Abstract
The paper deals with the importance of competition policy implementation in a small market economy. The Lithuanian fuel trade market has been chosen for the analysis. To ensure that the fuel trade market is working efficiently and is fairly priced is one of the key priorities for the government of Lithuania. Competition policy plays an essential part in the country’s economy. Therefore, in order to understand the characteristics of small market economy and how competition policy is working in such market conditions, it is neassary to realize the complexity of the analysis. The paper offers a brief theoretical overview of the specifications of competition policy in a small market economy, together with a thorough interpretation, empirical research and discussion of the Lithuanian fuel trade market.
Highlights
Competition in the market is the fundamental condition of the healthy functioning of economy
Much attention has been devoted recently to the issues related to competition policy in large and in small economies
Lithuania is a classical example of a small economy
Summary
Competition in the market is the fundamental condition of the healthy functioning of economy. Much attention has been devoted recently to the issues related to competition policy in large and in small economies. As the enforcement of the competition law increases its global scale, small jurisdictions as well as large ones are increasingly attempting to review mergers, investigate alleged monopolizations and abuses of dominance, or join in the fight against cartels. Are the experiences of larger jurisdictions in these areas applicable to small economies which may be characterized by vastly different market circumstances? The structure of the article is as follows: the theoretical part on the characteristics of a small market economy, the fundamentals of competition policy and its implementation in a small market economy is followed by the methodical part which includes the application of various methods chosen for the purpose of the analysis. The article is concluded by discussion and the possible solutions aimed to tackle and minimize the issues raised in the article
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