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It is based on the prohibition of agreements that ran counter to public policy, unless the reasonableness of an agreement could be shown.It effectively prohibited agreements designed to restrain another's trade.
Substance and practice of competition law varies from jurisdiction to jurisdiction.
Protecting the interests of consumers (consumer welfare) and ensuring that entrepreneurs have an opportunity to compete in the market economy are often treated as important objectives.
These obligations were not included in GATT, but in 1994, with the conclusion of the Uruguay Round of GATT Multilateral Negotiations, the World Trade Organization (WTO) was created.
The Agreement Establishing the WTO included a range of limited provisions on various cross-border competition issues on a sector specific basis.
The UK competition law system also includes innovative provisions on the criminalisation of cartel activity and the control of oligopolies through a system of market investigation references that may be emulated in other jurisdictions.
A thorough understanding of all areas of EU and UK competition law will provide students from other jurisdictions a valuable perspective on their own competition law regimes.
Competition law is closely connected with law on deregulation of access to markets, state aids and subsidies, the privatization of state owned assets and the establishment of independent sector regulators, among other market-oriented supply-side policies.
In recent decades, competition law has been viewed as a way to provide better public services.
Zeno rescinded all previously granted exclusive rights. forestalling, the practice of buying up goods before they reach market and then inflating the prices) was one of three forfeitures that King Edward the Confessor could carry out through England.
fixed wages of artificers and workmen and decreed that foodstuffs should be sold at reasonable prices.