p. 11. Introduction to competition law
- Sandra Marco ColinoSandra Marco ColinoResearch Assistant Professor at the Chinese University of Hong Kong
This chapter presents an introduction to competition law covering the development of competition law, the experience of the United States, economics and competition law, and competition law resources. Competition law is the legislation that ensures competition is protected from unrestrained market power in free market economies. The primary purpose of competition law is to remedy some of the situations in which the free market system — in which supply and demand, and not government intervention, determine the allocation of resources — breaks down. The point was well made in the House of Lords debate during the passage of the Competition Act 1998 (CA) that ‘competition law provides the framework for competitive activity. It protects the process of competition’.