CARTEL-

Etymology

The term 'cartel' originated from a written agreement between warring nations to regulate matters like prisoner treatment. It later evolved to refer to a combination of commercial enterprises.

Definition

A cartel is an association of independent businesses that collaborate to control prices and output in a specific industry, aiming to increase profits and dominate the market.

Historical Context

Cartels have a long history, with examples ranging from medieval guilds to modern-day international syndicates. They have been used to regulate prices, limit competition, and influence market dynamics.

Cultural Significance

Cartels have often been associated with illegal activities, such as price-fixing and market manipulation. They can have significant economic and social impacts, affecting consumers, businesses, and governments.

Related Concepts

Cartels are related to concepts like trusts, monopolies, and syndicates. They share similarities in terms of controlling market dynamics and influencing prices.

See Also

• Trust (business)
• Monopoly (economics)
• Syndicate (business)