ABSTRACT
Competition policy refers to a set of laws and regulations aimed at maintaining a fair degree of competition by eliminating restrictive business practices by private enterprise. According to Graham (2000, p. 205), competition policy includes ‘both anti-monopolies (antitrust) and regulation of state aid (i.e. subsidies and subsidy-like measures)’. Restrictive (or anticompetitive or unfair) business practices are those that limit entry into a market by other enterprises or regulate supply in a way deemed harmful to other (existing or potential) producers or to consumers. Such practices include collusion, predatory pricing behaviour, capacity expansion that deters market entry and mergers and acquisitions that reduce competition.
