What would Adam Smith say: The Asia-Pacific Tipline for 28 February 2020
The head of Australia’s competition authority said yesterday that his country’s economy is “too concentrated”. Speaking during the conference dinner at the International Competition Network’s merger workshop, Rod Sims said the stakes of getting merger control right are high. He opined that if Adam Smith, viewed by some as the “father of capitalism”, were alive today, Smith would “believe our economies are now much too concentrated and that we have collectively all failed in our mission.” Competition agencies should step back and ask themselves whether their merger regimes are facilitating “the level of competition needed for a well-functioning market economy,” Sims suggested.
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