When tackling the analysis of competition law and antitrust law, it is very important to take into account the macroeconomic variables that antitrust and unfair competition juridical norms seek to regulate in accordance to dictates of justice and as per postulates of economic freedom. The analysis of such norms and of challenges that current antitrust law present, shall not take place only from the domestic law viewpoint but it actually requires a comparative law view and in particular the noticing of realities of developing nations such as Colombia and other Latin American and Caribbean nations. The present manuscript seeks to lay out the main features of the current set of juridical norms of competition law, the presentation of the principal characteristics of antitrust and free competition policy and of its necessity, a fundamental element for an effective and realistic order, challenges it has from the point of view of administrative and regulatory authorities, and of practicing counsel and attorneys, and finally, points of view and solutions that may contribute to antitrust law being more effective in regulating different market situations.