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The notion of workable or effective competition is at the centre of EU competition law and policy, as it strives to achieve and maintain it. Some scholars do not mention it at all. Those who refer to it either do not explain it in any way or explicate it very shortly. In fact, the concept is too important to be ignored totally or elucidated briefly. The objective of this article is to provide a comprehensive analysis of the concept by focusing on the theory of workable or effective competition. It is argued that effective competition is the key for an in-depth study of the political economy (i.e. real policy goals, economic rationale behind individual competition rules, institutional requirements, and implications for distribution of wealth) of EU competition law and policy. Full text available at:https://doi.org/10.22215/rera.v1i1.161

The notion of workable or effective competition is at the centre of EU competition law and policy, as it strives to achieve and maintain it. Some scholars do not mention it at all. Those who refer to it either do not explain it in any way or explicate it very shortly. In fact, the concept is too important to be ignored totally or elucidated briefly. The objective of this article is to provide a comprehensive analysis of the concept by focusing on the theory of workable or effective competition. It is argued that effective competition is the key for an in-depth study of the political economy (i.e. real policy goals, economic rationale behind individual competition rules, institutional requirements, and implications for distribution of wealth) of EU competition law and policy.