CARTEL

Etymology

The term 'cartel' originated from the Spanish word for poster.

Definition

A cartel is a group of independent market participants who collaborate to avoid competition, control the supply of a product, fix prices, and dominate the market for their benefit.

Historical Context

Cartels have been prevalent in various industries throughout history, with examples ranging from oil to illegal drug trade.

Cultural Significance

Cartels often have a notorious reputation due to their involvement in illegal activities and their impact on market competition.

Related Concepts

Cartels are related to concepts such as monopolies, trusts, and syndicates.

See Also

• Monopoly
• Trust
• Syndicate