In an increasingly globalized world, the challenges facing competition law and its enforcement are more prominent than ever. With domestic markets opening to foreign trade and multinational corporations operating globally, there is a pressing need for international harmonization of competition law and the establishment of a global competition authority.
This essay begins by highlighting the essential elements for effective international harmonization: substantive provisions and enforcement measures. It argues that for the global economy to thrive, competition law must evolve internationally, requiring harmonization across diverse legal frameworks.
Exploring the proliferation of over 130 diverging systems of competition law worldwide, the essay reveals the bureaucratic hurdles and significant costs and fines imposed, hindering the entry of small firms and start-ups into the global market. This unequal economic landscape favors large corporations, stifling competition and growth, particularly in developing countries.
The essay delves into the challenges posed by global monopolies, demonstrating how national competition laws often fail to address "borderless markets." Using examples such as differing legal thresholds for market dominance, it underscores the inadequacy of national regimes in regulating global corporate behavior effectively.
Highlighting the legal complexities surrounding monopolistic practices, such as those permitted under one jurisdiction but prohibited under another, the essay emphasizes the need for policymakers to adapt to the realities of a borderless economy.
Inhaltsverzeichnis (Table of Contents)
- The urgent need of an international competition law and competition authority in a globalised world - a call for harmonization
- A) (Too) many diverging substantive measures
- I) A matter of equal economic opportunities
- II) Global monopolies how national competition law neglects the element of "inter-state trade" and the consequences for states and companies
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This essay argues for the urgent need of an international competition law and competition authority in a globalized world. It highlights the challenges posed by diverging competition law systems in a globalized economy, particularly regarding the adverse effects of cartels, anti-competitive behavior, and global monopolies.
- The need for international harmonization of competition law
- The impact of diverging competition law systems on global trade and investment
- The challenges of enforcing competition law in a globalized context
- The importance of equal economic opportunities for all firms, regardless of size
- The risks of global monopolies and their impact on states and companies
Zusammenfassung der Kapitel (Chapter Summaries)
- The essay begins by outlining the increasing globalization of markets and the need for a coordinated approach to competition law. It argues that the current landscape of over 130 diverging systems of competition law hinders the effective development of the global economy.
- The essay explores the impact of these diverging systems on economic opportunities, highlighting the challenges faced by small firms and start-ups in entering global markets due to bureaucratic hurdles, high costs, and fines. It also discusses the potential for global monopolies to emerge under different national legal frameworks.
- The essay examines the inadequacies of national competition law in addressing the issue of "inter-state trade" and the consequences for states and companies. It uses the example of the Sherman Act in the US to illustrate how a company can be deemed a monopoly under one jurisdiction but not another.
Schlüsselwörter (Keywords)
This essay focuses on the key concepts of international competition law, harmonization, globalization, global monopolies, anti-competitive behavior, and economic opportunities. It examines the challenges of enforcing competition law in a globalized context and the importance of equal economic opportunities for all firms.
- Quote paper
- Natalie Wüstneck (Author), 2022, The Urgent Need of an International Competition Law and Competition Authority in a Globalised World. A Call for Harmonization, Munich, GRIN Verlag, https://www.grin.com/document/1449563
