5 - US competition law regime

Summary

Introduction

The US competition law regime is one of the oldest and most influential regimes in the world. Many people consider that the first legislation in the field of competition law enacted in ‘modern times’ was the US Sherman Act, the first federal competition law adopted in 1890. Naturally, therefore, the US competition law regime has a rich history and actors within the regime – whether US competition authorities, the judiciary, academics and practitioners – have phenomenal experience in the field of competition law. The contribution made by all of these actors over the past 100 or so years has been hugely important in advancing competition law to its current position of global significance. The admirably vast output by American scholars in particular must be acknowledged. Many global developments in the field have US roots: whether in relation to economic analysis and the use of economics in the field more generally or the design and use of important tools, such as the leniency programme in the area of anti-cartel regulation to mention but a few. Little wonder however that the American approach and thinking in the field of competition law and policy has been and continues to be extremely influential.

A brief historical perspective

In order to be able to understand the US competition law regime, in particular how it has developed over the years and what function it performs in the present time, it is crucial to become familiar with its roots, which as noted above extend to the nineteenth century.