South Africa Competition Policy Originates From The...

South Africa competition policy originates from the Regulation of Monopolistic Conditions Act, 1955 (Act No. 24 of 1955). There was a need to prevent dramatic increases in oligopolies hence a review of the Act in the 1970s that found that the policy had been unsuccessful in preventing a dramatic increase in oligopolies. Thus, the Maintenance and Promotion of Competition Act, 1979 (Act No.96 of 1979) was introduced which was administered by the Competition Board. Amendment of the Act gave further power to the Competition Board, including the ability to not only eradicate new concentrations of economic power but also existing monopolies and oligopolies. However, on both substantive and logical grounds the amendment to the Act still had flaws that prevented the effective application of competition law. This is contradicting the main objective of promoting competition in SA. Economic policy in SA was formed with dependence on extraction industries such as gold and diamond extraction. 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