Competition defines the act or process of rivalry whereby sellers pursue the same goals, in an effort to attract sales, gain market share, and garner profits by offering the best practicable combination of price, quality, and service delivery. Competition is therefore regarded as an integral piece of the economic growth puzzle, as it facilitates the efficient operation of markets, fosters innovation, generates fairness, creates wealth and induces productivity and growth.
However, small island developing nations, like those of the OECS, are often deemed highly susceptible to anti-competitive practices, which can be attributed to several factors. The asymmetry of information can be attributed principally to the segmentation of markets, formation of cartels and creation of local monopolies, thus reducing efficiency. In addition, an absence of enterprise culture further contributes to the proliferation of monopolies and creation of inefficiencies, thus retarding growth – particularly of Micro-, Small & Medium Sized Enterprises (MSMEs).
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