Monday, September 9, 2019
ABSTRACT: Is there a disconnect between what competition policy delivers and what citizens expect from it? Do governments view competition enforcement as an impediment to economic growth? Some policy-makers, at least, seem to think so. This was demonstrated in February’s Franco-German manifesto for a new industrial policy (one ‘fit for the 21st century’), which called for a revamp of the current competition rules.
Europe has undoubtedly achieved remarkable results for its citizens over the past few decades. It has delivered peace, universal healthcare and education, even economic prosperity. More recently, critics have emphasised that in relative terms Europe has not scored incredibly well in corporate success. In the United States and in China, the latter owes much to innovation, entrepreneurship, private investment and, of course, subsidies. But is competition policy the main culprit of this outcome?