Fair Competition: The Catalyst of Economic Development

Author: Sandeep Suresh

The competitive process and the development process are so intertwined as to be indistinguishable”[1]

Competition, the process of rivalry between firms striving to gain sales and make profits, is the driving force behind economies. Efficient and fair markets are essential for economic growth. Effective competition is not automatic and can be harmed by inappropriate government policies, legislations and anti-competitive conduct of corporate firms. So there is an indispensable need for a definite system of law to ensure effective and fair competition and thereby enjoy its benefits.

Competition laws maintain and promote market competition by regulating anti-competitive conduct of firms. The history of competition law dates back to the Roman Empire when one of the earliest examples of competition law ‘Lex Julia de Annona’ was enacted in 50 BC. Under the Constitution of Zeno in 483 AD, the Florentine municipal law of 1322 and 1325 was considered to be a pro-competition law. Continue reading “Fair Competition: The Catalyst of Economic Development”