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cartel
IPA:
Dictionary definition of cartel
An association of independent firms or individuals who come together to regulate prices and restrict competition.
"The oil cartel was able to influence the global market through production quotas."
Detailed meaning of cartel
Cartels are often formed to increase their bargaining power and maximize profits. This type of arrangement is illegal in most countries, as it violates antitrust laws designed to promote fair competition. Cartels can have significant impacts on the economy, leading to higher prices, reduced quality, and decreased innovation. Despite their illegal status, cartels continue to exist in various forms, such as price-fixing agreements and market allocation agreements.
Example sentences containing cartel
1. The cartel controlled a significant portion of the drug trade in the region.
2. The oil cartel was formed to regulate oil production and prices.
3. The pharmaceutical cartel faced allegations of price-fixing.
4. The diamond cartel had a tight grip on the global diamond market.
5. The music industry cartel was accused of limiting competition among artists.
6. The textile cartel dominated the market, making it difficult for smaller companies to compete.
History and etymology of cartel
The noun 'cartel' finds its etymological roots in the French language. It is derived from the Old French word 'cartel,' which originally meant a written challenge or letter of defiance. Over time, the meaning evolved to refer to written agreements or treaties. In the context of business and economics, the term 'cartel' gained prominence in the 19th century when it was used to describe associations of independent firms or individuals who came together to regulate prices, control production, and restrict competition in a particular industry. Cartels often aimed to maintain stability and profitability by coordinating their actions, but they were frequently criticized for anticompetitive practices. Today, the term 'cartel' is commonly associated with efforts to limit competition and influence markets, often with legal and ethical implications.
Further usage examples of cartel
1. The automobile cartel was under investigation for antitrust violations.
2. The coffee cartel controlled the distribution of coffee beans to international markets.
3. The electronics cartel conspired to fix prices on consumer electronics.
4. The sugar cartel was involved in price manipulation, affecting consumers worldwide.
5. The steel cartel had a stronghold on the steel production industry.
6. The telecommunications cartel was accused of monopolistic practices.
7. The airline cartel was investigated for colluding on ticket prices.
8. The fishing industry cartel regulated fishing quotas to protect marine ecosystems.
9. The arms cartel was involved in illegal arms trading across borders.
10. The construction cartel controlled the allocation of government contracts.
11. The banking cartel manipulated interest rates to maximize profits.
12. The chocolate cartel faced legal action for market manipulation.
13. The shipping cartel controlled shipping routes and freight rates.
14. The technology cartel conspired to stifle innovation in the tech industry.
15. The food industry cartel faced allegations of price-fixing and anti-competitive behavior.
16. The tobacco cartel was under scrutiny for marketing to underage consumers.
17. The diamond cartel's activities led to concerns about unethical sourcing of diamonds.
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GRE 12 (Graduate Record Examination), Collaboration and Teamwork, Competition and Rivalry, Control and Discipline, Hegemony and Hierarchies, Business and Commerce
caucus,clique,coalition,coterie,faction,Mafia,syndicate
gang,network
Synonyms for cartel
Quiz categories containing cartel
syndicate, competitor, adversary, rival
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