Anti-monopoly laws in Turkey, Greece, and Italy,and Their Enforcement
A free market economy allows a nation to have open and equal (to an extent) competition while utilizing the resources available in the most effective manner. However, it is not perfect and can lead to some problems such as someone controlling the whole market or, in other words, having a monopoly or monopoly power. Also, there could be cartels, which are when companies will make agreements that ?abandon competition between themselves in order to increase their profit? (?Message of the President? 1). Both of these are dangerous for the economy because they not only harm competition for smaller businesses but also the consumer, who is forced to pay whatever prices the companies agree upon. These dangers for the economy create a need for the national governments to have anti-monopoly laws that ban such practices. However, with the creation of these laws also comes the need for the enforcement of them, and so there are many new government agencies that work to make sure they are enforced. Some countries and organizations that have these laws and enforcement agencies over competition are Turkey and the European Union, which includes Italy and Greece.
Anti-monopoly or antitrust laws, mainly work against an imbalance of competition in a free market economy. In other words, they work against the ?abuse of dominant position? or ?a situation of economic power held by a firm, which allows it to hinder effective competition in the relevant market.? To fight this possibility antitrust laws work to prevent infringements of the laws by businesses. The laws work to rule out anything that restricts competition whether it is cartels, monopolies, or other agreements between companies. Some of these possible agreements include ?control of mergers and acquisitions? that could limit competition and control the economic output. In addition, other possible dangers include ?state aids contrary to efficiency and competition? (?Message of the President? 2). Basically, the laws work against anything that might limit free trade and especially competition in the economy. Therefore, most nations have created anti-monopoly laws that prevent the same problems, but are also unique in their organization. For example, the countries under the European Union are very similar and follow the same guidelines to those of other nations; however, each country also has his own unique competition laws. Other nations, like Turkey, also have created competition laws, which follow the same pattern as the policies of the EU.
On December 13, 1994 Turkey passed the Law on the Protection of Competition, which worked to abolish the monopolizing or dominance of power over competition within their economy (?Law no. 287 of October 10th, 1990?). They modeled their competition policies after those set forth by the EU, and thus their governmental policies work well to demonstrate the role of anti-monopoly laws...