature of many of their markets, which are often protected by high
entry barriers. Competition policy must be designed to deal
effectively with these unique obstacles to competition.
Accordingly, applying the same competition policy to all economies
alike may be contrary to the policy's goals.
Michal Gal's thorough analysis shows the effects of market size
on competition policy, ranging from rules of thumb to more general
policy prescriptions, such as goals and remedial tools. Competition
policy in small economies is becoming increasingly important, since
the number of small jurisdictions adopting such policy is rapidly
growing. Gal's focus extends beyond domestic competition policy to
the evaluation of the current trend toward the worldwide
harmonization of policies. This book will provide important
guidance to academics, policy makers, and practitioners of
competition policy as well as to anyone interested in the
globalization of competition laws.
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