President Sarkozy on competition

France’s new president, Nicolas Sarkozy, recently persuaded his fellow European leaders to drop the principle of “free and undistorted competition” from Article 3 of the old constitutional treaty. He asked, “Competition as an ideology, as a dogma: what has it done for Europe?”

He is right. Apart from making the Europeans prosperous, keeping prices low, businesses honest, encouraging innovation, and sweeping away incompetence, what has competition ever done for Europe?

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