July 16th, Unirule Western Classics Session 5 was held at Unirule Beijing Office. This session was joined by Professor XUE Zhaofeng from Peking University, and Professor ZHU Haijiu from Zhejiang Gongshang University. The topic was “Monopoly and Competition”.

In the morning, Professor XUE Zhaofeng spoke on competition. He emphasised that competition was ubiquitous. But there’s discussion on the definition of competition. From the perspective of competition, he started with the definition and drew upon the earliest competition law, that is the Sherman Antitrust Act. He also talked about the good competition, anti-competitor actions, and cooperation. Later, he presented a case study of AT&T to illustrate the good and bad effects of competition and monopoly.

Professor Ningyue and Professor ZHU Haijiu from Zhejiang Gongshang University explained what competition and monopoly were from the perspective of the Austrian School of Economics, drawing from thinkings of great economists and thinkers, such as Hayek, Mises, Kirzner, and Schumpeter.

In the afternoon, a workshop on these topics was held.