8th National Conference on Economics of Competition Law
The Competition Commission of India (CCI) is holding its 8th annual National Conference on Economics of Competition Law. This conference has been organized by CCI since 2016. This year, a plenary session on ‘Antitrust and Regulation: Interfaces and Synergies’ and two technical sessions on ‘Competition and the Economy’ and ‘Economics in Antitrust Enforcement’ will be conducted.
What is the National Conference on Economics of Competition Law?
National Conference on Economics of Competition Law aims to stimulate research and debate on contemporary issues in the field of competition law economics, particularly in the Indian context. It also seeks to create a critical mass of antitrust economists by bringing together scholars, practitioners, academicians, and experts on a single platform.
Competition Law in the US
The competition law of the US started with the Sherman Act of 1890. During the late 19th century, big companies started to cooperate with rivals to control market prices. This increased the prices of goods in the country. Thus, the anti-trust law or the Sherman Law was brought in that laid the foundation for the modern competition law of the US. The act also prohibited monopolies.
The Clayton Act was passed in 1914 and prohibited companies from dealing with agreements and mergers that include stock purchases.
The Hart-Scott-Rodino antitrust Improvements Act of 1976 was passed to restrict mergers and acquisitions. The parties should pre-notify the US Federal Trade Commission and the US Justice Department before completing the transaction.
Competition Laws in the European Union
Germany was the first country to frame a competition law in the EU in 1923. Later it was followed by Sweden and Norway in 1925 and 1926. With the Great Depression of 1929, competition law disappeared from the European Union. It again entered only after the second world war. In 1951, France, Belgium, Netherlands and others signed an agreement with Germany that prohibited Germany from re-establishing its dominance in coal and steel.
Today, the treaty of Lisbon prevents signing anti-competitive agreements in the European Union
Observation
Asian countries like Russia and China are socialistic and communist. Here the government controls everything. Therefore, the role of competition laws is very less here. The US and very few European countries have well-defined competition laws because they are capitalistic. India has a mix of both! And therefore, we have mediocre-level competition laws; neither too strict nor too lenient.
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Month: Current Affairs - March, 2023
Category: Summits and Conferences