CORPORATE WINDOW: Towards robust competition law

The laissez-faire economic principle implies that market forces of demand and supply coupled with the profit motive of commercial entities guide and determine economic activity, stimulate growth, spur innovation and reduce wastage of resources with a view to offering end consumers a wide array of choices available at competitive pricing. A fair competition is the natural outcome of finely tuned balances between the burden borne by producers and the benefit transmitted to consumers. The burden usually comes in the shape of an applicable legal regime — such as a law of contract, product liability regime and other regulatory confines, including inter alia fiscal and monetary policies of the state. The benefit, on the other hand, is often characterised by the welfare of the consumer, which in turn includes dispersed control over access to economic resources and a wide range of choices available to consumers, free from arbitrary dictates of anti-competitive practices.