Also read article on 'Anti-Trust Laws: The Magna Carta of Free Enterprise'
“Competition is not only the basis
of protection to the consumer, but is the incentive to progress.”
-
Herbert Hoover (American President, 1874-1964)
Great words by a great man.However, President Herbert Hoover had somewhat erred while making this statement. He only said ‘competition’, whereas he should have stressed on ‘fair competition’. Competition is present even in oligopoly[1]or even when unfair trade or anti-competitive practices are being performed[2].However, in such competition, the consumer’s interests are not protected[3]. Also there is the constant danger that two or more major enterprises may merge giving rise to a monopoly[4].Barriers to competition caused due to unsuitable