REGULATING GOOD GOVERNANCE
Competition is not always readily available. There are certain areas where there is no competition in the Indian scenario. These include the non-market areas (e.g. defence). They also include natural monopolies, scale effects and network effects. There are many industrial and service segments in the economy, which are still under the tight grip of the government wherein corporate governance is far from reality.
At the same time, competition is not the only solution to the myriad of problems that exist in such economies. There is a need to regulate certain fiduciary relationships. Steps should be taken to prevent exploitation and/or abuse of information. There should be situations of asymmetric information between buyer ...
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