Business

Modern market, old market control strategy!

Market means product to market. As there’s a variety of products in the request, there are thousands of trends in product marketing. Someone sells the same product in a picturesque building, someone sells it in a small shop by the side of the road, and someone comes to the door with the product. The more diverse marketing methods of all the different products, the market with all these. Competition in this market is like a game. And competition is the rule, otherwise, the only consequence is fishing, which is never desirable. Modern market, old market control strategy!

Modern market, old market control

Let’s talk about playing football. Football is called the game of goals. White eyes are right. But if this is the only truth, it will not take long for football to turn into wrestling. Because each side then considered scoring a goal at any cost. In order to help that from passing, you have to enter the football field with some rules.

And with this rule comes the entry of his guard referee, whose job is to prevent all kinds of fouls. In a word, it is the responsibility of the referee to prevent any kind of injustice in the game. There is in every such game. In other words, where there is competition, the presence of rules and referees is normal. The same is true of the market.

Modern market, old market control

In this case, each state creates some institutions to prevent injustice in its own market, whose job is like a referee. This referee, called the regulatory body, tries to ensure that no one can do exclusive business by removing others from the market by pretending, that is, to maintain a competitive environment.

There is also the presence of international market regulators in the current world. The purpose is to keep the competitive market environment intact under various names, agreements, and compromises. But now these regulatory bodies are no longer working properly.

Modern market, old market control

Institutions engaged in maintaining a competitive environment in the markets of rich countries are no longer working as before. However, market regulators and relevant experts say the current situation is much better than it was in 2008-09. They are refuting the criticisms of the current market situation by highlighting the recessionary situation of that time. They are proud defenders of the various rules and regulations of the current market system that have been created little by little over the years.

According to The Economist, a UK-based magazine, market regulators consider their existing rules to be very sacred. Most regulatory authorities in the Western market system are not accustomed to talking about the level of competition that exists in the economy. In this case, they are reluctant to give any kind of accountability.

Modern market, old market control

Rather, they argue that it is impossible to quantify the level of competition that exists in the economy. But it is true that corporates have gained a tremendous amount of power by avoiding this accountability, which can never be sustainable and which needs to change.

In the United States and Europe, the pattern of market control and related institutions is very similar. The Federal Trade Commission (FTC) and the Ministry of Justice (DOJ) monitor the activities of various organizations in the United States. Among these is the provision of FTC accountability to Congress. In Europe, the European Commission as well as the various countries of the Union (EU) have their own institutions.

Modern market, old market control

The commission has the power to punish various organizations, which may again appeal to the courts. These institutions are governed by a few vague laws. The Sherman Act and the Treaty of Rome were followed in the United States. The Sherman Act, enacted in 1890, is only 69 words long. The interpretation of these laws in court has been found to vary from time to time.

Market control companies around the world promote consumer welfare as their sole goal. Punishment for gross irregularities, the role of the caretaker in the consolidation of multiple organizations, and the prevention of the misuse of power to monopolize large organizations are the work of these organizations. In a word, the regulatory agencies are in the role of police and judge at the same time.

Modern market, old market control

Two telecom companies have recently merged in Bangladesh. The Bangladesh Telecommunications Regulatory Authority (BTRC) has been the referee in this long process. The problem is that over time, regulators have lost control of the market. According to The Economist, regulatory bodies have steadily declined since the 1980s, in contrast to the unethical influence of any organization in the US market.

In Europe, on the other hand, this role is fixed in one place, which is the name given to the decline in the activities of companies. Because the market range has increased during this period. Needless to say, the market is not fixed in one place. Over time, that is likely to change. Many new ideas have been added to it. The market is no longer as spatial as before. Every place is a market.

Modern market, old market control

Every accessory is now a product. Everything from a smile on the face is now a product. Friendship is now a product for the benefit of social media like Facebook. Again these products are also active. In this dynamic world, busy people are standing at the door and saying product – ‘Take me. One product is being advertised on another. The whole market structure has changed so much that it cannot be said.

Regulatory bodies still remain largely the same as before, in a vastly changed market structure. No such change has taken place, neither in its tools nor in its course of action. The biggest shortcoming of the regulatory agencies is their lack of curiosity. However, the players have adapted themselves to adapt to the changed situation. They have adapted everything from production to marketing by adopting new technologies.

Modern market, old market control

Meanwhile, new competitors are not able to enter the market. The old rules are becoming an obstacle there. In this case, the controversy over the patent and its validity can be brought to the fore. In 2015, Jason Farman and Peter Orszag published a research paper on the inequalities in the market caused by the activities of large corporations.

The Economist says US FTCs and DOs lag far behind. They lack knowledge about the current economy. Of course, in both cases, there is a new person at the top, who can change if he wants to. The situation in Europe is relatively good. They have begun to transform themselves in line with the digital age.

Modern market, old market control

There is a lack of transparency. Regulatory bodies have not yet defined competition. As a result, they have a vague position on what will happen in the absence of it. In this case, questions have been rais about the existing norms. Because many times even if the price goes down, the consumers may be in danger. Again, it is no longer possible to calculate the price of all products with money. Many organizations transact through data.

The third major crisis is the differences with the financial sector regulators. A new theory of financial sector competency judging has emerged. But even this new theory can do nothing but expose the risks of 2008. Again, the conventional regulatory agencies are not giving much importance to the legal advisors employed in the private sector. As a result, it is never possible for him to be up-date.

Modern market, old market control

But time does not sit still. There is no technology. New ideas are coming. The market has expanded and reached the bedrooms. As a result, at this time the old rules and the old style of refereeing are no longer going on. But this fact has not yet been acknowledge by many. Stay away from the whole world, this is true in regions like the United States and Europe.

Hopefully, work has started in Germany, albeit late. In 2016, initiatives were taken to update the country’s regulatory body, the Bundeskartelmat. In this case, the issue of modern technology and the digital age is being given the most importance. Analysts expect that other countries in the world will also move in this direction.

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