While for a long time, processes of economic interchange have been characterised by the transfer of ownership of goods, sharing and collective consumption of existing resources gain in importance. This phenomenon is nowadays referred to as Sharing Economy. First of all, the paper presents an overview of the existing literature, pointing out characteristics and types as well as effects of the Sharing Economy. Subsequently, those claimed effects are critically reviewed. The essential findings are, firstly, the main advantages claimed, such as the reduction of asymmetric information or a higher utilisation of existing resources, are basically derived from the general technical progress and not from the sharing of goods and services. Secondly, entrepreneurial behaviour in the Sharing Economy shows no substantial differences in comparison with the Standard Economy. Rather there are found similarities to the theory of two- or multi-sided markets. Thirdly, the success and the claimed advantages of the Sharing Economy basically result from the non-compliance with the existing regulation. This, however, can be regarded as a violating of the principles of fair competition.