Refining some concepts and ideas
This chapter gives a broad account of some central concepts and ideas. It has already been said in the course of the previous chapter that an examination of such concepts and ideas is absolutely vital to understanding the internationalisation of antitrust policy. Such an examination will, inter alia, enhance one’s awareness of fundamental theories including economic ones, which are essential - as a first step - for a proper evaluation of any antitrust policy debate. The purpose of the chapter is to ensure that such an important first step is taken.
The chapter is divided into four parts. The first part discusses the concept and idea of competition and its economic understanding. The second part provides a historical perspective of a particular political idea and political philosophy about antitrust law. The third part discusses the important issue of market definition before the fourth part gives a brief conclusion.
It is desirable to clarify the meaning of competition at the outset, in order to facilitate a better understanding of its economic implications. The Oxford English Dictionary defines the term in the following way:
1. a. The action of endeavouring to gain what another endeavours to gain at
the same time; the striving of two or more for the same object;
b. Rivalry in the market, striving for custom between those who have the
same commodities to dispose of…1
1 (Oxford University Press, Oxford, 1989), pp. 604-5. The author’s choice of dictionary should not be seen as capricious. It was chosen because of the speciality of definition. Compare with Johnson’s Dictionary of the English Language and the Concise Oxford Dictionary.