There is a paradox at the heart of competition regulation that is predicated on a belief that markets work, firstly, and that they work to maximise the welfare of the economic citizens. At the same time, we believe competition regulation is required because markets do not work to maximise welfare if left alone. Whether through asymmetric information, collusion, abuse of dominance or structural features, markets are not "pure". We believe in markets, even as they fail us every day. This paradox is repeated in the preamble and purposes of our Competition Act. These recognise that our markets suffer from concentration, exclusion, barriers to entry and participation, and entrench our historic racial, and racist, distributions of welfare. At the same time, they commit our regulatory framework to enhancing efficiency, promoting investment and inclusive development. Any amendment to the act to tackle these challenges requires rejecting blunt interventions in favour of new and enhanced proc...

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