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The Meaning of Fair Trade Law in the Ḥisbah System: A Comparative Perspective

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There is no doubt that the proper functioning of a competition regime has become important in our modern society, and the noteworthy increase in the number of competition regimes around the world as competition law provides fair and free competition. This improves the overall rule of law and democratic process in economic activities. It often seems that the modern competition regimes are based on the system from the Western world, which misleads us to assume the competition law framework, including objectives of the law, originated from the US or the EU. However, the notion of free competition has been ubiquitous, particularly in the Islamic region. Most of all, the Ḥisbah system highlights the competition culture in this area for its goal of improving fairness in the market. This article aims at explaining the development of the concept of fair trade and free competition by deliberating its parallel evolution of competition regime to those in the Western countries.

Abstract

There is no doubt that the proper functioning of a competition regime has become important in our modern society, and the noteworthy increase in the number of competition regimes around the world as competition law provides fair and free competition. This improves the overall rule of law and democratic process in economic activities. It often seems that the modern competition regimes are based on the system from the Western world, which misleads us to assume the competition law framework, including objectives of the law, originated from the US or the EU. However, the notion of free competition has been ubiquitous, particularly in the Islamic region. Most of all, the Ḥisbah system highlights the competition culture in this area for its goal of improving fairness in the market. This article aims at explaining the development of the concept of fair trade and free competition by deliberating its parallel evolution of competition regime to those in the Western countries.

참고문헌 (28)

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