British merger policy, which has long lacked clarity and effectiveness, has been the subject of government review. This collection of essays by leading policymakers and academics confronts several crucial questions about the merger process: Does it serve as a check on management efficiency, or is it the result of too little control or too much management discretion? Do shareholders and consumers gain or lose from mergers? Is the effect of mergers on competition the only public concern, and how anyway is competition to be assessed in an economy increasingly dominated by imports? Can policymakers learn from abroad, or are the current institutions and procedures the best available?