WHEN YOU come into contact with the competition establishment in the rich world-regulators, academics, lawyers -the cruellest comparison is with financial watchdogs before the 2008-09 crash. They are the proud custodians of an internally logical set of rules, developed over years, that do not seem to be producing good results and cannot easily be communicated to anyone outside the priesthood. Most competition authorities are unwilling to be held accountable for the level of competition in the economy; indeed they go further and insist that it is impossible to measure. Given the profound consequences of a rise in corporate power, that is an unsustainable position and will have to change.
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