What is Cartel?
A cartel is a group of independent firms or businesses that collude to limit competition, raise prices, and increase profits. Cartels typically involve agreements to fix prices, restrict output, allocate markets, or rig bids.
Historical Background
Cartels have existed throughout history in various industries. The rise of industrialization in the 19th and 20th centuries led to the formation of many cartels. International efforts to combat cartels gained momentum in the late 20th century.