PROTECTION OF COMPETITION IN THE CONTEMPORARY GLOBAL ECONOMY AS A CHALLENGE FOR THE COMPETITION THEORY

Abstract

Although the phenomenon of competition is fundamental of the economic theory and policy, the scientists have not yet achieved the consensus concerning the kind of competition which should be protected. Contemporary researchers striving to find the answer to this question rely on their predecessors achievements and the recognition that all elements of the classical structure-conduct-performance paradigm are influencing each other. Thus, the current research on competition is conducted within the confines of the theory of economy and management and the protection of competition in the contemporary global economy constitutes a challenge for the competition theory in all three areas mentioned in the paradigm. Given the above, there are several issues of vital importance. Firstly, the development of MNs in the direction of diversified networks which are interconnected with different contractual and ownership multidimensional ties, secondly, the need to take into account the relations between the competitors on other geographical and product markets in the analysis of competition on the local market, and thirdly, the need to widen the traditional perception of the protection of competition to other areas, which  have  not been covered  by antitrust policy so far.