222-425: Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust law (or just antitrust ), anti-monopoly law , and trade practices law ; the act of pushing for antitrust measures or attacking monopolistic companies (known as trusts )
444-401: A constitution , written or tacit, and the rights encoded therein. The law shapes politics , economics , history and society in various ways and also serves as a mediator of relations between people. Legal systems vary between jurisdictions , with their differences analysed in comparative law . In civil law jurisdictions, a legislature or other central body codifies and consolidates
666-644: A federal system (as in Australia, Germany or the United States) or different voting configuration in a unitary system (as in France). In the UK the upper house is appointed by the government as a house of review . One criticism of bicameral systems with two elected chambers is that the upper and lower houses may simply mirror one another. The traditional justification of bicameralism is that an upper chamber acts as
888-417: A parliamentary system , as with Britain, Italy, Germany, India, and Japan, the executive is known as the cabinet, and composed of members of the legislature. The executive is led by the head of government , whose office holds power under the confidence of the legislature. Because popular elections appoint political parties to govern, the leader of a party can change in between elections. The head of state
1110-651: A protector domesticus , either at Leo's court in Constantinople, or attached at Ardabur's staff in Antioch . In 465, Leo and Aspar quarrelled about the appointment of consuls for the following year; it was on this occasion that Tarasis' position was strengthened, as he became friend and ally of the Emperor. To make himself more acceptable to the Roman hierarchy and the population of Constantinople, Tarasis adopted
1332-688: A ruler ') is a set of ordinances and regulations made by ecclesiastical authority , for the government of a Christian organisation or church and its members. It is the internal ecclesiastical law governing the Catholic Church , the Eastern Orthodox Church , the Oriental Orthodox Churches , and the individual national churches within the Anglican Communion . The way that such church law
1554-440: A "common law" developed during the reign of Henry II during the late 12th century, when Henry appointed judges who had the authority to create an institutionalised and unified system of law common to the country. The next major step in the evolution of the common law came when King John was forced by his barons to sign a document limiting his authority to pass laws. This "great charter" or Magna Carta of 1215 also required that
1776-462: A bond not to exercise his trade in the same town as the plaintiff for six months but the plaintiff had promised nothing in return. On hearing the plaintiff's attempt to enforce this restraint, Hull J exclaimed, "per Dieu, if the plaintiff were here, he should go to prison until he had paid a fine to the King". The court denied the collection of a bond for the dyer's breach of agreement because the agreement
1998-564: A church in its place. The school relocated to its original home of Nisibis , becoming again the School of Nisibis , and leading to a wave of Nestorian immigration into Persia . According to Samaritan sources, Zeno (whom the sources call "Zait the King of Edom") persecuted the Samaritans. The Emperor went to Sichem ( Neapolis ), gathered the elders and asked them to convert; when they refused, Zeno had many Samaritans killed, and converted
2220-609: A citizen of the Empire reached such a high distinction. Zeno had Theoderic fight against Illus and the usurper Leontius , besieging them at Papurius in 484–488. However, in 486 Theoderic revolted again and attacked Constantinople, severing the city's water supply. Zeno bought a peace and agreed with Theoderic that the Ostrogoths should have gone to invade Italy to fight Odoacer , who had allegedly supported Leontius, and to establish his new kingdom there (487). This all but eliminated
2442-544: A favoured member of the Imperial court, Anastasius , to succeed Zeno. Zeno's brother Longinus then revolted, starting the Isaurian War . The chroniclers George Kedrenos (eleventh century) and Joannes Zonaras (twelfth century) allege that Ariadne had Zeno locked up in a tomb while he was unconscious from drinking or acute illness. She ordered passersby to ignore Zeno's cries for help after he awoke; he survived for
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#17327721389112664-426: A general rule that the state may not aid or subsidize private parties in distortion of free competition and provides exemptions for charities , regional development objectives and in the event of a natural disaster . Leading ECJ cases on competition law include Consten & Grundig v Commission and United Brands v Commission . India responded positively by opening up its economy by removing controls during
2886-442: A house of review. This can minimise arbitrariness and injustice in governmental action. To pass legislation, a majority of the members of a legislature must vote for a bill (proposed law) in each house. Normally there will be several readings and amendments proposed by the different political factions. If a country has an entrenched constitution, a special majority for changes to the constitution may be required, making changes to
3108-608: A joint request to the Emperor, in order to extend to the south the settlement territory of the Ostrogoths in Moesia. Zeno tried to divide the two Theoderics by bribing the Amal, but he refused the bribe. The Imperial army obtained some initial successes, but Zeno did not press his advantage, and allowed the Amal to move westward in Thrace, plundering territories as he went. With the Amal far away, Strabo accepted an agreement with Zeno: Strabo
3330-712: A lasting peace with Theodoric by sending him to Italy, where he defeated Odoacer and established the Ostrogothic Kingdom . In religious matters, Zeno issued the Henotikon in 482 on the advice of Acacius , the Patriarch of Constantinople , in an unsuccessful attempt to reconcile the differences between the Chalcedonians and the Miaphysites over the nature of Christ . Pope Felix III condemned
3552-541: A number of significant theoretical, legal and practical challenges. Antitrust administration and legislation can be seen as a balance between: Chapter 5 of the post-war Havana Charter contained an Antitrust code but this was never incorporated into the WTO's forerunner, the General Agreement on Tariffs and Trade 1947. Office of Fair Trading Director and Richard Whish wrote sceptically that it "seems unlikely at
3774-744: A people who lived inland from the Mediterranean coast of Anatolia , in the core of the Taurus Mountains (generally what is now the Konya / Bozkir area of Turkey ). Like most borderland tribes, they were looked upon as barbarians by the Romans even though they had been Roman subjects for more than five centuries. However, being Orthodox Christians rather than Arians , as the Goths and other Germanic tribes were, they were not formally barred from
3996-601: A process of reform, at least in terms of economic, if not social and political, rights. A new contract code in 1999 represented a move away from administrative domination. Furthermore, after negotiations lasting fifteen years, in 2001 China joined the World Trade Organization . In general, legal systems can be split between civil law and common law systems. Modern scholars argue that the significance of this distinction has progressively declined. The numerous legal transplants , typical of modern law, result in
4218-480: A product so much that one's smaller competitors cannot cover their costs and fall out of business. The Chicago school considers predatory pricing to be unlikely. However, in France Telecom SA v. Commission a broadband internet company was forced to pay $ 13.9 million for dropping its prices below its own production costs. It had "no interest in applying such prices except that of eliminating competitors" and
4440-486: A religious life, but historical sources attest the existence of only one son by Arcadia, called Zenon. According to ancient sources, Flavius Zeno 's prestigious career—he had fought against Attila in 447 to defend Constantinople and been consul the following year—was the reason why Tarasis, another Isaurian officer, chose the Greek name Zeno when he married into the Imperial family, thus being known as Zeno when he rose to
4662-631: A solemn promise from Zeno not to shed their blood. Basiliscus and his family were sent to a fortress in Cappadocia , where Zeno had them enclosed in a dry cistern, to die from exposure. After his restoration, Zeno fulfilled his promises, letting Armatus keep his title of magister militum praesentalis (possibly even raising him to the rank of patricius ) and appointing his son Basiliscus Caesar in Nicaea . In 477, however, Zeno changed his mind, probably instigated by Illus, who stood to gain from
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#17327721389114884-503: A system of Industrial Monopoly Licenses, similar to modern patents had been introduced into England. But by the reign of Queen Elizabeth I , the system was reputedly much abused and used merely to preserve privileges, encouraging nothing new in the way of innovation or manufacture. In response English courts developed case law on restrictive business practices. The statute followed the unanimous decision in Darcy v. Allein 1602, also known as
5106-462: Is legislated , interpreted and at times adjudicated varies widely among these three bodies of churches. In all three traditions, a canon was originally a rule adopted by a church council ; these canons formed the foundation of canon law. The Catholic Church has the oldest continuously functioning legal system in the western world , predating the evolution of modern European civil law and common law systems. The 1983 Code of Canon Law governs
5328-499: Is a code of Jewish law that summarizes some of the Talmud's interpretations. A number of countries are sharia jurisdictions. Israeli law allows litigants to use religious laws only if they choose. Canon law is only in use by members of the Catholic Church , the Eastern Orthodox Church and the Anglican Communion . Canon law ( Ancient Greek : κανών , romanized : kanon , lit. 'a straight measuring rod;
5550-587: Is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the art of justice. State-enforced laws can be made by a legislature , resulting in statutes ; by the executive through decrees and regulations ; or by judges' decisions, which form precedent in common law jurisdictions. An autocrat may exercise those functions within their realm. The creation of laws themselves may be influenced by
5772-458: Is a system of rules, divided into primary (rules of conduct) and secondary ones (rules addressed to officials to administer primary rules). Secondary rules are further divided into rules of adjudication (to resolve legal disputes), rules of change (allowing laws to be varied) and the rule of recognition (allowing laws to be identified as valid). Two of Hart's students continued the debate: In his book Law's Empire , Ronald Dworkin attacked Hart and
5994-615: Is a way for national authorities to coordinate their own enforcement activities. Under the doctrine of laissez-faire , antitrust is seen as unnecessary as competition is viewed as a long-term dynamic process where firms compete against each other for market dominance . In some markets, a firm may successfully dominate, but it is because of superior skill or innovativeness. However, according to laissez-faire theorists, when it tries to raise prices to take advantage of its monopoly position it creates profitable opportunities for others to compete. A process of creative destruction begins which erodes
6216-497: Is also decreased, further decreasing social welfare by creating a deadweight loss . Sources of this market power are said to include the existence of externalities , barriers to entry of the market, and the free rider problem . Markets may fail to be efficient for a variety of reasons, so the exception of competition law's intervention to the rule of laissez faire is justified if government failure can be avoided. Orthodox economists fully acknowledge that perfect competition
6438-476: Is also known as Pareto efficiency after the Italian economist Vilfredo Pareto and means that resources in an economy over the long run will go precisely to those who are willing and able to pay for them. Because rational producers will keep producing and selling, and buyers will keep buying up to the last marginal unit of possible output – or alternatively rational producers will be reduce their output to
6660-472: Is an "authority" to mediate people's interests. Oliver Wendell Holmes defined law as "the prophecies of what the courts will do in fact, and nothing more pretentious." In his Treatise on Law , Thomas Aquinas argues that law is a rational ordering of things, which concern the common good, that is promulgated by whoever is charged with the care of the community. This definition has both positivist and naturalist elements. Definitions of law often raise
6882-613: Is an evil... After Mill, there was a shift in economic theory, which emphasized a more precise and theoretical model of competition. A simple neo-classical model of free markets holds that production and distribution of goods and services in competitive free markets maximizes social welfare . This model assumes that new firms can freely enter markets and compete with existing firms, or to use legal language, there are no barriers to entry . By this term economists mean something very specific, that competitive free markets deliver allocative , productive and dynamic efficiency. Allocative efficiency
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7104-733: Is apart from the executive, and symbolically enacts laws and acts as representative of the nation. Examples include the President of Germany (appointed by members of federal and state legislatures ), the Queen of the United Kingdom (an hereditary office ), and the President of Austria (elected by popular vote). The other important model is the presidential system , found in the United States and in Brazil . In presidential systems,
7326-513: Is authority, identifiable purely through social sources and without reference to moral reasoning. In his view, any categorisation of rules beyond their role as authoritative instruments in mediation is best left to sociology , rather than jurisprudence. The history of law links closely to the development of civilization . Ancient Egyptian law, dating as far back as 3000 BC, was based on the concept of Ma'at and characterised by tradition, rhetorical speech, social equality and impartiality. By
7548-543: Is closely connected with law on deregulation of access to markets, state aids and subsidies, the privatization of state owned assets and the establishment of independent sector regulators, among other market-oriented supply-side policies. In recent decades, competition law has been viewed as a way to provide better public services . Robert Bork argued that competition laws can produce adverse effects when they reduce competition by protecting inefficient competitors and when costs of legal intervention are greater than benefits for
7770-558: Is commonly known as trust busting . The history of competition law reaches back to the Roman Empire . The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the 20th century, competition law has become global. The two largest and most influential systems of competition regulation are United States antitrust law and European Union competition law . National and regional competition authorities across
7992-594: Is considered a tool to stimulate economic growth. In Korea and Japan , the competition law prevents certain forms of conglomerates . In addition, competition law has promoted fairness in China and Indonesia as well as international integration in Vietnam. Hong Kong 's Competition Ordinance came into force in the year 2015. As part of the creation of the ASEAN Economic Community, the member states of
8214-413: Is difficult to prove at what point a dominant firm's prices become "exploitative" and this category of abuse is rarely found. In one case however, a French funeral service was found to have demanded exploitative prices, and this was justified on the basis that prices of funeral services outside the region could be compared. A more tricky issue is predatory pricing . This is the practice of dropping prices of
8436-597: Is governed by international competition agreements. In 1945, during the negotiations preceding the adoption of the General Agreement on Tariffs and Trade (GATT) in 1947, limited international competition obligations were proposed within the Charter for an International Trade Organisation . These obligations were not included in GATT, but in 1994, with the conclusion of the Uruguay Round of GATT multilateral negotiations,
8658-467: Is law?" There have been several attempts to produce "a universally acceptable definition of law". In 1972, Baron Hampstead suggested that no such definition could be produced. McCoubrey and White said that the question "what is law?" has no simple answer. Glanville Williams said that the meaning of the word "law" depends on the context in which that word is used. He said that, for example, " early customary law " and " municipal law " were contexts where
8880-689: Is more than 50 percent of countries with a population exceeding 80,000 people. 81 of the 111 countries had adopted their competition laws in the past 20 years, signaling the spread of competition law following the collapse of the Soviet Union and the expansion of the European Union . Currently competition authorities of many states closely co-operate, on everyday basis, with foreign counterparts in their enforcement efforts, also in such key area as information / evidence sharing. In many of Asia's developing countries, including India, Competition law
9102-412: Is necessary to determine whether a firm is dominant, or whether it behaves "to an appreciable extent independently of its competitors, customers and ultimately of its consumer". Under EU law, very large market shares raise a presumption that a firm is dominant, which may be rebuttable. If a firm has a dominant position, then there is "a special responsibility not to allow its conduct to impair competition on
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9324-610: Is seldom observed in the real world, and so aim for what is called " workable competition ". This follows the theory that if one cannot achieve the ideal, then go for the second best option by using the law to tame market operation where it can. A group of economists and lawyers, who are largely associated with the University of Chicago , advocate an approach to competition law guided by the proposition that some actions that were originally considered to be anticompetitive could actually promote competition. The U.S. Supreme Court has used
9546-543: Is stronger in civil law countries, particularly those with a separate system of administrative courts ; by contrast, the public-private law divide is less pronounced in common law jurisdictions. Law provides a source of scholarly inquiry into legal history , philosophy , economic analysis and sociology . Law also raises important and complex issues concerning equality, fairness, and justice . The word law , attested in Old English as lagu , comes from
9768-441: Is that law is a system of rules and guidelines which are enforced through social institutions to govern behaviour. In The Concept of Law , H. L. A. Hart argued that law is a "system of rules"; John Austin said law was "the command of a sovereign, backed by the threat of a sanction"; Ronald Dworkin describes law as an "interpretive concept" to achieve justice in his text titled Law's Empire ; and Joseph Raz argues law
9990-1060: Is the Supreme Court ; in Australia, the High Court ; in India, the Supreme Court of India ; in the UK, the Supreme Court ; in Germany, the Bundesverfassungsgericht ; and in France, the Cour de Cassation . For most European countries the European Court of Justice in Luxembourg can overrule national law, when EU law is relevant. The European Court of Human Rights in Strasbourg allows citizens of
10212-490: Is the legal systems in communist states such as the former Soviet Union and the People's Republic of China . Academic opinion is divided on whether it is a separate system from civil law, given major deviations based on Marxist–Leninist ideology, such as subordinating the judiciary to the executive ruling party. There are distinguished methods of legal reasoning (applying the law) and methods of interpreting (construing)
10434-567: Is to make laws, since they are acts of the general will ; nor whether the prince is above the law, since he is a member of the State; nor whether the law can be unjust, since no one is unjust to himself; nor how we can be both free and subject to the laws, since they are but registers of our wills. Jean-Jacques Rousseau, The Social Contract , II, 6. The philosophy of law is commonly known as jurisprudence. Normative jurisprudence asks "what should law be?", while analytic jurisprudence asks "what
10656-404: Is whether a concentration (i.e. merger or acquisition) with a community dimension (i.e. affects a number of EU member states) might significantly impede effective competition . Articles 106 and 107 provide that member state's right to deliver public services may not be obstructed, but that otherwise public enterprises must adhere to the same competition principles as companies. Article 107 lays down
10878-701: The Manusmriti (c. 100–300 AD) were foundational treatises in India, and comprise texts considered authoritative legal guidance. Manu's central philosophy was tolerance and pluralism , and was cited across Southeast Asia. During the Muslim conquests in the Indian subcontinent , sharia was established by the Muslim sultanates and empires, most notably Mughal Empire 's Fatawa-e-Alamgiri , compiled by emperor Aurangzeb and various scholars of Islam. In India,
11100-459: The "is" and what "ought to be" problem. Bentham and Austin argued for law's positivism ; that real law is entirely separate from "morality". Kant was also criticised by Friedrich Nietzsche , who rejected the principle of equality, and believed that law emanates from the will to power , and cannot be labeled as "moral" or "immoral". In 1934, the Austrian philosopher Hans Kelsen continued
11322-575: The Acacian schism , which lasted until 519. In 488 the patriarch of Antioch, Peter the Fuller , came to Constantinople to have his right to the Church of Cyprus confirmed. Zeno called the bishop of Cyprus, Anthemius , to answer the accusations. The bishop claimed that before his departure, he had had a vision of St. Barnabas , in which the position of the tomb of the apostle had been revealed to him. In
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#173277213891111544-495: The Association of South-East Asian Nations (ASEAN) pledged to enact competition laws and policies by the end of 2015. Today, all ten member states have general competition legislation in place. While there remains differences between regimes (for example, over merger control notification rules, or leniency policies for whistle-blowers), and it is unlikely that there will be a supranational competition authority for ASEAN (akin to
11766-719: The Case of Monopolies , of the King's Bench to declare void the sole right that Queen Elizabeth I had granted to Darcy to import playing cards into England. Darcy, an officer of the Queen's household, claimed damages for the defendant's infringement of this right. The court found the grant void and that three characteristics of monopoly were (1) price increases, (2) quality decrease, (3) the tendency to reduce artificers to idleness and beggary. This put an end to granted monopolies until King James I began to grant them again. In 1623 Parliament passed
11988-504: The Codex Hammurabi . The most intact copy of these stelae was discovered in the 19th century by British Assyriologists , and has since been fully transliterated and translated into various languages, including English, Italian, German, and French. The Old Testament dates back to 1280 BC and takes the form of moral imperatives as recommendations for a good society. The small Greek city-state, ancient Athens , from about
12210-611: The Council of Europe member states to bring cases relating to human rights issues before it. Some countries allow their highest judicial authority to overrule legislation they determine to be unconstitutional . For example, in Brown v. Board of Education , the United States Supreme Court nullified many state statutes that had established racially segregated schools, finding such statutes to be incompatible with
12432-486: The Early Middle Ages , Roman law was rediscovered around the 11th century when medieval legal scholars began to research Roman codes and adapt their concepts to the canon law , giving birth to the jus commune . Latin legal maxims (called brocards ) were compiled for guidance. In medieval England, royal courts developed a body of precedent which later became the common law . A Europe-wide Law Merchant
12654-735: The Economic liberalisation . In quest of increasing the efficiency of the nation's economy, the Government of India acknowledged the Liberalization Privatization Globalization era. As a result, Indian market faces competition from within and outside the country. This led to the need of a strong legislation to dispense justice in commercial matters and the Competition Act, 2002 was passed. The history of competition law in India dates back to
12876-526: The English Court of Common Pleas had five. This powerful and tight-knit judiciary gave rise to a systematised process of developing common law. As time went on, many felt that the common law was overly systematised and inflexible, and increasing numbers of citizens petitioned the King to override the common law. On the King's behalf, the Lord Chancellor started giving judgments to do what
13098-1251: The Enlightenment . Then, in the 19th century, both France, with the Code Civil , and Germany, with the Bürgerliches Gesetzbuch , modernised their legal codes. Both these codes heavily influenced not only the law systems of the countries in continental Europe but also the Japanese and Korean legal traditions. Today, countries that have civil law systems range from Russia and Turkey to most of Central and Latin America . In common law legal systems, decisions by courts are explicitly acknowledged as "law" on equal footing with legislative statutes and executive regulations . The "doctrine of precedent", or stare decisis (Latin for "to stand by decisions") means that decisions by higher courts bind lower courts to assure that similar cases reach similar results. In contrast , in civil law systems, legislative statutes are typically more detailed, and judicial decisions are shorter and less detailed because
13320-571: The Fourteenth Amendment to the United States Constitution . A judiciary is theoretically bound by the constitution, just as all other government bodies are. In most countries judges may only interpret the constitution and all other laws. But in common law countries, where matters are not constitutional, the judiciary may also create law under the doctrine of precedent . The UK, Finland and New Zealand assert
13542-432: The French , but mostly the German Civil Code. This partly reflected Germany's status as a rising power in the late 19th century. Similarly, traditional Chinese law gave way to westernisation towards the final years of the Qing Dynasty in the form of six private law codes based mainly on the Japanese model of German law. Today Taiwanese law retains the closest affinity to the codifications from that period, because of
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#173277213891113764-424: The Hindu legal tradition, along with Islamic law, were both supplanted by common law when India became part of the British Empire . Malaysia, Brunei, Singapore and Hong Kong also adopted the common law system. The Eastern Asia legal tradition reflects a unique blend of secular and religious influences. Japan was the first country to begin modernising its legal system along Western lines, by importing parts of
13986-438: The Latin Church sui juris . The Eastern Catholic Churches, which developed different disciplines and practices, are governed by the Code of Canons of the Eastern Churches . The canon law of the Catholic Church influenced the common law during the medieval period through its preservation of Roman law doctrine such as the presumption of innocence . Roman Catholic canon law is a fully developed legal system, with all
14208-423: The Old Norse word lǫg . The singular form lag meant ' something laid or fixed ' while its plural meant ' law ' . But what, after all, is a law? [...] When I say that the object of laws is always general, I mean that law considers subjects en masse and actions in the abstract, and never a particular person or action. [...] On this view, we at once see that it can no longer be asked whose business it
14430-462: The Quran has some law, and it acts as a source of further law through interpretation, Qiyas (reasoning by analogy), Ijma (consensus) and precedent . This is mainly contained in a body of law and jurisprudence known as Sharia and Fiqh respectively. Another example is the Torah or Old Testament , in the Pentateuch or Five Books of Moses. This contains the basic code of Jewish law, which some Israeli communities choose to use. The Halakha
14652-453: The Statute of Monopolies , which for the most part excluded patent rights from its prohibitions, as well as guilds. From King Charles I , through the civil war and to King Charles II , monopolies continued, especially useful for raising revenue. Then in 1684, in East India Company v. Sandys it was decided that exclusive rights to trade only outside the realm were legitimate, on the grounds that only large and powerful concerns could trade in
14874-506: The Treaty of Rome , also known as the EC Treaty, which established the European Economic Community (EEC). The Treaty of Rome established the enactment of competition law as one of the main aims of the EEC through the "institution of a system ensuring that competition in the common market is not distorted". The two central provisions on EU competition law on companies were established in article 85, which prohibited anti-competitive agreements, subject to some exemptions, and article 86 prohibiting
15096-498: The Vandal King, Genseric , who was conducting raids against the Empire's coastal cities, threatening key commercial sea routes. Zeno sent Genseric a high-ranking officer as ambassador, Severus, who succeeded in stipulating an "eternal" peace between the Vandals and the Empire, which allowed the Romans to pay ransoms for the prisoners in Vandal hands and which ended the Vandal persecution of Orthodox Christians in their territory. Despite this success, Zeno continued to be unpopular with
15318-447: The Vandals , Zeno was an unpopular emperor due to his barbarian origins. In early 475, he was forced to flee Constantinople in a revolt orchestrated in part by dowager Empress Verina , which concluded with Leo I's brother-in-law Basiliscus installing himself as emperor. Seeking refuge in his native Isauria, Zeno later took advantage of Basiliscus's own flagging popularity, convinced the generals Illus and Armatus to defect, marched on
15540-407: The World Trade Organization (WTO) was created. The Agreement Establishing the WTO included a range of limited provisions on various cross-border competition issues on a sector specific basis. Competition law has failed to prevent monopolization of economic activity. "The global economy is dominated by a handful of powerful transnational corporations (TNCs). ... Only 737 top holders accumulate 80% of
15762-626: The absolutist theory of Thomas Hobbes ' Leviathan . Sun Yat-sen 's Five Power Constitution for the Republic of China took the separation of powers further by having two additional branches of government—a Control Yuan for auditing oversight and an Examination Yuan to manage the employment of public officials. Max Weber and others reshaped thinking on the extension of state. Modern military, policing and bureaucratic power over ordinary citizens' daily lives pose special problems for accountability that earlier writers such as Locke or Montesquieu could not have foreseen. The custom and practice of
15984-642: The church of the Holy Apostles , but was arrested with his brothers. Zeno sent Marcian and his brothers to Caesarea in Cappadocia . They tried to flee, but Marcian was captured and obliged to become a monk in Tarsus (Cilicia), or imprisoned in Isauria, in the fortress of Papurius . He tried to escape a second time, and this time he succeeded, but, after gathering new troops and attacking Ancyra , he
16206-515: The frontier of its possible production . Dynamic efficiency refers to the idea that business which constantly competes must research, create and innovate to keep its share of consumers. This traces to Austrian-American political scientist Joseph Schumpeter 's notion that a "perennial gale of creative destruction" is ever sweeping through capitalist economies, driving enterprise at the market's mercy. This led Schumpeter to argue that monopolies did not need to be broken up (as with Standard Oil ) because
16428-597: The "basic pattern of legal reasoning is reasoning by example"—that is, reasoning by comparing outcomes in cases resolving similar legal questions. In a U.S. Supreme Court case regarding procedural efforts taken by a debt collection company to avoid errors, Justice Sotomayor cautioned that "legal reasoning is not a mechanical or strictly linear process". Jurimetrics is the formal application of quantitative methods, especially probability and statistics , to legal questions. The use of statistical methods in court cases and law review articles has grown massively in importance in
16650-478: The 1880s controlled several markets, including the market in fuel oil , lead and whiskey . Vast numbers of citizens became sufficiently aware and publicly concerned about how the trusts negatively impacted them that the Act became a priority for both major parties. A primary concern of this act is that competitive markets themselves should provide the primary regulation of prices, outputs, interests and profits. Instead,
16872-493: The 1960s when the first competition law, namely the Monopolies and Restrictive Trade Practices Act (MRTP) was enacted in 1969. But after the economic reforms in 1991, this legislation was found to be obsolete in many aspects and as a result, a new competition law in the form of the Competition Act, 2002 was enacted in 2003. The Competition Commission of India , is the quasi judicial body established for enforcing provisions of
17094-424: The 22nd century BC, the ancient Sumerian ruler Ur-Nammu had formulated the first law code , which consisted of casuistic statements ("if … then ..."). Around 1760 BC, King Hammurabi further developed Babylonian law , by codifying and inscribing it in stone. Hammurabi placed several copies of his law code throughout the kingdom of Babylon as stelae , for the entire public to see; this became known as
17316-474: The 6th century, which were rediscovered by 11th century Italy. Roman law in the days of the Roman Republic and Empire was heavily procedural, and lacked a professional legal class. Instead a lay magistrate , iudex , was chosen to adjudicate. Decisions were not published in any systematic way, so any case law that developed was disguised and almost unrecognised. Each case was to be decided afresh from
17538-431: The 8th century BC was the first society to be based on broad inclusion of its citizenry, excluding women and enslaved people . However, Athens had no legal science or single word for "law", relying instead on the three-way distinction between divine law ( thémis ), human decree ( nomos ) and custom ( díkē ). Yet Ancient Greek law contained major constitutional innovations in the development of democracy . Roman law
17760-466: The Act outlawed anticompetitive practices, codifying the common law restraint of trade doctrine. Rudolph Peritz has argued that competition law in the United States has evolved around two sometimes conflicting concepts of competition: first that of individual liberty, free of government intervention, and second a fair competitive environment free of excessive economic power . Since the enactment of
17982-573: The Caesarea-based Arcadiani of Rheges, defeated Justa, killed him and sent his head to Zeno. According to Procopius of Caesarea , Terebinthus went to Zeno to ask for revenge; the Emperor personally went to Samaria to quell the rebellion. Modern historians believe that the order of the facts preserved by Samaritan sources should be inverted, as the persecution of Zeno was a consequence of the rebellion rather than its cause, and should have happened after 484, around 489. Zeno rebuilt
18204-554: The Chicago school approach in several recent cases. One view of the Chicago school approach to antitrust is found in United States Circuit Court of Appeals Judge Richard Posner 's books Antitrust Law and Economic Analysis of Law . Robert Bork was highly critical of court decisions on United States antitrust law in a series of law review articles and his book The Antitrust Paradox . Bork argued that both
18426-768: The Clayton Act, and in the European Union, under the Merger Regulation 139/2004 (known as the "ECMR"). Competition law requires that firms proposing to merge gain authorization from the relevant government authority. The theory behind mergers is that transaction costs can be reduced compared to operating on an open market through bilateral contracts. Concentrations can increase economies of scale and scope. However often firms take advantage of their increase in market power, their increased market share and decreased number of competitors, which can adversely affect
18648-505: The Competition Act. The Anti Monopoly Law of China came into effect in 2008. For years, it was enforced by three different branches of government, but since 2018 its enforcement has been the responsibility of the State Administration for Market Regulation . The People's Daily reported that the law had generated 11 billion RMB of penalties between 2008 and 2018. By 2008, 111 countries had enacted competition laws, which
18870-608: The Emperor. The aggressions of the two Ostrogothic leaders, Theoderic the Amal ( Theoderic the Great ), the son of Theodemir and leader of the Moesian Ostrogoths, and Theodoric Strabo , the leader of the Thracian Ostrogoths, had been a constant source of danger since 472. Although Zeno at times contrived to play them off against each other, they in turn were able to profit by his dynastic rivalries. It
19092-797: The European Union), there is a clear trend towards increase in infringement investigations or decisions on cartel enforcement. Competition law is enforced at the national level through competition authorities, as well as private enforcement. The United States Supreme Court explained: Every violation of the antitrust laws is a blow to the free-enterprise system envisaged by Congress. This system depends on strong competition for its health and vigor, and strong competition depends, in turn, on compliance with antitrust legislation. In enacting these laws, Congress had many means at its disposal to penalize violators. It could have, for example, required violators to compensate federal, state, and local governments for
19314-716: The Germanic presence in the east. In religious matters, Zeno is famous for his Henotikon , or "Act of Union", issued in 482 to mediate between Chalcedonian and Miaphysite views about the nature of Christ . The Chalcedonians recognised two natures ( physis ) in Christ, the Miaphysites only one; the Council of Chalcedon (451) had issued the Chalcedonian Creed and condemned the Miaphysite position, but
19536-402: The Greek name of Zeno and used it for the rest of his life. In mid-late 466, Zeno married Ariadne , elder daughter of Leo I and Verina ; there is no reference to him divorcing Arcadia who evidently died prior to this. The next year their son was born, and Zeno became father of the heir apparent to the throne, as the only son of Leo I had died in his infancy; to stress his claim to the throne,
19758-623: The Hart–Scott–Rodino Antitrust Improvements Act of 1976 , mergers and acquisitions came into additional scrutiny from U.S. regulators. Under the act, parties must make a pre-merger notification to the U.S. Department of Justice and Federal Trade Commission prior to the completion of a transaction. As of February 2, 2021, the FTC reduced the Hart-Scott-Rodino reporting threshold to $ 92 million in combined assets for
19980-483: The Impeachment, Disturbance, Defeating or Decay of the said Staples, or of anything that to them pertaineth, or may pertain. In continental Europe, competition principles developed in lex mercatoria . Examples of legislation enshrining competition principles include the constitutiones juris metallici by Wenceslaus II of Bohemia between 1283 and 1305, condemning combination of ore traders increasing prices;
20202-405: The Imperial treasure. Illus and Trocundes were sent to chase him, and Zeno was compelled to shut himself up in a fortress, where Illus besieged him, also capturing Zeno's brother Longinus and keeping him as a hostage. However, the conspirators quickly fell in conflict with each other. Basiliscus took the throne for himself, putting to death Verina's lover and candidate, Patricius. He also allowed
20424-472: The Isaurian general as an important counterweight against the Germanic leader Aspar . In 466, he married Leo I's daughter, Ariadne , with whom he had a son, Leo . On the death of Leo I in 474, Zeno's seven-year-old son took the throne as Leo II, with Zeno made co-emperor shortly after. Leo II died of an illness later that year, leaving Zeno as the sole emperor. Despite his early success in making peace with
20646-493: The King's entourage of judges hold their courts and judgments at "a certain place" rather than dispensing autocratic justice in unpredictable places about the country. A concentrated and elite group of judges acquired a dominant role in law-making under this system, and compared to its European counterparts the English judiciary became highly centralised. In 1297, for instance, while the highest court in France had fifty-one judges,
20868-483: The Miaphysites were still strong, especially in the Eastern provinces of the Empire, and the Patriarch of Alexandria , Peter Mongus , was a Miaphysite. Supporting the Miaphysites was one of the mistakes made by Basiliscus , as the people of Constantinople were Chalcedonian, but Zeno needed the support of the Miaphysite provinces—Egypt, Syria, Palestine and Asia Minor; also, the Patriarch of Constantinople , Acacius ,
21090-608: The Municipal Statutes of Florence in 1322 and 1325 followed Zeno 's legislation against state monopolies; and under Emperor Charles V in the Holy Roman Empire a law was passed "to prevent losses resulting from monopolies and improper contracts which many merchants and artisans made in the Netherlands". In 1553, Henry VIII of England reintroduced tariffs for foodstuffs, designed to stabilize prices, in
21312-544: The Prevention and Suppression of Combinations formed in restraint of Trade was passed one year before the United States enacted the most famous legal statute on competition law, the Sherman Act of 1890. It was named after Senator John Sherman who argued that the Act "does not announce a new principle of law, but applies old and well recognised principles of common law". The Sherman Act of 1890 attempted to outlaw
21534-510: The Quran as its constitution , and is governed on the basis of Islamic law. Iran has also witnessed a reiteration of Islamic law into its legal system after 1979. During the last few decades, one of the fundamental features of the movement of Islamic resurgence has been the call to restore the Sharia, which has generated a vast amount of literature and affected world politics . Socialist law
21756-610: The Sassanid King to invade Roman territory, promising to support the invasion. Through these letters, which Tarasis gave to Leo, the Emperor could dismiss Ardabur, who at the time was magister militum per Orientem and patricius , thus reducing Aspar's influence and ambition. As reward for his loyalty, which Leo praised to Daniel the Stylite , Tarasis was appointed comes domesticorum , an office of great influence and prestige. This appointment could mean that Tarasis had been
21978-491: The Scythian , and Theoderic the Amal , who was at this time consul. John defeated the rebels near Seleucia and drove them into the fort of Papurius where he blockaded them. After a few months Trocundes died; the fort was taken only after four years of siege, by the treachery of Trocundes's brother-in-law, who had been sent for the purpose from Constantinople by Zeno. Illus and Leontius were beheaded (488) and their heads sent to
22200-1348: The Sharia: the Supreme Constitutional Court of Egypt may invalidate such laws, and in Iran the Guardian Council ensures the compatibility of the legislation with the "criteria of Islam". Prominent examples of legislatures are the Houses of Parliament in London, the Congress in Washington, D.C., the Bundestag in Berlin, the Duma in Moscow, the Parlamento Italiano in Rome and the Assemblée nationale in Paris. By
22422-462: The Sherman Act enforcement of competition law has been based on various economic theories adopted by Government. Section 1 of the Sherman Act declared illegal "every contract, in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations." Section 2 prohibits monopolies , or attempts and conspiracies to monopolize. Following
22644-430: The U.S. , the two systems were merged . In developing the common law, academic writings have always played an important part, both to collect overarching principles from dispersed case law and to argue for change. William Blackstone , from around 1760, was the first scholar to collect, describe, and teach the common law. But merely in describing, scholars who sought explanations and underlying structures slowly changed
22866-593: The United States, became the first European countries to adopt fully fledged competition laws. At a regional level EU competition law has its origins in the European Coal and Steel Community (ECSC) agreement between France, Italy , Belgium , the Netherlands , Luxembourg and Germany in 1951 following the Second World War. The agreement aimed to prevent Germany from re-establishing dominance in
23088-651: The abuse of dominant position. The treaty also established principles on competition law for member states, with article 90 covering public undertakings, and article 92 making provisions on state aid. Regulations on mergers were not included as member states could not establish consensus on the issue at the time. Today, the Treaty of Lisbon prohibits anti-competitive agreements in Article 101(1), including price fixing . According to Article 101(2) any such agreements are automatically void. Article 101(3) establishes exemptions, if
23310-639: The adjudicator is only writing to decide the single case, rather than to set out reasoning that will guide future courts. Common law originated from England and has been inherited by almost every country once tied to the British Empire (except Malta, Scotland , the U.S. state of Louisiana , and the Canadian province of Quebec ). In medieval England during the Norman conquest , the law varied shire-to-shire based on disparate tribal customs. The concept of
23532-479: The again unitary Empire, but increasingly started using the title of king for himself. Marcian was son of the Western Roman emperor Anthemius (467–472) and maternal grandson of Emperor Marcian (450–457). He had married Ariadne 's sister Leontia , and was therefore Zeno's brother-in-law; he was twice consul, in 467 and 472. In 479 Marcian tried to overthrow Zeno and claim the throne for himself. With
23754-475: The assassin was taken prisoner and Zeno, who appears to have been privy to the affair, was unable to prevent his execution. Illus—with his friend Pamprepius , Leontius and his brother Trocundes —now retired from court. They first went to Nicaea and then, on pretence of change of air and of procuring a cure for his wound, into the East where he was made magister militum . Having traversed Asia Minor, they raised
23976-602: The attack, Zeno did not return to Constantinople , where Aspar and Ardabur were, still with considerable power. Instead, he moved to the "Long Wall" (the Long Wall of the Thracian Chersonese or, less probably, the Anastasian Wall ), then to Pylai and from there to Chalcedon . While waiting here for an opportunity to return to the capital, he was appointed magister militum per Orientem . He took
24198-557: The blame on him for a great fire that burned several parts of the city. With the secret support of the Senate, and bribes paid by Zeno, Illus agreed to switch sides and united his army with Zeno's, marching on Constantinople. Basiliscus tried to recover popular support and sent another army against Zeno, under his nephew Armatus' command. Zeno succeeded in bribing Armatus too, promising to confirm his rank of magister militum praesentalis for life and promoting his son (also called Basiliscus) to
24420-700: The boy was called Leo . Zeno, however, was not present at the birth of his son, as in 467, he participated in a military campaign against the Goths. Zeno, as a member of the protectores domestici , did not take part in the disastrous expedition against the Vandals , led in 468 by Leo's brother-in-law Basiliscus . The following year, during which he held the honour of the consulate, he was appointed magister militum per Thracias and led an expedition in Thrace . The sources do not clearly state what enemy he fought there, and historians had proposed either Goths or Huns, or
24642-516: The capital and reclaimed the throne in mid-476. Meanwhile, in the western empire, Germanic leader Odoacer deposed the final Western Roman emperor, Romulus Augustulus, and sent the imperial regalia to Constantinople. He expressly acknowledged the suzerainty of Zeno over the West, making Zeno the theoretical sole ruler of a reunified empire. In return, Zeno recognised Odoacer's de facto reign in Italy. In
24864-426: The causes, but clearly state that in 471, Leo I had Aspar and Ardabur treacherously killed. This certainly occurred with Zeno's and Basiliscus' approval, as, on the eve of the murders, the two generals had moved closer to Constantinople (Zeno was at Chalcedon). Thereafter, Zeno returned to Constantinople and was appointed magister militum praesentalis . In October 473, Leo I appointed as caesar his grandson Leo II,
25086-462: The church of St. Procopius in Neapolis (Sichem) and the Samaritans were banned from Mount Gerizim, on whose top a signalling tower was built to alert in case of civil unrest. Zeno died on 9 April 491, of dysentery or of epilepsy , after ruling for 17 years and 2 months. No sons were to succeed him: Leo had died in 474, Zenon, the first son, in his youth, while living at court. Ariadne chose
25308-685: The city and then failed to effectively repress their violence. Martyrius went to Constantinople to ask Leo for help, but, on returning to Antioch, he was informed that Peter had been elected bishop, and resigned (470). Leo reacted by ordering Peter into exile and addressing to Zeno a law that forbade the monks from leaving their monasteries or fomenting rebellion (1 June 471). In 470/471, Zeno had also to deal with an invasion of Tzanni , who attacked Roman Armenia . With Zeno far from Constantinople, Aspar had increased his influence by having his son Patricius appointed caesar and married to Leo I's younger daughter, Leontia (470). Sources are contradictory on
25530-467: The collusion is for distributional or technological innovation, gives consumers a "fair share" of the benefit and does not include unreasonable restraints that risk eliminating competition anywhere (or compliant with the general principle of European Union law of proportionality ). Article 102 prohibits the abuse of dominant position , such as price discrimination and exclusive dealing. Regulation 139/2004/EC governs mergers between firms. The general test
25752-462: The common market". Similarly as with collusive conduct, market shares are determined with reference to the particular market in which the firm and product in question is sold. Then although the lists are seldom closed, certain categories of abusive conduct are usually prohibited under the country's legislation. For instance, limiting production at a shipping port by refusing to raise expenditure and update technology could be abusive. Tying one product into
25974-561: The conditions prevailing overseas. The development of early competition law in England and Europe progressed with the diffusion of writings such as The Wealth of Nations by Adam Smith , who first established the concept of the market economy . At the same time industrialisation replaced the individual artisan , or group of artisans, with paid labourers and machine-based production. Commercial success became increasingly dependent on maximizing production while minimizing cost. Therefore,
26196-483: The constitution of Zeno of 483 A.D., which can be traced into Florentine municipal laws of 1322 and 1325. This provided for confiscation of property and banishment for any trade combination or joint action of monopolies private or granted by the Emperor. Zeno rescinded all previously granted exclusive rights. Justinian I subsequently introduced legislation to pay officials to manage state monopolies. Legislation in England to control monopolies and restrictive practices
26418-439: The consumers. An early example was enacted during the Roman Republic around 50 BC. To protect the grain trade , heavy fines were imposed on anyone directly, deliberately, and insidiously stopping supply ships. Under Diocletian in 301 A.D., an edict imposed the death penalty for anyone violating a tariff system, for example by buying up, concealing, or contriving the scarcity of everyday goods. More legislation came under
26640-474: The control over the value of all ... network control is much more unequally distributed than wealth. In particular, the top ranked actors hold a control ten times bigger than what could be expected based on their wealth. ... Recent works have shown that when a financial network is very densely connected it is prone to systemic risk. Indeed, while in good times the network is seemingly robust, in bad times firms go into distress simultaneously. This knife-edge property
26862-422: The courts found specific categories of agreement, specific clauses, to fall foul of their doctrine on economic fairness, and they did not contrive an overarching conception of market power. Earlier theorists like Adam Smith rejected any monopoly power on this basis. A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures. The monopolists, by keeping
27084-400: The current stage of its development that the WTO will metamorphose into a global competition authority". Despite that, at the ongoing Doha round of trade talks for the World Trade Organization , discussion includes the prospect of competition law enforcement moving up to a global level. While it is incapable of enforcement itself, the newly established International Competition Network (ICN)
27306-480: The deal that consumers get. Merger control is about predicting what the market might be like, not knowing and making a judgment. Hence the central provision under EU law asks whether a concentration would , if it went ahead, "significantly impede effective competition... in particular as a result of the creation or strengthening off a dominant position..." and the corresponding provision under US antitrust states similarly, No person shall acquire, directly or indirectly,
27528-586: The defining features of any legal system. Civil law is the legal system used in most countries around the world today. In civil law the sources recognised as authoritative are, primarily, legislation —especially codifications in constitutions or statutes passed by government—and custom . Codifications date back millennia, with one early example being the Babylonian Codex Hammurabi . Modern civil law systems essentially derive from legal codes issued by Byzantine Emperor Justinian I in
27750-461: The direct predecessor to modern competition law later developed in the US. It is based on the prohibition of agreements that ran counter to public policy, unless the reasonableness of an agreement could be shown. It effectively prohibited agreements designed to restrain another's trade. The 1414 Dyer's is the first known restrictive trade agreement to be examined under English common law. A dyer had given
27972-603: The document and excommunicated Acacius in 484, beginning the Acacian schism which lasted until 519. Zeno died without an heir in 491 and was succeeded by Anastasius I Dicorus , a courtier chosen by Empress Ariadne. Zeno's original name was Tarasis or more fully Tarasikodissa ( Latin : Trascalissaeus ) in his native Isaurian language , meaning Tarasis son of Kodissa . Tarasis was born in Isauria , Cilicia , at Rusumblada, later renamed Zenopolis in Zeno's honour. His father
28194-470: The enactment in 1890 US court applies these principles to business and markets. Courts applied the Act without consistent economic analysis until 1914, when it was complemented by the Clayton Act which specifically prohibited exclusive dealing agreements, particularly tying agreements and interlocking directorates, and mergers achieved by purchasing stock. From 1915 onwards the rule of reason analysis
28416-493: The estimated damage to their respective economies caused by the violations. But, this remedy was not selected. Instead, Congress chose to permit all persons to sue to recover three times their actual damages every time they were injured in their business or property by an antitrust violation. In the European Union , the so-called "Modernisation Regulation", Regulation 1/2003, established that the European Commission
28638-465: The ex- magister officiorum Patricius, with the help of her brother Basiliscus . The conspirators fomented riots in the capital against the Isaurian emperor; Basiliscus succeeded also in convincing Illus, Trocundes and the Ostrogothic general Theodoric Strabo to join the plot. On 9 January 475, Zeno was forced to flee Constantinople to Isauria with his wife and mother, some Isaurian fellows and
28860-406: The executive acts as both head of state and head of government, and has power to appoint an unelected cabinet. Under a presidential system, the executive branch is separate from the legislature to which it is not accountable. Although the role of the executive varies from country to country, usually it will propose the majority of legislation, and propose government agenda. In presidential systems,
29082-575: The executive often has the power to veto legislation. Most executives in both systems are responsible for foreign relations , the military and police, and the bureaucracy. Ministers or other officials head a country's public offices, such as a foreign ministry or defence ministry . The election of a different executive is therefore capable of revolutionising an entire country's approach to government. Zeno (emperor) Zeno ( / ˈ z iː n oʊ / ; ‹See Tfd› Greek : Ζήνων , translit. Zénōn ; c. 425 – 9 April 491)
29304-477: The existence of a very high market share does not always mean consumers are paying excessive prices since the threat of new entrants to the market can restrain a high-market-share firm's price increases. Competition law does not make merely having a monopoly illegal, but rather abusing the power that a monopoly may confer, for instance through exclusionary practices. Market dominance is connected with decreased innovation and increased political connectedness. First, it
29526-563: The face of fluctuations in supply from overseas. So the legislation read here that whereas, it is very hard and difficult to put certain prices to any such things ... [it is necessary because] prices of such victuals be many times enhanced and raised by the Greedy Covetousness and Appetites of the Owners of such Victuals, by occasion of ingrossing and regrating the same, more than upon any reasonable or just ground or cause, to
29748-513: The fall of Armatus. Armatus was executed, his property confiscated, and his son Basiliscus removed from power and ordained as a priest. The western emperor Olybrius died in the autumn of 472. Gundobad , the western magister militum , then proclaimed Glycerius , the comes domesticorum (commander of the Imperial guard) as western emperor in Ravenna. Leo I refused to endorse Glycerius and elevated his nephew Julius Nepos to co-emperor for
29970-447: The fingers of bishop Terebinthus, who was officiating the ceremony of Whitsun . They elected Justa (or Justasa/Justasus) as their king and moved to Caesarea , where a significant Samaritan community lived. Here several Christians were killed and the church of St. Sebastian was destroyed. Justa celebrated the victory with games in the circus. According to John Malalas , the dux Palestinae Asclepiades, whose troops were reinforced by
30192-515: The fort of Papurius . There is some doubt as to the timing of these events. Candidus of Isauria places the banishment of Verina before the revolt of Marcian, and Theodore Lector assigns as the cause of it her share in the revolt of Basiliscus. It is not unlikely, indeed, that this turbulent woman was twice banished, once before Marcian's revolt, for her connection with Basiliscus, and again after Marcian's revolt, for her plot against Illus. From her prison she managed to persuade her daughter Ariadne,
30414-793: The golden age of Roman law and aimed to restore it to the peak it had reached three centuries before." The Justinian Code remained in force in the East until the fall of the Byzantine Empire . Western Europe, meanwhile, relied on a mix of the Theodosian Code and Germanic customary law until the Justinian Code was rediscovered in the 11th century, which scholars at the University of Bologna used to interpret their own laws. Civil law codifications based closely on Roman law, alongside some influences from religious laws such as canon law , continued to spread throughout Europe until
30636-481: The great damage and impoverishing of the King's subjects. Around this time organizations representing various tradesmen and handicrafts people, known as guilds had been developing, and enjoyed many concessions and exemptions from the laws against monopolies. The privileges conferred were not abolished until the Municipal Corporations Act 1835. The English common law of restraint of trade is
30858-623: The grounds that it did not harm consumers. Running through the different critiques of US antitrust policy is the common theme that government interference in the operation of free markets does more harm than good. "The only cure for bad theory," writes Bork, "is better theory." Harvard Law School professor Philip Areeda , who favours more aggressive antitrust policy, in at least one Supreme Court case challenged Robert Bork's preference for non-intervention. When firms hold large market shares, consumers risk paying higher prices and getting lower quality products than compared to competitive markets. However,
31080-439: The hands of fewer than before. This usually means that one firm buys out the shares of another. The reasons for oversight of economic concentrations by the state are the same as the reasons to restrict firms who abuse a position of dominance, only that regulation of mergers and acquisitions attempts to deal with the problem before it arises, ex ante prevention of market dominance. In the United States merger regulation began under
31302-533: The help of his brothers Procopius Anthemius and Romulus , he gathered in Constantinople troops composed of both citizens and foreigners in the house of a Caesarius, south of the Forum of Theodosius , and from there they marched at the same time on the imperial palace and on the house of Illus , who was a supporter of Zeno. The emperor almost fell into the hands of the rebels, who, during the day, overwhelmed
31524-530: The idea of the rule of law because he did not accept the primacy of abstract normative principles over concrete political positions and decisions. Therefore, Schmitt advocated a jurisprudence of the exception ( state of emergency ), which denied that legal norms could encompass all of the political experience. Later in the 20th century, H. L. A. Hart attacked Austin for his simplifications and Kelsen for his fiction in The Concept of Law . Hart argued law
31746-428: The ideal of parliamentary sovereignty , whereby the unelected judiciary may not overturn law passed by a democratic legislature. In communist states , such as China, the courts are often regarded as parts of the executive, or subservient to the legislature; governmental institutions and actors exert thus various forms of influence on the judiciary. In Muslim countries, courts often examine whether state laws adhere to
31968-432: The imperial troops, who were also attacked by citizens from the roofs of their houses. During the night, however, Illus moved an Isaurian unit, quartered in nearby Chalcedonia , into Constantinople and also corrupted Marcian's soldiers, who allowed Zeno to flee. The following morning, Marcian, understanding that his situation was desperate and that reinforcements from Theodoric Strabo would not arrive in time, took refuge in
32190-552: The jurisdiction of society... both the cheapness and the good quality of commodities are most effectually provided for by leaving the producers and sellers perfectly free, under the sole check of equal freedom to the buyers for supplying themselves elsewhere. This is the so-called doctrine of Free Trade, which rests on grounds different from, though equally solid with, the principle of individual liberty asserted in this Essay. Restrictions on trade, or on production for purposes of trade, are indeed restraints; and all restraint, qua restraint,
32412-564: The last few decades. It is a real unity of them all in one and the same person, made by covenant of every man with every man, in such manner as if every man should say to every man: I authorise and give up my right of governing myself to this man, or to this assembly of men, on this condition; that thou givest up, thy right to him, and authorise all his actions in like manner. Thomas Hobbes, Leviathan , XVII The main institutions of law in industrialised countries are independent courts , representative parliaments, an accountable executive,
32634-542: The late 19th century, a depression spread through Europe, known as the Panic of 1873 , ideas of competition lost favour, and it was felt that companies had to co-operate by forming cartels to withstand huge pressures on prices and profits. While the development of competition law stalled in Europe during the late 19th century, in 1889 Canada enacted what is considered the first competition statute of modern times. The Act for
32856-399: The late 470s and 480s Zeno faced several revolts, including one from his brother-in-law Marcianus and one from Illus, both of which he ultimately suppressed. He also attempted to deal with hostilities from the two Ostrogothic leaders, Theodoric the Amal ( Theodoric the Great ) and Theodoric Strabo , by playing them against each other. Following Strabo's early death, Zeno was able to achieve
33078-421: The latter half of the 19th century, it had become clear that large firms had become a fact of the market economy. John Stuart Mill 's approach was laid down in his treatise On Liberty (1859). Again, trade is a social act. Whoever undertakes to sell any description of goods to the public, does what affects the interest of other persons, and of society in general; and thus his conduct, in principle, comes within
33300-450: The law more difficult. A government usually leads the process, which can be formed from Members of Parliament (e.g. the UK or Germany). However, in a presidential system, the government is usually formed by an executive and his or her appointed cabinet officials (e.g. the United States or Brazil). The executive in a legal system serves as the centre of political authority of the State . In
33522-622: The law. In common law systems, judges may make binding case law through precedent, although on occasion this may be overturned by a higher court or the legislature. Religious law is in use in some religious communities and states, and has historically influenced secular law. The scope of law can be divided into two domains: public law concerns government and society, including constitutional law , administrative law , and criminal law ; while private law deals with legal disputes between parties in areas such as contracts , property , torts , delicts and commercial law . This distinction
33744-686: The law. The former are legal syllogism , which holds sway in civil law legal systems, analogy , which is present in common law legal systems, especially in the US, and argumentative theories that occur in both systems. The latter are different rules (directives) of legal interpretation such as directives of linguistic interpretation, teleological interpretation or systemic interpretation as well as more specific rules, for instance, golden rule or mischief rule . There are also many other arguments and cannons of interpretation which altogether make statutory interpretation possible. Law professor and former United States Attorney General Edward H. Levi noted that
33966-597: The laws of the State, which mirrors the (theoretical) unimportance of judges' decisions for future cases in civil law systems today. From 529 to 534 AD the Byzantine Emperor Justinian I codified and consolidated Roman law up until that point, so that what remained was one-twentieth of the mass of legal texts from before. This became known as the Corpus Juris Civilis . As one legal historian wrote, "Justinian consciously looked back to
34188-426: The legal profession is an important part of people's access to justice , whilst civil society is a term used to refer to the social institutions, communities and partnerships that form law's political basis. A judiciary is a number of judges mediating disputes to determine outcome. Most countries have systems of appeal courts, with an apex court as the ultimate judicial authority. In the United States, this authority
34410-537: The margin at which buyers will buy the same amount as produced – there is no waste, the greatest number wants of the greatest number of people become satisfied and utility is perfected because resources can no longer be reallocated to make anyone better off without making someone else worse off; society has achieved allocative efficiency. Productive efficiency simply means that society is making as much as it can. Free markets are meant to reward those who work hard , and therefore those who will put society's resources towards
34632-399: The market constantly under-stocked, by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate. In The Wealth of Nations (1776) Adam Smith also pointed out the cartel problem, but did not advocate specific legal measures to combat them. People of
34854-472: The mid-1940s, efforts have been made, in country after country, to bring Sharia law more into line with modern conditions and conceptions. In modern times, the legal systems of many Muslim countries draw upon both civil and common law traditions as well as Islamic law and custom. The constitutions of certain Muslim states, such as Egypt and Afghanistan, recognise Islam as the religion of the state, obliging legislature to adhere to Sharia. Saudi Arabia recognises
35076-413: The mid-460s, Arcadia and Zeno had been living at Constantinople for some time, where Lallis and Longinus also lived, the latter married to a Valeria, possibly a woman of aristocratic rank. According to ancient sources, the earliest reference to Tarasis dates back to 464, when he put his hands on some letters written by Aspar's son, Ardabur , which proved that the son of the magister militum had incited
35298-412: The military and police, bureaucratic organisation, the legal profession and civil society itself. John Locke, in his Two Treatises of Government , and Baron de Montesquieu in The Spirit of the Laws , advocated for a separation of powers between the political, legislature and executive bodies. Their principle was that no person should be able to usurp all powers of the state , in contrast to
35520-416: The mob to kill all of the Isaurians left in Constantinople, an episode that damaged relations with the Isaurian generals Illus and Trocundes. Basiliscus appointed his nephew Armatus magister militum , thus alienating Theodoric Strabo. Since Zeno had left no money, Basiliscus was forced to levy heavy taxes. Finally, he alienated the Church by supporting the Monophysites . The people of Constantinople also put
35742-479: The monk Peter the Fuller with him and left for Antioch , his office's see, passing through Isauria , where he put down the rebellion of Indacus. Zeno stayed at Antioch for two years. While living in Antioch with his family, Zeno sympathised with the Monophysite views of Peter the Fuller, and supported him against his opponent, the Chalcedonian bishop Martyrius . Monks from nearby monasteries journeyed to Antioch to support Peter, and Zeno first allowed them into
35964-447: The monopoly. Therefore, government should not try to break up monopoly but should allow the market to work. The classical perspective on competition was that certain agreements and business practice could be an unreasonable restraint on the individual liberty of tradespeople to carry on their livelihoods. Restraints were judged as permissible or not by courts as new cases appeared and in the light of changing business circumstances. Hence
36186-613: The most influential. In contrast to English common law, which consists of enormous tomes of case law, codes in small books are easy to export and easy for judges to apply. However, today there are signs that civil and common law are converging. EU law is codified in treaties, but develops through de facto precedent laid down by the European Court of Justice . Ancient India and China represent distinct traditions of law, and have historically had independent schools of legal theory and practice. The Arthashastra , probably compiled around 100 AD (although it contains older material), and
36408-412: The names of Zeno, Leo II and himself. In August 475, during Basiliscus ' reign, while Zeno was in Isauria blocked by Illus ' army, Orestes , the western magister militum , revolted, forcing Nepos to flee Italy for Dalmatia; Orestes proclaimed his own son Romulus Augustus emperor, but was unable to gain the allegiance of the remnants of the Western Empire outside of Italy. One year later, while Zeno
36630-449: The necessary elements: courts , lawyers , judges, a fully articulated legal code, principles of legal interpretation, and coercive penalties, though it lacks civilly-binding force in most secular jurisdictions. Until the 18th century, Sharia law was practiced throughout the Muslim world in a non-codified form, with the Ottoman Empire 's Mecelle code in the 19th century being a first attempt at codifying elements of Sharia law. Since
36852-414: The next gale of economic innovation would do the same. Contrasting with the allocatively, productively and dynamically efficient market model are monopolies, oligopolies, and cartels. When only one or a few firms exist in the market, and there is no credible threat of the entry of competing firms, prices rise above the competitive level, to either a monopolistic or oligopolistic equilibrium price. Production
37074-538: The notion of justice, and re-entered the mainstream of Western culture through the writings of Thomas Aquinas , notably his Treatise on Law . Hugo Grotius , the founder of a purely rationalistic system of natural law, argued that law arises from both a social impulse—as Aristotle had indicated—and reason. Immanuel Kant believed a moral imperative requires laws "be chosen as though they should hold as universal laws of nature". Jeremy Bentham and his student Austin, following David Hume , believed that this conflated
37296-418: The original intention of antitrust laws and economic efficiency was the pursuit only of consumer welfare, the protection of competition rather than competitors. Furthermore, only a few acts should be prohibited, namely cartels that fix prices and divide markets, mergers that create monopolies, and dominant firms pricing predatorily, while allowing such practices as vertical agreements and price discrimination on
37518-471: The other fragments of the empire's western holdings, but no army. Perhaps in deference to Zeno, Odoacer recognised Nepos' de jure reign in Italy until his death, ruling and even minting coins in his name, but he never allowed his return. After Nepos' assassination in 480, Odoacer invaded Dalmatia to pursue and punish the assassins (and also to take Dalmatia for himself). Zeno legitimised Odoacer's authority in Dalmatia; Odoacer recognised Zeno as sole emperor of
37740-420: The people and Senate because of his barbarian origins; his right to the throne was limited to his marriage with Ariadne and his relationship to Verina , the dowager Empress. Therefore, he chose to draw support from the Isaurian component of the army, in particular, the Isaurian generals Illus and Trocundes , both brothers. However, Verina decided to overthrow her son-in-law Zeno and replace him with her lover,
37962-512: The positivist tradition in his book the Pure Theory of Law . Kelsen believed that although law is separate from morality, it is endowed with "normativity", meaning we ought to obey it. While laws are positive "is" statements (e.g. the fine for reversing on a highway is €500); law tells us what we "should" do. Thus, each legal system can be hypothesised to have a ' basic norm ' ( German : Grundnorm ) instructing us to obey. Kelsen's major opponent, Carl Schmitt , rejected both positivism and
38184-428: The positivists for their refusal to treat law as a moral issue. Dworkin argues that law is an " interpretive concept" that requires judges to find the best fitting and most just solution to a legal dispute, given their Anglo-American constitutional traditions. Joseph Raz , on the other hand, defended the positivist outlook and criticised Hart's "soft social thesis" approach in The Authority of Law . Raz argues that law
38406-458: The price of a commodity ... to the disadvantage of the public should be punished as misdemeanours". Austria passed a law in 1870 abolishing the penalties, though such agreements remained void. However, in Germany laws clearly validated agreements between firms to raise prices. Throughout the 18th and 19th centuries, ideas that dominant private companies or legal monopolies could excessively restrict trade were further developed in Europe. However, as in
38628-416: The principle of representative government people vote for politicians to carry out their wishes. Although countries like Israel, Greece, Sweden and China are unicameral , most countries are bicameral , meaning they have two separately appointed legislative houses. In the 'lower house' politicians are elected to represent smaller constituencies . The 'upper house' is usually elected to represent states in
38850-485: The production of coal and steel as it was felt that this dominance had contributed to the outbreak of the war. Article 65 of the agreement banned cartels and article 66 made provisions for concentrations, or mergers, and the abuse of a dominant position by companies. This was the first time that competition law principles were included in a plurilateral regional agreement and established the trans-European model of competition law. In 1957 competition rules were included in
39072-469: The question of the extent to which law incorporates morality. John Austin 's utilitarian answer was that law is "commands, backed by threat of sanctions, from a sovereign, to whom people have a habit of obedience". Natural lawyers , on the other hand, such as Jean-Jacques Rousseau , argue that law reflects essentially moral and unchangeable laws of nature. The concept of "natural law" emerged in ancient Greek philosophy concurrently and in connection with
39294-428: The rank of caesar ; Armatus' army failed to intercept Zeno's troops during their march on Constantinople. In August 476, Zeno besieged Constantinople. The Senate opened the gates of the city to the Isaurian, allowing the deposed emperor to resume the throne. Basiliscus fled with his family to the baptistery of Hagia Sophia . Betrayed by the Patriarch Acacius , he surrendered himself and his family after extracting
39516-489: The rebels of Anagastes . Either way, before leaving, Leo and Zeno asked for Daniel the Stylite 's opinion about the campaign, and Daniel answered that Zeno would be the target of a conspiracy but would escape unharmed. Indeed, Leo sent some of his personal soldiers with Zeno to protect him, but they were bribed by Aspar to capture him instead. Zeno was informed of their intention and fled to Serdica , and, because of this episode, Leo grew even more suspicious of Aspar. After
39738-587: The restriction of competition by large companies, who co-operated with rivals to fix outputs, prices and market shares, initially through pools and later through trusts . Trusts first appeared in the US railroads, where the capital requirement of railroad construction precluded competitive services in then scarcely settled territories. This trust allowed railroads to discriminate on rates imposed and services provided to consumers and businesses and to destroy potential competitors. Different trusts could be dominant in different industries. The Standard Oil Company trust in
39960-436: The sale of another can be considered abuse too, being restrictive of consumer choice and depriving competitors of outlets. This was the alleged case in Microsoft v. Commission leading to an eventual fine of million for including its Windows Media Player with the Microsoft Windows platform. A refusal to supply a facility which is essential for all businesses attempting to compete to use can constitute an abuse. One example
40182-469: The same time, Zeno received another embassy, sent by Julius Nepos, who asked Zeno to give him the money and the army he needed to resume his control of Italy. Zeno answered that the Roman Senate should welcome back Julius Nepos, their rightful emperor, and that Odoacer should properly receive the patriciate from Nepos, although he allowed that he would also grant it. Odoacer was officially recognised and left in possession of Italy, while Nepos kept his title and
40404-502: The same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary. By
40626-402: The sharing of many features traditionally considered typical of either common law or civil law. The third type of legal system is religious law, based on scriptures . The specific system that a country is ruled by is often determined by its history, connections with other countries, or its adherence to international standards. The sources that jurisdictions adopt as authoritatively binding are
40848-465: The size of a company became increasingly important, and a number of European countries responded by enacting laws to regulate large companies that restricted trade. Following the French Revolution in 1789 the law of 14–17 June 1791 declared agreements by members of the same trade that fixed the price of an industry or labour as void, unconstitutional, and hostile to liberty. Similarly, the Austrian Penal Code of 1852 established that "agreements ... to raise
41070-464: The son of Zeno and Ariadne . On 18 January 474, Leo I died; if Leo II had not already been proclaimed co-emperor by his grandfather, he would have become augustus on that occasion. Since Leo II was seven years old (too young to rule himself) Ariadne and her mother Verina prevailed upon him to crown Zeno, his father, as co-emperor, which he did on 29 January 474. When Leo II became ill and died, Zeno became sole emperor. Zeno had to settle matters with
41292-405: The split between Chiang Kai-shek 's nationalists, who fled there, and Mao Zedong 's communists who won control of the mainland in 1949. The current legal infrastructure in the People's Republic of China was heavily influenced by Soviet Socialist law , which essentially prioritises administrative law at the expense of private law rights. Due to rapid industrialisation, today China is undergoing
41514-439: The standard of revolt in 484, when Illus declared Leontius Emperor. Zeno sent an army to fight them, but Illus won, obtained possession of Papurius , released Verina, and induced her to crown Leontius at Tarsus. In 485 Zeno sent against the rebels a fresh army, said to consist of Macedonians and Scythians (Tillemont conjectures, not unreasonably, that these were Ostrogoths ) under John the Hunchback , or, more probably, John
41736-458: The statute stated that overcharging merchants must pay the injured party double the sum he received, an idea that has been replicated in punitive treble damages under US antitrust law . Also under Edward III, the following statutory provision outlawed trade combination. ... we have ordained and established, that no merchant or other shall make Confederacy, Conspiracy, Coin, Imagination, or Murmur, or Evil Device in any point that may turn to
41958-489: The synagogue to a church. Zeno then took for himself Mount Gerizim , where the Samaritans worshipped God, and built several edifices, among which a tomb for his recently deceased son, on which he put a cross, so that the Samaritans, worshipping God, would prostrate in front of the tomb. According to these same sources, Zeno was buried on Mount Gerizim. Later, in 484, the Samaritans revolted. The rebels attacked Sichem, burnt five churches built on Samaritan holy places and cut off
42180-404: The throne. According to some scholars, in the mid-460s, the Eastern Roman Emperor, Leo I , wanted to balance the weight of the Germanic component of the army, whose leader was the Alan magister militum Aspar . He thought that Tarasis and his Isaurians could be that counterweight, and called him, with many Isaurians, to Constantinople . This interpretation, however, has been contested. By
42402-419: The throne. Some modern historians suggest that the Isaurian general Flavius Zeno was the father of the emperor, but there is no consensus about this, and other sources suggest that Tarasis was a member of Zeno's entourage. A Byzantine Princess, putative daughter of Zeno and first wife Arcadia, named Helen, married as his second wife Saint Vakhtang I Gorgasali, King of Iberia , and had issue. The Isaurians were
42624-412: The tomb, Anthemius had found the relics of the apostle and a copy of the Gospel of Matthew written in Hebrew by Barnabas himself. Zeno received the relics and the manuscript, and in exchange he proclaimed the autonomy of the Church of Cyprus. In 489 Zeno closed the Persian school of Edessa in Mesopotamia, by request of bishop Cyrus II of Edessa , because it promoted Nestorian teachings, and built
42846-417: The transaction. Competition law gained new recognition in Europe in the inter-war years, with Germany enacting its first anti-cartel law in 1923 and Sweden and Norway adopting similar laws in 1925 and 1926 respectively. However, with the Great Depression of 1929 competition law disappeared from Europe and was revived following the Second World War when the United Kingdom and Germany, following pressure from
43068-399: The twelve chapters of Cyril of Alexandria were accepted. The teaching of Chalcedon was not so much repudiated as passed over in silence; Jesus Christ was described as the "only-begotten Son of God [...] one and not two" and there was no explicit reference to the two natures. The bishop of Rome, Pope Felix III , refused to accept the document and excommunicated Acacius (484), thus beginning
43290-557: The way the law actually worked. Religious law is explicitly based on religious precepts. Examples include the Jewish Halakha and Islamic Sharia —both of which translate as the "path to follow". Christian canon law also survives in some church communities. Often the implication of religion for law is unalterability because the word of God cannot be amended or legislated against by judges or governments. Nonetheless, most religious jurisdictions rely on further human elaboration to provide for thorough and detailed legal systems. For instance,
43512-422: The west in 473. Expecting resistance, Nepos was forced by bad winter weather to delay his voyage until the next year; it was therefore left to Zeno, as Leo's successor, to support Julius Nepos' installation in Ravenna. Nepos arrived in Italy, quickly deposed Glycerius who offered no resistance, and was proclaimed emperor by the Roman Senate in June 474. Julius was on good terms with Zeno, and he even minted coins in
43734-399: The whole or any part of the stock or other share capital... of the assets of one or more persons engaged in commerce or in any activity affecting commerce, where... the effect of such acquisition, of such stocks or assets, or of the use of such stock by the voting or granting of proxies or otherwise, may be substantially to lessen competition, or to tend to create a monopoly. Law Law
43956-488: The wife of Zeno, to attempt to obtain her release, first from Zeno, and then from Illus, to whom the Emperor referred her. Illus refused her request. Ariadne, like her mother, attempted to assassinate Illus. Jordanes ascribes her hatred to another cause: he says that Illus had infused jealous suspicions into Zeno's mind which had led Zeno to attempt to end her life, and that her knowledge of these things stimulated her to revenge. The assassin whom she employed only wounded Illus;
44178-418: The word "law" had two different and irreconcilable meanings. Thurman Arnold said that it is obvious that it is impossible to define the word "law" and that it is also equally obvious that the struggle to define that word should not ever be abandoned. It is possible to take the view that there is no need to define the word "law" (e.g. "let's forget about generalities and get down to cases "). One definition
44400-558: The world have formed international support and enforcement networks. Modern competition law has historically evolved on a national level to promote and maintain fair competition in markets principally within the territorial boundaries of nation-states . National competition law usually does not cover activity beyond territorial borders unless it has significant effects at nation-state level. Countries may allow for extraterritorial jurisdiction in competition cases based on so-called "effects doctrine". The protection of international competition
44622-459: Was Eastern Roman emperor from 474 to 475 and again from 476 to 491. His reign was plagued by domestic revolts and religious dissension, but was more successful on the foreign front. He is credited with further stabilizing the Eastern empire, while the Western Roman Empire fell following the deposition of Romulus Augustulus . Born in Isauria , Zeno was known as Tarasis before adopting his Greek name and becoming an ally of Emperor Leo I , who saw
44844-440: Was being cross-subsidized to capture the lion's share of a booming market. One last category of pricing abuse is price discrimination . An example of this could be a company offering rebates to industrial customers who export their sugar, but not to customers who are selling their goods in the same market. According to The World Bank's "Republic of Armenia Accumulation, Competition, and Connectivity Global Competition" report which
45066-438: Was called Kodisa (as attested by his patronymic "Tarasicodissa"), his mother Lallis, his brother Longinus . Tarasis had a first wife, Arcadia, whose name indicates a relationship with the Constantinopolitan aristocracy, and whose statue was erected near the Baths of Arcadius , along the steps that led to Topoi . Near Eastern and other Christian traditions maintain that Zeno had two daughters, Hilaria and Theopiste, who followed
45288-411: Was defeated and captured by Trocundes , Illus' brother. The commanding position and popular favour of Illus rendered him an object of suspicion, and Zeno in various ways sought to rid himself of him. Also Verina , the dowager Empress, plotted against his life. Verina's attempt was unsuccessful, and Zeno, equally jealous of her and of Illus, banished her at the suggestion of the latter, confining her in
45510-416: Was entering Constantinople to end Basiliscus' brief usurpation, Romulus and Orestes were overthrown by the Chieftain Odoacer . With the support of Odoacer, the Roman Senate sent an envoy to present the imperial insignia to the restored Zeno. They asked Zeno to dissolve the separation of the empire and rule as sole Emperor; also, to appoint Odoacer both patricius and official imperial governor of Italy. At
45732-417: Was equitable in a case. From the time of Sir Thomas More , the first lawyer to be appointed as Lord Chancellor, a systematic body of equity grew up alongside the rigid common law, and developed its own Court of Chancery . At first, equity was often criticised as erratic. Over time, courts of equity developed solid principles , especially under Lord Eldon . In the 19th century in England, and in 1937 in
45954-403: Was forced to return to Greece. On his way back, he died in an accident. After Theodoric Strabo died in 481, the future Theoderic the Great became king of the entire Ostrogoth nation and continued to be a source of trouble in the Balkan peninsula . Zeno allied to Theoderic, whom he appointed magister militum praesentalis and even consul for the year 484, the first time a barbarian who was not
46176-435: Was formed so that merchants could trade with common standards of practice rather than with the many splintered facets of local laws. The Law Merchant, a precursor to modern commercial law, emphasised the freedom to contract and alienability of property. As nationalism grew in the 18th and 19th centuries, the Law Merchant was incorporated into countries' local law under new civil codes. The Napoleonic and German Codes became
46398-573: Was frequently applied by courts to competition cases. However, the period was characterized by the lack of competition law enforcement. From 1936 to 1972 courts' application of antitrust law was dominated by the structure-conduct-performance paradigm of the Harvard School. From 1973 to 1991, the enforcement of antitrust law was based on efficiency explanations as the Chicago School became dominant, and through legal writings such as Judge Robert Bork 's book The Antitrust Paradox . Since 1992 game theory has frequently been used in antitrust cases. With
46620-407: Was heavily influenced by Greek philosophy, but its detailed rules were developed by professional jurists and were highly sophisticated. Over the centuries between the rise and decline of the Roman Empire , law was adapted to cope with the changing social situations and underwent major codification under Theodosius II and Justinian I . Although codes were replaced by custom and case law during
46842-432: Was held to be a restriction on trade. English courts subsequently decided a range of cases which gradually developed competition related case law, which eventually were transformed into statute law . Europe around the 16th century was changing quickly. The new world had just been opened up, overseas trade and plunder was pouring wealth through the international economy and attitudes among businessmen were shifting. In 1561
47064-444: Was in a case involving a medical company named Commercial Solvents . When it set up its own rival in the tuberculosis drugs market, Commercial Solvents were forced to continue supplying a company named Zoja with the raw materials for the drug. Zoja was the only market competitor, so without the court forcing supply, all competition would have been eliminated. Forms of abuse relating directly to pricing include price exploitation. It
47286-407: Was in force well before the Norman Conquest . The Domesday Book recorded that " foresteel " (i.e. forestalling, the practice of buying up goods before they reach market and then inflating the prices) was one of three forfeitures that King Edward the Confessor could carry out through England. But concern for fair prices also led to attempts to directly regulate the market. Under Henry III an act
47508-520: Was interested in reducing the distance between the two positions. Therefore, in 482 Zeno issued the Henotikon , a document he had developed with the support of Acacius and addressed to the factions in Egypt. The edict affirmed the Nicene-Constantinopolitan Creed (i.e., the Creed of Nicaea completed at Constantinople) as affording a common, final and united symbol or expression of faith. All other symbola or mathemata were excluded; Eutyches and Nestorius were unmistakably condemned in an anathema , while
47730-501: Was no longer the only body capable of public enforcement of European Union competition law . This was done to facilitate quicker resolution of competition-related inquiries. In 2005 the Commission issued a Green Paper on Damages actions for the breach of the EC antitrust rules , which suggested ways of making private damages claims against cartels easier. Some EU Member States enforce their competition laws with criminal sanctions. As analysed by Whelan , these types of sanctions engender
47952-405: Was only by offering them pay and high command that he kept them from attacking Constantinople itself. At the death of Leo II , Theodoric Strabo rebelled against Zeno. His support was instrumental in overthrowing Zeno and raising Basiliscus to the Byzantine throne (475), but Theodoric and Basiliscus had a falling-out, so when Zeno returned to Constantinople in 476 and defeated Basiliscus, Strabo
48174-506: Was passed in 1266 to fix bread and ale prices in correspondence with grain prices laid down by the assizes . Penalties for breach included amercements , pillory and tumbrel . A 14th-century statute labelled forestallers as "oppressors of the poor and the community at large and enemies of the whole country". Under King Edward III the Statute of Labourers of 1349 fixed wages of artificers and workmen and decreed that foodstuffs should be sold at reasonable prices. On top of existing penalties,
48396-407: Was published in 2013, the Global Competitiveness Index suggests that Armenia ranks lowest among ECA (Europe and Central Asia) countries in the effectiveness of anti-monopoly policy and the intensity of competition. This low ranking somehow explains the low employment and low incomes in Armenia. A merger or acquisition involves, from a competition law perspective, the concentration of economic power in
48618-420: Was reported to have not defended the city. In 476/477, Zeno allied himself with Strabo's rival, Theoderic the Amal, and ordered him to attack Strabo. The leader of the Thracian Goths sent an embassy to the Emperor, offering peace and blaming the Moesian Theodoric. Zeno understood that this offering was hiding further conspiracies, and convinced the Senate and army to declare Strabo a public enemy. Zeno's plan
48840-485: Was to be given back his wealth, money to pay 13,000 soldiers, the command of two palatinae units, and the title once more of magister militum . However, the army of Theodoric Strabo, 30,000-men strong was still a menace for Zeno, who convinced the Bulgars to attack the Thracian Goths in their own base. Strabo defeated the Bulgars in 480/481, and moved towards Constantinople, but he had to deal with problems with his own men, so he could not capitalise upon his victory and
49062-428: Was to have the two Theoderics attack each other. He sent the Amal against Strabo, who supported the revolt of Marcianus , with the promise of a huge Roman force as reinforcement (478). When Theoderic the Amal arrived through the mountains at Mount Soundis , he did not find the Roman reinforcement army he expected, but instead Theodoric Strabo's army, in a strongly fortified camp. The two Theoderics agreed to put forward
49284-411: Was witnessed during the recent (2009) financial turmoil " Competition law, or antitrust law, has three main elements: Substance and practice of competition law varies from jurisdiction to jurisdiction. Protecting the interests of consumers ( consumer welfare ) and ensuring that entrepreneurs have an opportunity to compete in the market economy are often treated as important objectives. Competition law
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