Convergence and Its Discontents: A Reconsideration of the Merits of Convergence of Global Competition Law
Thomas K. Cheng
The University of Hong Kong - Faculty of Law
January 2, 2012
Chicago Journal of International Law, Vol. 12, No. 2, p. 433, 2012
University of Hong Kong Faculty of Law Research Paper No. 2012/003
This Article examines the recent phenomenon of the convergence of competition law regimes across the globe. The increasing harmonization of competition law, at both the procedural and substantive levels, has been widely discussed and applauded in recent years. This Article casts doubt on the conventional wisdom that convergence necessarily constitutes a positive development in global competition law. After analyzing the causes of the phenomenon, this Article argues that there should be limits to the pursuit of convergence. First, the costs of convergence should not be overlooked. The most important of such costs is the loss of national regulatory prerogative. Second, the multitude of goals that are pursued by different jurisdictions in their competition laws poses serious obstacles to convergence. Finally, the need to incorporate economic development considerations and cultural variations in market behavior further cautions against wholesale harmonization of competition laws.
Number of Pages in PDF File: 59
Keywords: Convergence, Competition Law in Developing Countries, Competition Law and Culture
Date posted: January 2, 2012 ; Last revised: February 3, 2012
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