Résumé
In recent policy debates in Europe, the question 'what has competition done for Europe?' has been posed at the highest levels. This question merits careful reflection. Competition as it is understood by mainstream economic and legal scholars refers not to an ideology but to inter-firm rivalry in markets. Such rivalry ensures that consumers enjoy choice, low prices, and good value for money. The authors consider the historical origins and development as well as the current role and effects of competition policy in Europe. The latter includes legal provisions that address anti-competitive practices by firms and activities aimed at promoting competition in respect of potentially anti-competitive government measures. They conclude that such policy has made essential contributions to the high standard of living enjoyed by European citizens, to the policy and institutional infrastructure of Europe, to related international initiatives and, indeed, to the creation of Europe itself.
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Extrait
What has Competition Done for Europe? An Inter-Disciplinary Answer*
1 Introduction
In recent European policy debates, the question 'what has competition done for Europe?' has been posed at the highest levels.1 The question merits careful reflection. The role of competition in economic life and in contemporary economic policy is often misunderstood. For example, the term is sometimes used in a sense which connotes ultra-liberalism or laissez-faire. In fact, competition as it is understood by mainstream economic and legal scholars refers to something more banal - namely, inter-firm rivalry in markets. Such rivalry is vital to ensure that consumers enjoy freedom of choice, low prices, and good value for money, while also serving as an important driver of innovation and productivity improvement. The closely-related concept of "competition policy" refers to the set of laws, institutions, and policies through which governments maintain or promote competition. This essay will focus on the role and effects of competition policy, and on the ways in which European competition policy has evolved over time. Such policy, it will be argued, has made essential contributions to the high standard of living enjoyed by European citizens, to the policy and institutional infrastructure of Europe, to related international initiatives and, indeed, to the creation of Europe itself.At the outset, it is important to make clear that neither competition nor competition policy necessarily implies either an absence of regulation or a ruthless commitment to market principles that overlooks the importance of altruism, social values, and appropriate forms of cooperation in society. Competition policy is, in fact, a (selective) form of government intervention that recognises - indeed, finds its essential justification in - the fact that markets are sometimes subject to failures (e.g., due to the existence of externalities, asymmetries of information, monopolies, cartels, and other restraints to competition).2 Competition policy also seeks to promote reliance on market forces as a form of social organisation and engine of progress in circumstances where this is likely to be welfare-enhancing for citizens. It is, however, compatible with a wide range of other government interventions - i.e., social and economic policies - that may be deemed necessary to promote public welfare.3Competition policy as it is practised in Europe is, moreover, a distinctly European creation, with deep roots in Continental economic and social thought. Its implementation via the Treaty establishing the European Community (i.e., the Treaty of Rome) has given rise to significant innovations in constitutional and institutional structures. For these reasons, in addition to its essential contributions to economic welfare, it forms a part of Europe's intellectual heritage and carries important lessons for the world.In this essay, we have not sought to systematically review all aspects of European competition policy or to provide quantitative estimates of their welfare effects. Rather, we have tried to convey a sense of: (i) the historical origins of competition policy in Europe and its contribution to European development; (ii) the continuing (present-day) contribution of competition policy in Europe in addressing both business practices and government measures that could otherwise undermine the performance of Europe's economy; and (iii) the "external" ...Voir le contenu complet de ce document
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