The True Purpose of "Competition" Policy

"Competition policy" is one of those great Orwellian terms that means the opposite of what it seems to mean. In most countries, antitrust policy is designed not to enhance competition, but to stifle it, by protecting privileged incumbents from upstarts or from their established rivals. A great example of the latter comes from today's headlines: "Apple Invites FTC To Probe Google." Having recently settled a case brought by the FTC about in-app purchases on iOS, Apple is now urging the FTC to investigate Google's policies on in-app purchases on Android. All in the name of "leveling the playing field," of course. In the tech sector in particular, many of the most important antitrust and regulatory actions against leading firms are initiated by rivals, using whatever means necessary to bash competing firms.