Competition policy, sustainability, and inclusive wealth

Eoin McLaughlin, Mirko Moro and Frans P. de Vries

No 2025-04, Accountancy, Economics, and Finance Working Papers from Heriot-Watt University, Department of Accountancy, Economics, and Finance

Abstract: The regulatory shift by competition and antitrust authorities, allowing limited industry collusion in sustainability-related investments to align markets with broader environmental and social objectives, suggests a re-evaluation of competition as a mechanism for promoting collective welfare. Drawing on Adam Smith's classical works as presented in The Wealth of Nations and The Theory of Moral Sentiments, this paper explores this issue through a historical lens while at the same time showing how this innately connects to the established literature on sustainable development, in particular justice and inclusive wealth. Combined, we discuss the role of modern competition policy in adjudicating and evaluating trade-offs in societies' overall welfare function that comprises negative externalities and natural capital.

Keywords: Wealth of Nations; Justice; Investment collusion; Antitrust; Sustainable development (search for similar items in EconPapers)
JEL-codes: B21 D63 K21 L41 Q01 (search for similar items in EconPapers)
Date: 2025
New Economics Papers: this item is included in nep-com, nep-his and nep-law
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:hwuaef:320415

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