Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/320415 
Year of Publication: 
2025
Series/Report no.: 
Accountancy, Economics, and Finance Working Papers No. 2025-04
Publisher: 
Heriot-Watt University, Department of Accountancy, Economics, and Finance, Edinburgh
Abstract: 
The regulatory shift by competition and antitrust authorities, allowing limited industry collusion in sustainability-related investments to align markets with broader environmental and social objectives, suggests a re-evaluation of competition as a mechanism for promoting collective welfare. Drawing on Adam Smith's classical works as presented in The Wealth of Nations and The Theory of Moral Sentiments, this paper explores this issue through a historical lens while at the same time showing how this innately connects to the established literature on sustainable development, in particular justice and inclusive wealth. Combined, we discuss the role of modern competition policy in adjudicating and evaluating trade-offs in societies' overall welfare function that comprises negative externalities and natural capital.
Subjects: 
Wealth of Nations
Justice
Investment collusion
Antitrust
Sustainable development
JEL: 
B21
D63
K21
L41
Q01
Document Type: 
Working Paper

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