Review of Industrial Organization 13: 243–264, 1998. 1998 Kluwer Academic Publishers. Printed in the Netherlands. Rationalism Rebuffed? Lessons from Modern Canadian and New Zealand Competition Policy TIM HAZLEDINE Department of Economics, The University of Auckland, Auckland, New Zealand I. Introduction In 1989 Francis Fukuyama proclaimed “The End of History”. This event – which did not pass unnoticed in the Bureau of Competition Policy in Ottawa – supposedly marked the ﬁnal conquering of other ideologies (monarchism, fascism, commu- nism; even Keynesianism and social welfarism) by laissez-faire liberal capitalist democracy. The 1986 revisions to the competition policy legislation of Canada and New Zealand, along with similar developments in the United States and Australia, seem quite consistent with the end-of-history world view. They are very similar in spirit and they are ﬁrmly based on the intellectual foundation of market capitalism, modern ‘neoclassical’ economic theory, which is surely the only doctrine for the end of history. It is truly universalist – ahistorical and acultural – in methodology, and it provides a coherent elaboration of the efﬁciency of competitive market capitalism. The elaboration is not, however, unqualiﬁed, and this is the raison-d’et ˆ re for an activist competition policy. Mainstream neoclassicism admits the possibility
Review of Industrial Organization – Springer Journals
Published: Oct 6, 2004
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