The demarcation between State and Market, between public and private undertakings, functions, investments and takeover activities, has been blurred with the advent of market liberalisation. In this new context public undertakings find themselves in competition with private undertakings, private undertakings are assigned public functions and "natural" State monopolies attempt takeovers of private competitors during their privatisation. This work focuses on these issues, exposing EC competition law in its wider economic, political and theoretical contexts before revealing the "two faces" of EC competition. Particular emphasis is placed on the questions of the extent to which, in the course of its transformation, the "private" application of EC competition has become influenced by economic theory and how the "public" transformation of competition can best be conceived.
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