In an ever more globalized economy, markets are increasingly
multinational and even worldwide. Accordingly, monopoly-enhancing
conduct that occurs in one jurisdiction affects consumer welfare throughout
the multinational market in which the monopolist participates. If
competition authorities are to meet their responsibility for keeping their
respective national markets competitive, they necessarily must reach out to
regulate extraterritorial conduct that directly impacts their home market.
Although such multiple oversight has the potential to cause
regulatory conflict and lead to some outcome differences at the margin,
there currently is substantial convergence among competition authorities in
their common acceptance of certain fundamental economic principles. So
long as such core unity is maintained, divergence at the margin should not
only be workable but also prove hospitable to further evolution in economic
understanding and sound competition policy.
Description
The Future of Monopoly and Monopolization Symposium