This paper describes the main theoretical concepts of the competition, which is thought to be the fundamental social process in the economy. The protection of competition (or the competition policy) is the one of the most important parts of economic policy, because the competition ensures the freedom of choice. The theory of competition provides large number of assumptions, which were developed within the frame of various economic schools and approaches. This paper starts with the description of the history of competition policy before the coming of Adam Smith. In the middle part of the work there have been formulated basic ideological theses about economic policy. Represented are, for example, the Classics, Ordo-liberalism or Neo-austrian School. Paper is finalized by the major theses of the Harvard and Chicago school.
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