The harmonization of competition policy: A global perspective

The enforcement of competition policy plays a critical element in industrial organization, helping to ensure that the goals of maximizing efficiency and consumer welfare are achieved. Competition policy serves as a regulatory watchdog to prevent the abuse of market power and establishment of market dominance due to merger activity.; Differences in the application of competition policy among nations continue to exist. Globalization of business activity and foreign ownership magnify the growing need for a more cohesive application of merger control policy among enforcement agencies. These differences are viewed as an impediment to the effectiveness of decision-making by enforcement agencies and can result in a number of implicit and explicit costs.; The present study will review the current differences and related costs associated with the application of existing merger control policy, focusing on the leading enforcement agencies in the U.S. and European Union. This thesis will seek to highlight the impact of these differences and outline the measures that need to be taken to ensure that merger control policy becomes effectively harmonized.