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The uncovering of a great number of cartels in the industrialized
world has left an unfortunate, yet significant, mark on global
economic developments in recent years. Globalization has forced
firms into more direct competition; the result has been global
price-fixing. This situation has greatly challenged antitrust
authorities. Taking a broad yet detailed approach, this work sets a
practical explanation of the history of cartels and antitrust law
in a sound theoretical framework, as well as providing suggestions
as to how potential reforms of antitrust laws could improve the
situation going forward. The book includes a comprehensive analysis
of the motivations behind and perceived necessity for organizations
to enter into cartels, and the success or otherwise of
legislatures' attempts to both uncover and prevent such cartels
from taking place. A total of 24 price-fixing conspiracies
uncovered in the US and Europe are examined as part of the analysis
to demonstrate the globalization of collusion.
The phenomenon of collusive international agreements (cartels)
became widespread in the 1930s. At that time, attempts to control
production and prices were mainly the prerogative of multinational
firms operating in the developing (then colonized) world. The
"modern era" of cartels began in the 1960s, when the governments of
developing nations began to participate in commodity agreements to
achieve increases and stability in the world price of their
commodities. This book is principally concerned with the modern era
of cartels. It goes beyond the singular example of petroleum and
OPEC to examine the structure of international commodity markets
for bauxite (aluminum ore), cocoa, coffee, rubber, sugar, and tin,
and the conditions that led to the formation of cartels in those
markets during the latter half of the twentieth century.
Specifically, the work focuses on four major aspects of
international commodity markets: patterns of production and
consumption; economic dislocations to both importers and exporters
due to price fluctuations; the formation of cartels as a solution
to weak and variable commodity prices; and the likely effects
arising from tightening raw material markets. The book concludes
with a detailed examination of what the future holds for each of
the cartels, and what role technology, 24-hour market trading, and
decreasing foreign direct investment in producing countries will
have on the management of commodity markets.
The uncovering of a great number of cartels in the industrialised
world has left an unfortunate, yet significant, mark on global
economic developments in recent years. Globalization has forced
firms into more direct competition; the result has been global
price-fixing. This situation has greatly challenged antitrust
authorities. Taking a broad yet detailed approach, this work sets a
practical explanation of the history of cartels and antitrust law
in a sound theoretical framework, as well as providing suggestions
as to how potential reforms of antitrust laws could improve the
situation going forward. The book includes a comprehensive analysis
of the motivations behind and perceived necessity for organisations
to enter into cartels, and the success or otherwise of
legislatures' attempts to both uncover and prevent such cartels
from taking place. A total of 24 price-fixing conspiracies
uncovered in the US and Europe are examined as part of the analysis
to demonstrate the globalization of collusion.
The phenomenon of collusive international agreements (cartels)
became widespread in the 1930s. At that time, attempts to control
production and prices were mainly the prerogative of multinational
firms operating in the developing (then colonized) world. The
"modern era" of cartels began in the 1960s, when the governments of
developing nations began to participate in commodity agreements to
achieve increases and stability in the world price of their
commodities. This book is principally concerned with the modern era
of cartels. It goes beyond the singular example of petroleum and
OPEC to examine the structure of international commodity markets
for bauxite (aluminum ore), cocoa, coffee, rubber, sugar, and tin,
and the conditions that led to the formation of cartels in those
markets during the latter half of the twentieth century.
Specifically, the work focuses on four major aspects of
international commodity markets: patterns of production and
consumption; economic dislocations to both importers and exporters
due to price fluctuations; the formation of cartels as a solution
to weak and variable commodity prices; and the likely effects
arising from tightening raw material markets. The book concludes
with a detailed examination of what the future holds for each of
the cartels, and what role technology, 24-hour market trading, and
decreasing foreign direct investment in producing countries will
have on the management of commodity markets.
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