Principles of Fair Competition
To an important extent, the principles of fair competition in the business world are defined by law, and therefore unfair competition may well be unlawful or criminal. But because the forms of competition can change continually and new forms of competition may arise, competition may be unfair, but not illegal, at least not until a legal rule is explicitly made to prohibit it. The exact meaning of unfair advantage or harm caused in business competition may be vague or in dispute, in particular if different competitors promote different interpretations which suit their own interests. It may be difficult to define what it would mean to compete on equal terms, and the operative terms of competition that exist in reality may be challenged only when a participant is seriously disadvantaged by them. Often "equal terms" is defined as an "equal opportunity" or "equal chance" to compete.
Read more about this topic: Unfair Competition
Famous quotes containing the words fair competition, principles of, principles, fair and/or competition:
“We call it a Society; and go about professing openly the totalest separation, isolation. Our life is not a mutual helpfulness; but rather, cloaked under due laws-of-war, named “fair competition” and so forth, it is a mutual hostility.”
—Thomas Carlyle (1795–1881)
“Government ... thought [it] could transform the country through massive national programs, but often the programs did not work. Too often they only made things worse. In our rush to accomplish great deeds quickly, we trampled on sound principles of restraint and endangered the rights of individuals.”
—Gerald R. Ford (b. 1913)
“A bureaucracy is sure to think that its duty is to augment official power, official business, or official members, rather than to leave free the energies of mankind; it overdoes the quantity of government, as well as impairs its quality. The truth is, that a skilled bureaucracy ... is, though it boasts of an appearance of science, quite inconsistent with the true principles of the art of business.”
—Walter Bagehot (1826–1877)
“O, why should Love, like men in drinking-songs,
Spice his fair banquet with the dust of death?”
—Alfred Tennyson (1809–1892)
“Every sect is a moral check on its neighbour. Competition is as wholesome in religion as in commerce.”
—Walter Savage Landor (1775–1864)