Interfaces between Antitrust and Industrial Policy: The Challenge of National Champions in Brazil

Abstract

A versão em português deste artigo pode ser encontrada em: http://ssrn.com/abstract=2051194

This paper aims to discuss the interface between antitrust and National Champions industrial policy. Therefore it seeks to contribute in the field of study involving the relationship between antitrust policy and the Theory of Industrial Organization. The theme of National Champions imposes a series of challenges to Brazilian antitrust authorities on how to proceed in a merger encouraged by the policy of fostering this kind of company. Currently, the topic is becoming more important due to a combination of political and economic factors that allowed the emergence of several Brazilian National Champions companies. From an inductive perspective of analysis and based on case studies, reports, analysis of legislation, jurisprudence, doctrine and comparative law, this paper concludes that there is not necessarily a conflict between antitrust and the industrial policy of promoting National Champions. In this sense, there is a broad field for complementarities between these two policies that can contribute to the design and enforce both these public policies.

Keywords: Antitrust, Industrial policy, National Champions, Competition Law

JEL Classification: K21, L16