Development of Competition Law: National and International Perspective

Abstract

Competition is one of the best ways to ensure proper growth and development of a country‘s economy. It can ensure the customer welfare and benefit more and can protect their rights. Proper distribution of the resources can be done by competition and competitive market. Monopolistic or oligopolistic practice in business firms may be arisen in the absence of proper competition law and policy. Absence of competition in the market, monopolists do not think about product quality, innovation and diversity. It may also negatively affect society. So the imposition of restriction on monopoly could be better off for the society and the market as a whole. In doing so, it‘s the duty of state to introduce or formulate pro-active competition law as well as competition policy. The competition regime in Bangladesh has traditionally been fairly weak. Before formulation of the Competition Act 2012, there were hardly any specific policies or laws for governing the market practices and actions of market participants. This study is descriptive in nature and tries to find out a historical background of competition law and its implementation mechanism in nationally and globally in light of which several recommendations have been preferred to make competition law effective in Bangladesh.