Competition on the Global Market: A Way Towards an Autonomous International Court for Global Competition Cases

Competition policy is a field where economists and lawyers have to work hand in hand to achieve efficiency and, in the international arena, global welfare. At the present, there is no internationally recognised official authority under the auspices of which there would take shape the global competition policy and, simultaneously, set up a core of global competition rules. Competition policy, still national or supranational in its nature, is, as a consequence, under strong influence of other national or supranational policies and so regulated by various laws that in their specific way address competition cases including those with an international element. Overlapping of jurisdictions, conflicts between substantive and procedural laws are unavoidable. Considering that full and simultaneous compliance with all those laws is a hard task to fulfil, it makes cross-border transaction much more risky, time consuming, and costly than is necessary. By setting up an autonomous international court for global competition cases not only would we get rid obstacles to efficient enforcement of competition but we could make global welfare flourish without depriving developing countries of their economic growth.