Theoretical Analysis of the Facets of Competition Law

Competition Law is rooted in theoretical liberal economic philosophy. The pros and
cons of this philosophy shall be present as with any theory within the corpus of
Competition Law. American approach towards Competition Law is more open and less
interested in state intervention with focus on consumer welfare. On the other hand,
European view the Competition Law as more important to keep the market at a level
playing field. For the purpose of identifying solutions to improve Competition Act 2010,
the philosophical underpinning of the theory needs to be chalked out to provide
following recommendations for plugging the gaps in the Competition Act 2010:

• Legal tests need to be devised to balance the idea of providing exemptions in
  the cases of consumer welfare and level playing market field
• State Powers need to be curtailed in relation to these exemptions
• Consumer Welfare must not be at the cost of the labour protections and privacy
  protections