Skip to main content

What's the first thing that pops into your mind when you hear the word "cartel"?  I'm betting (because that seems to be all the rage around here today) that the first thing you think of is OPEC.  If asked to define OPEC, I'm betting you'd say Saudi's, oil, money or something quite similar.

Tonite Keith referred to the insurance companies as a cartel.  Hmmmm, what is the definition of "cartel"?

http://www.economicshelp.org/...

Cartel Definition  Definition of a Cartel. A cartel occurs when 2 or more firms enter into agreements to restrict the supply or fix the price of a good in a particular industry.

OPEC Cartel.
One of the most famous cartels in the world is OPEC Organisation of Petroleum exporting countries. In the 1970s, OPEC was able to triple the price of oil in response to events in the Middle East. They could do this because they controlled over 70% of the world's oil supply.

Cartels in the UK
In the UK cartels are an example of restrictive trade practices and are outlawed. Firms may still try to tacitly collude and avoid formal cartels.

Breakdown of Cartels
Cartels tend to breakdown because firms have an incentive to cheat on their quotas and benefit from high prices and high output.

Would a good acronym for the cartel be POOP, for PayOuts, Oh Boy.

Or maybe it would be SUM, for Screw You Mother....s.

Perhaps OPUS, for Oh Puhleeze You Suckers, would work.

Get those creative juices flowing and come up with a good one that we can use forever more.

One more!  SUNS for Shut Up Nyceve & Slinkerwink

Originally posted to Julie Gulden, Chairman's Pub Quiz Winner NN11 on Wed Oct 14, 2009 at 07:40 PM PDT.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site