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17 Facts About Competition Law

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Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.

Competition is, in general, a contest or rivalry between two or more organisms, animals, individuals, economic groups or social groups, etc., for territory, a niche, for resources, goods, for mates, for prestige, recognition, for awards, for group or social status, or for leadership and profit.

In economics, "competition" is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.

Anti-competitive practices are business, government or religious practices that prevent or reduce competition in a market.

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Competition law is implemented through public and private enforcement.

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Competition law is known as anti-trust law in the United States, and as anti-monopoly law in China and Russia.

The United States of America, commonly referred to as the United States or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity.

China, officially the People's Republic of China, is a unitary sovereign state in East Asia.

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In previous years it has been known as trade practices law in the United Kingdom and Australia.

Australia, officially the Commonwealth of Australia, is a country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands.

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe.

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In the European Union, it is referred to as both antitrust and competition law.

The European Union is a politico-economic union of 28 member states that are located primarily in Europe.

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The history of competition law reaches back to the Roman Empire.

The Roman Empire was the post-Roman Republic period of the ancient Roman civilization, characterized by government headed by emperors and large territorial holdings around the Mediterranean Sea in Europe, Africa and Asia.

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The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions.

Guilds were and are associations of artisans or merchants who control the practice of their craft in a particular town.

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Since the 20th century, competition law has become global.

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The two largest and most influential systems of competition regulation are United States antitrust law and European Union competition law.

European competition law promotes the maintenance of competition within the European Union by regulating anti-competitive conduct by companies to ensure that they do not create cartels and monopolies that would damage the interests of society.

United States antitrust law is a collection of federal and state government laws that regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers.

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National and regional competition authorities across the world have formed international support and enforcement networks.

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Modern competition law has historically evolved on a country level to promote and maintain fair competition in markets principally within the territorial boundaries of nation-states.

A nation state is a type of state that joins the political entity of a state to the cultural entity of a nation, from which it aims to derive its political legitimacy to rule and potentially its status as a sovereign state.

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National competition law usually does not cover activity beyond territorial borders unless it has significant effects at nation-state level.

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Countries may allow for extraterritorial jurisdiction in competition cases based on so-called effects doctrine.

Extraterritorial jurisdiction is the legal ability of a government to exercise authority beyond its normal boundaries.

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The protection of international competition is governed by international competition agreements.

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In 1945, during the negotiations preceding the adoption of the General Agreement on Tariffs and Trade in 1947, limited international competition obligations were proposed within the Charter for an International Trade Organisation.

General Agreement on Tariffs and Trade was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.

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These obligations were not included in GATT, but in 1994, with the conclusion of the Uruguay Round of GATT Multilateral Negotiations, the World Trade Organization was created.

The Uruguay Round was the 8th round of multilateral trade negotiations conducted within the framework of the General Agreement on Tariffs and Trade, spanning from 1986 to 1994 and embracing 123 countries as "contracting parties".

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The Agreement Establishing the WTO included a range of limited provisions on various cross-border competition issues on a sector specific basis.

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