European Competition Law And Policy - 1335 Words

This essay will analyse European competition law and policy to ascertain the values and characteristics that serve as its foundation. First, this essay will give a brief outline of competition and the significance of competition law and policy. Subsequently, this essay will give an explanation of the values behind European competition law and policy, which are consumer welfare, economic efficiency and economic freedom. The values will incorporate Articles 101 and 102 TFEU along with reference to the Chicago school of competition analysis and ordoliberalism. Competition occurs in a free market economy where firms will endeavour to achieve business objectives which adapt according to interactions with consumers. These objectives are profits, sales or market share. Competition is essential for a properly functioning market as firms will be placed under competitive pressure to provide consumers with a comprehensive choice of goods and services at the most favourable prices. In a free market economy, government regulations or restrictions are not applied in this economic system. Instead, it is determined by supply and demand which directs the production of goods and services. The premise of a free market is competition between firms to enable increased consumer welfare while promoting innovation and efficiency as there will be lower prices and products of better quality. For competition to be effective in a free market economy, it must be protected by competition law andShow MoreRelatedThe Application Of The Eu Competition Law1220 Words    |  5 PagesThesis on Competition Law according to the Community ACQUIS at UNIVERSITY OF EUROPEAN STUDIES IN MOLDOVA, FACULTY OF LAW. Chapter III. The application of the EU Competition Law in the Republic of Moldova. Within the EU itself the idea of building a Single (Common) Market for goods and services, without discrimination across national borders, underpins the idea that EU Competition Law and Policy are instrumental in achieving market integration. It would be wrong to think of EC competition policy merelyRead MoreEuropean Competition Policy And The European Union1351 Words   |  6 Pagestheir transactions, the European Commission has set certain rules and values that exist fluently functions in between European states and ensure unrestrained competition. The second part evaluates why we need a European competition policy and what European competition policy is about. European competition policy occupies a prominent in the work of the European Union since its inception of the Treaty of Rome in 1957. 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The United States backing their domestic tech giants are calling for liberalization and economic nationalism, while the rest of the world are calling for protectionism. This paper will introduce the concept of data localization, connect it to how it is rela ted to international trade at large, and end with a policy prescription of how the international community should regulate it. Data Localization Data localization is the policy in which national governments