This book provides a fresh look at the economics of modern commodity markets and the role of collusive international agreements in controlling world prices for natural resources. It goes beyond the example of petroleum and OPEC to also examine the structure of international commodity markets for bauxite (aluminum ore), cocoa, coffee, rubber, sugar, and tin, and the conditions that led to the formation of cartels in those markets during the latter half of the twentieth century.

Specifically, the author addresses four major aspects of international commodity markets: patterns of production...

The phenomenon of collusive international agreements (cartels) became widespread in the 1930s. At that time, attempts to control production and prices were mainly the prerogative of multinational firms operating in the developing (then colonized) world. The "modern era" of cartels began in the 1960s, when the governments of developing nations began to participate in commodity agreements to achieve increases and stability in the world price of their commodities. This book is principally concerned with the modern era of cartels. It goes beyond the singular example of petroleum and OPEC to...

The uncovering of a great number of cartels in the industrialised world has left an unfortunate, yet significant, mark on global economic developments in recent years. Globalization has forced firms into more direct competition; the result has been global price-fixing. This situation has greatly challenged antitrust authorities. Taking a broad yet detailed approach, this work sets a practical explanation of the history of cartels and antitrust law in a sound theoretical framework, as well as providing suggestions as to how potential reforms of antitrust laws could improve the situation going...