Posted by Social Science Research Network
By Basil Siddique (Federal Board of Revenue)
Abstract: The main focus of the Competition Laws and Antitrust Laws is to keep consumer welfare at optimal level ensuring best quality of products and services at the lowest possible prices. However there are various anti-competitive behaviors flourishing in the markets that bring down the principles of free market economy. Amongst these hard-core cartels, simply read as cartels, are considered as the most serious and egregious violations of competition laws. Taken that it is extremely hard to detect, apprehend and punish cartels and their conspirators, leniency program has been proved to be very effective in many jurisdictions.