Contemporary challenges of global competition In conditions of sustainable development

Abstract Competition dates back to the beginning of civilization, and over the centuries, it has established itself as the main defining aspect of market relations. Currently, the market, business, and competition are mutually exclusive events that ensure social progress. Despite many attempts to ignore competition, which was preached by radical fundamentalist and religious concepts, society has not yet achieved and will not achieve life without it, since it is the main motive for development. Humanity has always faced the challenge not of ignoring competition, but of bringing it within civilized limits. The paper aims to determine the main challenges of monopolization criteria, competition policy formulation, and realization stages, to promote the improvement of competition policy, to reveal the measures ensuring the integrity and effectiveness of competition policy, and to carry out coordinated regulatory and competition policy at the state level. The task of the research is to show that competition and a healthy competitive environment are the prerequisites for the development of market relations, so a country that recognizes the principles of a market economy should make every effort to develop progressive antimonopoly legislation and promote healthy competition. During the research, we used general scientific methods, namely: analysis and synthesis, observation, comparison, hypothesis, and analogy. The novelty of scientific research is the indication that the regulatory agency should identify not the monopolistic firm, but the monopolistic price. The existence of a monopoly itself does not reduce public benefits – only the monopoly price creates losses. As a result of the conducted research, we believe that the adoption of antimonopoly legislation is particularly relevant not only for highly developed countries, but also for developing countries, where without the existence of such legislation it is impossible to stimulate the development of production and services within the country and to enter the international market.