Global Competition: Law, Markets, and Globalization
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The current legal framework for the global economy is provided, however, by national laws and institutions. This means that those few governments that have sufficient 'power' to apply their laws to conduct outside their own territory provide the norms of global competition. This has long meant that the US and, more recently, the EU structure global competition, but China and other countries are increasingly using their economic and political leverage to apply their own competition laws to global markets.
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The result is increasing uncertainty, costs, and conflicts that burden global economic development. This book examines competition law on the global level and reveals its often complex and little-understood dynamics.
What is the current role of competition law in globalisation?
It focuses on the interactions between national and international legal regimes that are central to these dynamics and a key to understanding them. Part I examines the evolution of the current global system, the factors that have shaped it, how it operates today, and recent efforts to alter that system-e. Part II focuses on national competition law systems, revealing how national laws and experiences shape global competition law dynamics and how global factors, in turn, shape national laws and experiences.
It examines the central roles of US and European law and experience, and it also pays close attention to countries such as China that are playing increasingly important roles in the global competition law arena. Part III analyzes current strategies for improving the legal framework for global competition and identifies the factors that may contribute to a system that more effectively supports global economic and political development. This analysis also suggests a pathway for moving toward that goal.
Gerber, B. Trinity College Conn.
Yale, J. Reconceiving Competition Law for Global Markets Toward a Legal Framework for Global Competition?
See All Customer Reviews. Shop Textbooks. The essence of competition is that it is a discovery process, rewarding companies that are efficient, innovative or that excel at building relationships with customers.
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Globalisation has increased the number of participants and the potential size of many markets, while enhancing the potential for economies of scale. However, genuine competition requires a level playing field where the state is prevented from weighing in to an unacceptable degree. This has resulted in a constant polemic about the appropriate level of state intervention, particularly in areas such as healthcare or pharmaceuticals where natural monopolies may arise.
Competition law rules are a form of state intervention that are designed to prevent participants from 'gaming' the basis of competition itself, either collectively e. There has been an explosion in the adoption of competition laws, and nearly countries now have some form of competition law regime in place.
Problems have subsequently arisen at a global level as countries vary significantly in their interpretation of perfect competition and apply the rules in a diverse manner.http://lastsurestart.co.uk/libraries/gear/4290-cheating-children.php
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The risk of the national interest overriding established concepts of competition is always present. Global companies face significant costs if they are to navigate the competition rules successfully. A merger between two global players is likely to require a mandatory merger filing in a number of different countries, regardless of whether the transaction is found to raise substantive concerns.
Countries such as Ukraine, Germany and Austria are notorious for the number of mandatory notifications that are required before completion as a result of what may be, for large global entities, fairly insignificant thresholds. Other countries, such as China, have been subject to criticism due to some idiosyncratic competition law assessments.
Merger control filing fees and the associated legal costs can be high.
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However, the complexity of competition law assessments has also increased the burden on merging parties. The adoption of Chicago School economics by competition law regulators in the US and EU, has resulted in the involvement of economists in the notification process, who are required to carry out complicated competition assessments of the possible effects of transactions.
The benefit of this reliance on economists has been questioned, given that economics is not an exact science, and many economic models face significant problems when it comes to predicting the future due to the number of variables that exist in the real world.
Law, markets, and globalization, D.J. Gerber, 2010]
Nevertheless, this move towards greater complexity has led to a steady increase in costs and has increased the evidential burden on merging parties and the regulators. These additional costs are, inevitably, passed onto consumers. Even with the use of more sophisticated and expensive economic assessments and greater co-operation between competition law regulators, it is inevitable that they will often reach conflicting investigatory outcomes.
A useful example is the contradictory merger control decisions reached by the UK Competition and Markets Authority and the French Competition Authority in relation to Eurotunnel's purchase of some ferries belonging to Sea France.