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Abstract
In EU and the US, competition law regulates the practices of large firms so as to protect consumer welfare and economic efficiency. In Asia, many countries such as China and Vietnam are shifting to market economy; small firms expand and grow to become large scale corporations. Competition law is gaining importance in these countries. This paper firstly provides an overview on the role of the competition law in protecting consumer efficiency and consumer welfare. Afterwards, content analysis on the previous journal articles about Asia’s countries competition law, such as China, Vietnam, South Korea, Japan, India will be conducted. Lastly, a case study on supermarket in Hong Kong shows the role of competition law.
Highlights
Over the past few years, economic development and the gradual shift from government planned economy in many places lead to a chorus of voices has called for action in the arena of competition policy (Aydin, 2012; Tarullo, 2000)
In Asia, many countries such as China and Vietnam are shifting to market economy; small firms expand and grow to become large scale corporations
This paper firstly provides an overview on the role of the competition law in protecting consumer efficiency and consumer welfare
Summary
Over the past few years, economic development and the gradual shift from government planned economy in many places lead to a chorus of voices has called for action in the arena of competition policy (Aydin, 2012; Tarullo, 2000). Competition law ( known as antitrust law in the US) is often used to protect the competition process in the market by installing a legal framework to regulate the practices of undertakings (Parakkal, 2011; Isac & Elena, 2010; Simpson, 2010) and provides a good environment for business entities (Jashari & Memeti 2012). By facilitating competition, competition law is designed to achieve efficient allocation of resources; enhances consumer welfare by lowering product price, quality and services (Roberts, 1996); and provides innovation incentive (Iacobucci et al, 2006; Hooper & Price, 2010)
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