ABSTRACT
In Chapters 2-4 we evaluated market operation from the perspective of welfare, justice, and virtue. In this chapter we connect the three perspectives and develop an integrated view on the market . This view is necessarily generic. Application to concrete market policies in particular sectors demands an accurate analysis of the specific context. An example is economic policy that aims at a more marketbased energy sector. According to Armstrong and Sappington (2006: 326), even a comparatively simple choice between regulated monopoly and unregulated competition
can be intricate and complex in practice. The decision to introduce competition into an industry is only the beginning of a journey down a long and winding road that can present many obstacles and detours. The best route from monopoly to competition can differ substantially in different settings. Therefore, there is no single set of directions that can guide the challenging journey from monopoly to competition in all settings.
