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Revisiting 50 years of market-making: The neoliberal transformation of European competition policy
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Revisiting 50 years of market-making: The neoliberal transformation of European competition policy
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Journal Article
Revisiting 50 years of market-making: The neoliberal transformation of European competition policy
2010
Overview
The article analyses the evolution of European competition policy. It is argued that the content, form, and scope of competition regulation has undergone a major transformation over the past fifty years, which is related to broader socio-economic developments. Until the mid-1980s, competition policy formed part of the institutional nexus of the postwar order of 'embedded liberalism', underpinned by a Fordist accumulation regime and Keynesian welfare institutions. It exemplified strong neo-mercantilist and protectionist traits, allowing for significant distortions of competition, whenever justified for general reasons of industrial and social policy. Since the mid-1980s, gradually, a neoliberal 'competition only' vision came to dominate, giving rise to a more market-based competition regime, in which private rather than public actors prevail, and which seeks to create an ever-bigger 'level playing field' of free markets. This transformation is linked to the broader context of the disruption of the postwar social order and the rise of neoliberalism. A public-private alliance of transnational actors, consisting of the European Commission's DG Competition and transnational business elite networks, were the driving forces behind the 'neoliberalisation' of competition policy.
