Competition Law for a Complex Economy

Digital Markets
13.07.2021 943
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Article

As the global economy is incurring a process of transformation by the ongoing “fourth industrial revolution”, competition law is traversing a “liminal” moment, a period of transition during which the normal limits to thought, self-understanding and behaviour are relaxed, opening the way to novelty and imagination, construction and destruction. The development of digital capitalism during the last three decades has led to an important “information overload”, induced by this rapid revolutionary change. Competition authorities in Europe and elsewhere have been rather slow to react, as they have tried unsuccessfully to deal with the problem by applying industrial-capitalism-era competition law to the “next generation competition” of the post-industrial informational capitalism. The paper studies the question of the scope, role and function of competition law in the post-industrial capitalism era.

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