The growth of China and President Xi’s policies have transformed the global economy in ways that competition policy and business strategies have yet to fully grasp. The global economy is increasingly bifurcated between a China-centered authoritarian system and a market-oriented democratic system, generating complications and perils largely unknown since the end of the Cold War. To properly analyze this reality, scholars and policy makers need to adopt a wider-aperture, systems-theoretic view that will lead to cross-fertilization of ideas and collaboration with others. Only by doing so can competition policy remain relevant. The competition environment in many industries today bears faint resemblance to existing models of competition.

By David J. Teece[1]

 

I. INTRODUCTION

Since early 2020, businesses have had to cope with a pandemic, disrupted supply chains amplified by a land war in Europe and concomitant sanctions. The effects of these phenomena will gradually fade away; but these medium-term crises obscure a deeper challenge for competition policy, namely, the bifurcation of the world economy and the emergence of systemic competition with China.[2] A new paradigm of tangled global governance has emerged, but economic, business, and antitrust scholars have been slow to recognize it, leaving much recent scholarly research on competition policy lacking in perspective.

In the systemic competition that is emerging, the United States and Europe and an Indo Pacific

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