Summary of Cartel
An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.
(Main Author: William J. Miller)
Definition of Cartel
In accordance with the work A Dictionary of Law, this is a description of Cartel :
1. An agreement between belligerent states for certain types of nonhostile transactions, especially the treatment and exchange of prisoners.
2. A national or international association of independent enterprises formed to create a *monopoly in a given industry.
Cartel and International Trade Economy
In relation to international trade economy, Christopher Mark (1993) provided the following definition of Cartel: A group of producers (or producing countries) entering into a collusive arrangement to regulate pricing, production, or marketing of goods by members. The aim of a cartel is to restrict output in order to raise prices; cartel members thereby gain the profit advantages of a single monopoly, but –since they continue to function as separate entities –without the offsetting efficiency gains a monopoly may achieve through economies of large-scale production. Cartels are illegal in the United States, but more common in other countries (see competition policy). The Organization of Petroleum Exporting Countries, or OPEC (Sec. Ill) is a prominent example of an international producer cartel. See also allocation cartel.
Cartel in International Trade
Meaning of Cartel, according to the Dictionary of International Trade (Global Negotiator): An organization of independent producers formed to regulate the production, pricing or marketing practices of its members in order to limit competition and maximize their market power.
Embracing mainstream international law, this section on cartel explores the context, history and effect of the area of the law covered here.
- White Market
- Financial Market
- Trade Law
- Competition Law
- The entry “cartel” in the Parry and Grant Encyclopaedic Dictionary of International Law (currently, the Encyclopaedic Dictionary of International Law, 2009), Oxford University Press
Hierarchical Display of Cartel
Business And Competition > Competition > Restrictive trade practice > Horizontal agreement
Business And Competition > Competition > Restriction on competition > Dumping
Business And Competition > Competition > Restriction on competition > Monopoly
Concept of Cartel
See the dictionary definition of Cartel.
Characteristics of Cartel
Translation of Cartel
Thesaurus of Cartel
Business And Competition > Competition > Restrictive trade practice > Horizontal agreement > Cartel
Business And Competition > Competition > Restriction on competition > Dumping > Cartel
Business And Competition > Competition > Restriction on competition > Monopoly > Cartel
- Price-fixing cartel
- Profit-sharing cartel