Editorial Introduction: Market Power in East Asian Economies

Editorial Introduction: Market Power in East Asian Economies Review of Industrial Organization 21: 107–112, 2002. Editorial Introduction: Market Power in East Asian Economies Its Origins, Effects, and Treatments DAVID K. ROUND Centre for Applied Economics, School of International Business, University of South Australia, Adelaide SA 5001, Australia E-mail: david.round@unisa.edu.au Key words: Competition policy, co-operation, culture, politics, regulation, trade. JEL Classifications: K21, L4, L5. I. A Culture for Competition In most western economies it has been recognized for many decades that markets generally work best when operating under competitive conditions arising from both domestic and international sources, but that left to their own devices, some markets will fail due to the inherent rent-seeking behavior of entrepreneurs, as well as to basic underlying market conditions and to the quirks of legislators. Hence dozens of countries have developed antitrust or competition laws since the United States passed the Sherman Act in 1890. Considerable jurisprudence has been established, much of it consistent in ideology, if not in measurement and enforcement, where various countries have chosen to see the law as pursuing different end results. Attitudes differ, however, in East Asia. In its issue of 20 January 2001, The Eco- nomist noted (p. 65) “ ...that Asia’s consumers suffer from producers who http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Industrial Organization Springer Journals

Editorial Introduction: Market Power in East Asian Economies

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Kluwer Academic Publishers
Copyright © 2002 by Kluwer Academic Publishers
Economics; Industrial Organization; Microeconomics
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