Digital Platforms, Competition Law and Consumer Protection in the Tech Economy

Abstract

Digital economies backed by technological advancements have led to digital markets, newer business models and products. Digital markets are integrating into global economies since the pandemic, replacing the traditional markets. This innovative and effective transformation is challenging as it entails risks for anti-competitive practices harming the economy and the consumers ultimately. Governments and competition law authorities are not prepared to deal with these challenges for lack of understanding the digital markets, their functional dynamics and the inefficacy of existing competition laws. Competition authorities are tasked with identifying the possible anti-competitive risks associated with digital markets and find a balance between mitigating the harmful effects of the anticompetitive conducts and fostering innovation through newer products and services offered by these markets. Predicting the evolution of these markets is also a challenge for the authorities. Anti-competitive practices through digital platforms pose concerns for consumers, competitors, governments and society at large. This paper explores the unique characteristics of digital markets and their potential challenges for competition law authorities tasked to detect and curb anticompetitive practices. Global cooperation and interdisciplinary approach is necessary to tackle the problem and foster fair competition in digital markets, to safeguards consumers interest while promoting innovative business practices.