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Geiger, Rainer --- "The Development of the World Economy and Competition Law" [2010] ELECD 241; in Zäch, Roger; Heinemann, Andreas; Kellerhals, Andreas (eds), "The Development of Competition Law" (Edward Elgar Publishing, 2010)

Book Title: The Development of Competition Law

Editor(s): Zäch, Roger; Heinemann, Andreas; Kellerhals, Andreas

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781848444461

Section: Chapter 9

Section Title: The Development of the World Economy and Competition Law

Author(s): Geiger, Rainer

Number of pages: 15

Extract:

9. The Development of the World
Economy and Competition Law
Rainer Geiger*

1 INTRODUCTION

It is the purpose of this chapter to discuss the role of competition in a
changing world economy. This analysis will reflect market globalisation,
the emergence of new players, the challenges of sustainable development
and the recent financial and economic crisis. Against this background, key
features of competition law and policy will be highlighted. The chapter
will conclude by offering some perspectives for the future. Can competi-
tion serve as a tool for recovery from recession? What role will it play in
any necessary reshaping of economic policies and institutions? What will
be the impact of large rescue plans being put in place to restore stability
and growth? What will be the relationship to other policy instruments?
Is there still scope for greater harmony of national policies? Should new
initiatives for multilateral rules on competition be launched to strengthen
the international trading system? What would be the interest of developing
countries to support such initiatives?
After decades of continuous growth in trade and investment, 2009 will
be a year of recession, the most serious economic downturn since the end
of the Second World War1. Real economic growth rates will be negative
for many countries including some of the major economies. International
trade and foreign direct investment are expected to decline significantly.
Food and energy prices will remain volatile and unemployment is about to
rise. It is not sure when economic stimulus packages will show their effects
...