ABSTRACT
Business competition, which refers to a particular type of relationship between business enterprises, is at the heart of the capitalist market economy. At first glance, it may seem a simple and straightforward concept. It is, however, a complex phenomenon with systemic reverberations. As Malcolm Sawyer (1989: 141) notes, various theoretical approaches to competition have a significant impact on the analysis of market dynamics and outcomes, and hence, the desirability of capitalism as an economic system. The pivotal factor for understanding the origins of differences between the major theoretical approaches is the notion of market power, which can be defined as the ability of business enterprises to control their environment to some extent in their own interests (Monvoisin & Rochon 2006: 21–22).
