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Antitrust is good for consumer welfare. So more aggressive and effective antitrust enforcement can protect economic competition within industries and contribute towards income equality holding back abuse of market power by monopolists.

In South Korea, there are many trade regulations for the prohibition of unfair trade acts or practices. They are the Monopoly Regulation and Fair Trade Act (hereinafter “the Fair Trade Act”) and other acts which are derived from the Fair Trade Act including the Fair Transactions In Subcontracting Act, the Fair Transactions In Franchise Business Act, the Act on Fair Transactions In Large Retail Business and the Fair Agency Transactions Act.

It might be argued that particular unfair trade acts or practices are illegal because they diminish consumer choice. Competition law and the Korea Fair Trade Commission and courts could address income equality more broadly, emphasizing the diminution of consumer choice which is an important element of unfairness.

Doo Jin Kim
(Professor of Law, Pukyong National University)

[Yonsei Law Review, Vol. 31-1, March 2021]