{"id":22721,"date":"2021-07-20T16:20:46","date_gmt":"2021-07-20T10:50:46","guid":{"rendered":"https:\/\/plyinsight.com\/?p=22721"},"modified":"2021-07-21T15:57:46","modified_gmt":"2021-07-21T10:27:46","slug":"old-competition-law","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/old-competition-law\/","title":{"rendered":"Old Competition Law"},"content":{"rendered":"

In the past half a century or so of the industrial economy, we have learnt to swear by \u201ccompetition\u201d as the main driver of \u201cefficiency\u201d.<\/strong><\/span><\/p>\n

In the industrial economy the most foul-worthy action for a business (the equivalent of a non-goalkeeper in football touching a ball with his hands) is to be caught being part of a \u201ccartel\u201d; cartels being defined as a collection of sellers who conspire to jointly charge higher than normal prices. This is taken so seriously that in the United States and Europe, for example, creating and operating cartels can attract criminal prosecution and often very heavy fines.<\/strong><\/span><\/p>\n

Another action widely believed to be foul play in the industrial era is \u201cpredatory pricing\u201d. As Wikipedia succinctly says: \u201cPredatory pricing is a pricing Strategy, using the method of undercutting on a larger scale, where a dominant firm in an industry will deliberately reduce its prices of a product or service to loss-making levels in the short -term.\u201d<\/strong><\/p>\n

With the advent of digital platforms, things like \u201ccartelization\u201d and \u201cpredatory pricing\u201d are no longer composite banks being disaggregated to payments service players. Lending service players, and share trading players. And of course, as is well known in e-commerce, multiple chains of wholesales, regional distributors, and local retailers are being eliminated through this disintermediation.<\/strong><\/p>\n

Is all that is going on \u201cfair\u201d competition? Can the current competition laws deal with them? And while prices that these new digital players charge are very much lower than the brick-and-mortar players, the charge of \u201cpredatory pricing\u201d as currently defined doesn’t appear to be a weapon precise enough to fight these low-price players and discounters.<\/strong><\/p>\n

In the industrial era, increased sales often are a challenge to the quality of products. On digital platforms the opposite is true. For example, if there are many developers producing great apps on a given platforms \u2013 say, the Android mobile platform. When this happens, even more app developers will be drawn to it. This \u201cpositive feedback loop\u201d is what is behind the oft talked about \u201cnetwork effects\u201d on successful digital platforms. Unfortunately, in seeking such positive feedback loops, many platforms with help from venture capital and private equity investors Subsidies the initial flow of users to achieve the scale needed for such network effects (for example, in e-commerce by offering free shipping).<\/p>\n

How and whether competition law needs to view this positively or punitively is something thoughtful people worldwide are still grappling with. The game in digital platforms is thus probably different than in the industrial. And just as cricket can’t be played using the rules of football, does a new competition law not need to be drafted?<\/strong><\/p>\n

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\u092a\u094d\u0930\u0924\u093f\u0938\u094d\u092a\u0930\u094d\u0927\u093e \u0915\u093e\u0928\u0942\u0928 \u0907\u0938\u0947 \u0915\u0948\u0938\u0947 \u0914\u0930 \u0915\u0939\u093e\u0902 \u0938\u0915\u093e\u0930\u093e\u0924\u094d\u092e\u0915 \u092f\u093e \u0928\u0915\u093e\u0930\u093e\u0924\u094d\u092e\u0915 \u0930\u0942\u092a \u0938\u0947 \u0926\u0947\u0916\u0947 \u0907\u0938\u0915\u0947 \u0932\u093f\u090f \u0926\u0941\u0928\u093f\u092f\u093e \u092d\u0930 \u092e\u0947\u0902 \u0935\u093f\u091a\u093e\u0930-\u0935\u093f\u092e\u0930\u094d\u0936 \u091a\u0932 \u0930\u0939\u093e \u0939\u0948\u0964 \u0921\u093f\u091c\u093f\u091f\u0932 \u092a\u094d\u0932\u0947\u091f\u092b\u093e\u0945\u0930\u094d\u092e \u0915\u093e \u0915\u093e\u092e \u0938\u0902\u092d\u0935\u0924\u0903 \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u0924\u094c\u0930 \u0924\u0930\u0940\u0915\u094b\u0902 \u0938\u0947 \u0905\u0932\u0917 \u0939\u0948\u0964 \u091c\u093f\u0938 \u0924\u0930\u0939 \u0915\u094d\u0930\u093f\u0915\u0947\u091f \u0915\u094b \u092b\u0941\u091f\u092c\u093e\u0945\u0932 \u0915\u0947 \u0928\u093f\u092f\u092e\u094b\u0902 \u0938\u0947 \u0928\u0939\u0940\u0902 \u0916\u0947\u0932\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948 \u0935\u0948\u0938\u0947 \u0939\u0940 \u0915\u094d\u092f\u093e \u090f\u0915 \u0928\u092f\u0947 \u092a\u094d\u0930\u0924\u093f\u0938\u094d\u092a\u0930\u094d\u0927\u093e \u0915\u093e\u0928\u0942\u0928 \u0915\u0940 \u091c\u0930\u0942\u0930\u0924 \u0928\u0939\u0940\u0902 \u0939\u0948?<\/span><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

In the past half a century or so of the industrial economy, we have learnt to swear by \u201ccompetition\u201d as the main driver of \u201cefficiency\u201d. In the industrial economy the most foul-worthy action for a business (the equivalent of a non-goalkeeper in football touching a ball with his hands) is to be caught being part […]<\/p>","protected":false},"author":1,"featured_media":22725,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318],"tags":[],"class_list":["post-22721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-july-articles-2021"],"yoast_head":"\nOld Competition Law - PLY INSIGHT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/plyinsight.com\/hi\/old-competition-law\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Old Competition Law - PLY INSIGHT\" \/>\n<meta property=\"og:description\" content=\"In the past half a century or so of the industrial economy, we have learnt to swear by \u201ccompetition\u201d as the main driver of \u201cefficiency\u201d. 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