What is the difference between antitrust policy and competition policy?

What is the difference between antitrust policy and competition policy Introduction: The Significance of Regulatory Frameworks Hello everyone, and welcome to today's video. In a world driven by commerce and market dynamics, regulatory frameworks play a pivotal role in ensuring fair practices. Two such frameworks, antitrust policy and competition policy, are often discussed interchangeably. However, they do have distinct objectives and approaches. Today, we'll delve into the nuances of these policies, exploring their differences and the impact they have on market dynamics. Defining Antitrust Policy: Curbing Monopolistic Practices Antitrust policy primarily focuses on preventing and curbing monopolistic practices. It aims to maintain a level playing field by prohibiting activities that stifle competition, such as price fixing, bid rigging, and market allocation. By doing so, it ensures that no single entity has an unfair advantage, fostering a competitive environment that benefits both businesses and consumers. Understanding Competition Policy: Promoting Market Efficiency Competition policy, on the other hand, has a broader scope. While it also addresses monopolies and anti-competitive behavior, its objective extends beyond that. Competition policy seeks to promote market efficiency, encouraging innovation, quality improvement, and cost reduction. It recognizes that healthy competition not only benefits consumers by offering them choices but also drives businesses to constantly improve and innovate.