Competition policy
Competition policy: approaches of governments to the promotion and protection of competition. It consists of competition laws and policies achieving similar aims. Since the 1980s the term “competition policy” has broadened in scope in many industrial economies. It now may be concerned also with the welfare-enhancing effects of opening non-tradeable sectors to competition, the so-called wider competition policy. This includes gas, water and electricity utilities which once were considered natural monopolies. Competition policy is often seen as promoting especially the interests of the consumer, and comparisons are made with trade policy which, especially in the case of trade remedies, tends to favour the producer. See also antitrust laws and trade and competition policy.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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