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The primary purpose of this essay is to unravel the multifaceted dynamics of competition policy and offer insights into the factors driving policy variations worldwide. It aims to contribute to the ongoing discourse on competition policy by bridging the gap between theory and practice, offering empirical support for observed trends, and providing practical implications for policymakers and practitioners. This research employs the literature study. The analysis reveals that, while there is a discernible global convergence toward economic-based competition policy and independent competition authorities, domestic-specific factors such as levels of privatization, democracy, political ideology, legal origin, and types of capitalism continue to exert significant influence, shaping competition policies in distinctive ways. This nuanced understanding challenges the notion of complete global convergence and underscores the importance of context-sensitive policy design. The findings have practical implications for policymakers and practitioners, emphasizing the need to tailor competition policy frameworks to the unique circumstances of each country. In a rapidly changing global landscape, recognizing and accommodating these factors is crucial for the continued relevance and adaptability of competition policy.
Mustafa et al. (2024) studied this question.