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Cartel
A cartel is a group of independent market participants who collude with each other in order to improve their profits and dominate the market. Cartels are usually associations in the same sphere of business, and thus an alliance of rivals. Most jurisdictions consider it anti-competitive behavior and have outlawed such practices. Cartel behavior includes price fixing, bid rigging, and reductions in output. The doctrine in economics that analyzes cartels is cartel theory. Cartels are distinguished from other forms of collusion or anti-competitive organization such as corporate mergers. Etymology The word ''cartel'' comes from the Italian word '' cartello'', which means a "leaf of paper" or "placard", and is itself derived from the Latin ''charta'' meaning "card". The Italian word became ''cartel'' in Middle French, which was borrowed into English. In English, the word was originally used for a written agreement between warring nations to regulate the treatment and exchange of ...
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Cartel Theory
Cartel theory is usually understood as the doctrine of economic cartels. However, since the concept of 'cartel' does not have to be limited to the field of the economy, doctrines on non-economic cartels are conceivable in principle. Such exist already in the form of the state cartel theory and the cartel party theory. For the pre-modern cartels, which existed as rules for tournaments, duels and court games or in the form of inter-state fairness agreements, there was no scientific theory. Such has developed since the 1880s for the scope of the economy, driven by the need to understand and classify the mass emergence of entrepreneurial cartels. Within the economic cartel theory, one can distinguish a classical and a modern phase. The break between the two was set through the enforcement of a general cartel ban after Second World War by the US government. Definitions Cartel is an ambiguous concept, which usually refers to a combination or agreement between rivals, but – derived from ...
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Price Fixing
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. The intent of price fixing may be to push the price of a product as high as possible, generally leading to profits for all sellers but may also have the goal to fix, peg, discount, or stabilize prices. The defining characteristic of price fixing is any agreement regarding price, whether expressed or implied. Price fixing requires a conspiracy between sellers or buyers. The purpose is to coordinate pricing for mutual benefit of the traders. For example, manufacturers and retailers may conspire to sell at a common "retail" price; set a common minimum sales price, where sellers agree not to discount the sales price below the agreed-to minimum price; buy the product from a supplier at a specified maxi ...
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Cartel (intergovernmental Agreement)
A treaty is a formal, legally binding written agreement between actors in international law. It is usually made by and between sovereign states, but can include international organizations, individuals, business entities, and other legal persons. A treaty may also be known as an international agreement, protocol, covenant, convention, pact, or exchange of letters, among other terms. However, only documents that are legally binding on the parties are considered treaties under international law. Treaties vary on the basis of obligations (the extent to which states are bound to the rules), precision (the extent to which the rules are unambiguous), and delegation (the extent to which third parties have authority to interpret, apply and make rules). Treaties are among the earliest manifestations of international relations, with the first known example being a border agreement between the Sumerian city-states of Lagash and Umma around 3100 BC. International agreements were used in so ...
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Collusion
Collusion is a deceitful agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading or defrauding others of their legal right. Collusion is not always considered illegal. It can be used to attain objectives forbidden by law; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. It can involve "unions, wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties". In legal terms, all acts effected by collusion are considered void. Definition In the study of economics and market competition, collusion takes place within an industry when rival companies cooperate for their mutual benefit. Conspiracy usually involves an agreement between two or more sellers to take action to suppress competition between sellers in the market. Because competition amon ...
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Corporate Merger
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position. Technically, a is a legal consolidation of two business entities into one, whereas an occurs when one entity takes ownership of another entity's share capital, equity interests or assets. A deal may be euphemistically called a ''merger of equals'' if both CEOs agree that joining together is in the best interest of both of their companies. From a legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and liabilities under one entity, and the distinction between the two is not always clear. In most countries, mergers and acquisitions must com ...
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Economics Of Fascism
Historians and other scholars disagree on the question of whether a specifically fascist type of economic policy can be said to exist. David Baker argues that there is an identifiable economic system in fascism that is distinct from those advocated by other ideologies, comprising essential characteristics that fascist nations shared. Payne, Paxton, Sternhell ''et al.'' argue that while fascist economies share some similarities, there is no distinctive form of fascist economic organization. Gerald Feldman and Timothy Mason argue that fascism is distinguished by an absence of coherent economic ideology and an absence of serious economic thinking. They state that the decisions taken by fascist leaders cannot be explained within a logical economic framework. Fascist movements tended to not have any fixed economic principles other than a general desire that the economy should help build a strong nation. As such, scholars argue that fascists had no economic ideology, but they did f ...
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Guild
A guild ( ) is an association of artisans and merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as organizations of tradesmen belonging to a professional association. They sometimes depended on grants of letters patent from a monarch or other ruler to enforce the flow of trade to their self-employed members, and to retain ownership of tools and the supply of materials, but were mostly regulated by the city government. A lasting legacy of traditional guilds are the guildhalls constructed and used as guild meeting-places. Guild members found guilty of cheating the public would be fined or banned from the guild. Typically the key "privilege" was that only guild members were allowed to sell their goods or practice their skill within the city. There might be controls on minimum or maximum prices, hours of trading, numbers of apprentices, and many other things. These rules reduced free competition, but sometimes maintained ...
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German Empire
The German Empire (), Herbert Tuttle wrote in September 1881 that the term "Reich" does not literally connote an empire as has been commonly assumed by English-speaking people. The term literally denotes an empire – particularly a hereditary empire led by an emperor, although has been used in German to denote the Roman Empire because it had a weak hereditary tradition. In the case of the German Empire, the official name was , which is properly translated as "German Empire" because the official position of head of state in the constitution of the German Empire was officially a "presidency" of a confederation of German states led by the King of Prussia who would assume "the title of German Emperor" as referring to the German people, but was not emperor of Germany as in an emperor of a state. –The German Empire" ''Harper's New Monthly Magazine''. vol. 63, issue 376, pp. 591–603; here p. 593. also referred to as Imperial Germany, the Second Reich, as well as simply Germany, ...
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Market Concentration
In economics, market concentration is a function of the number of firms and their respective shares of the total production (alternatively, total capacity or total reserves) in a market. In any industry, a handful of firms that hold a significant portion of the market share and likely engage in the practice of consolidation will indicate higher market concentration within that industry. The market concentration ratio measures the concentration of the top firms in the market, this can be through various metrics such as sales, employment numbers, active users or other relevant indicators. In theory and in practice, market concentration is closely associated with market competitiveness, and therefore is important to various antitrust agencies when considering proposed mergers and other regulatory issues. Market concentration is important in determining firm market power in setting prices and quantities. Market concentration is affected through various forces, including barriers ...
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Robber Baron (industrialist)
Robber baron is a derogatory term of social criticism originally applied to certain wealthy and powerful 19th-century American businessmen. The term appeared as early as the August 1870 issue of ''The Atlantic Monthly'' magazine. By the late 19th century, the term was typically applied to businessmen who purportedly used exploitative practices to amass their wealth. These practices included exerting control over natural resources, influencing high levels of government, paying subsistence wages, squashing competition by acquiring their competitors to create monopolies and raise prices, and schemes to sell stock at inflated prices to unsuspecting investors. The term combines the sense of criminal ("robber") and illegitimate aristocracy (a baron is an illegitimate role in a republic).Worth Robert Miller, ''Populist cartoons: an illustrated history of the third-party movement in the 1890s '' (2011) p. 13 Usage The term robber baron derives from the ''Raubritter'' (''robber knights'') ...
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World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the only two nuclear weapons ever used in war. World War II was by far the deadliest conflict in human history; it resulted in 70 to 85 million fatalities, mostly among civilians. Tens of millions died due to genocides (including the Holocaust), starvation, mass ...
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Francisco Franco
Francisco Franco Bahamonde (; 4 December 1892 – 20 November 1975) was a Spanish general who led the Nationalist forces in overthrowing the Second Spanish Republic during the Spanish Civil War and thereafter ruled over Spain from 1939 to 1975 as a dictator, assuming the title ''Caudillo''. This period in Spanish history, from the Nationalist victory to Franco's death, is commonly known as Francoist Spain or as the Francoist dictatorship. Born in Ferrol, Galicia, into an upper-class military family, Franco served in the Spanish Army as a cadet in the Toledo Infantry Academy from 1907 to 1910. While serving in Morocco, he rose through the ranks to become a brigadier general in 1926 at age 33, which made him the youngest general in all of Europe. Two years later, Franco became the director of the General Military Academy in Zaragoza. As a conservative and monarchist, Franco regretted the abolition of the monarchy and the establishment of the Second Republic in 1931 ...
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