Book contents
- A Handbook of Primary Commodities in the Global Economy
- A Handbook of Primary Commodities in the Global Economy
- Copyright page
- Contents
- Figures
- Tables
- Acknowledgments
- Introduction
- 1 The Historical Framework
- 2 The Geography of Commodity Production and Trade
- 3 Comparative Advantage and Trade Policy Distortions
- 4 Fossil Fuels
- 5 Price Formation and Price Trends in Commodities
- 6 Commodity Booms
- 7 Commodity Exchanges, Commodity Investments and Speculation
- 8 Sustainability and the Threats of Resource Depletion
- 9 Fears of and Measures to Assure Supply Security
- 10 Producer Cartels in International Commodity Markets
- 11 Public Ownership of Commodity Production
- 12 The Monoeconomies: Issues Raised by Heavy Dependence on Commodity Production and Exports
- References
- Index
10 - Producer Cartels in International Commodity Markets
Published online by Cambridge University Press: 06 November 2020
Book contents
- A Handbook of Primary Commodities in the Global Economy
- A Handbook of Primary Commodities in the Global Economy
- Copyright page
- Contents
- Figures
- Tables
- Acknowledgments
- Introduction
- 1 The Historical Framework
- 2 The Geography of Commodity Production and Trade
- 3 Comparative Advantage and Trade Policy Distortions
- 4 Fossil Fuels
- 5 Price Formation and Price Trends in Commodities
- 6 Commodity Booms
- 7 Commodity Exchanges, Commodity Investments and Speculation
- 8 Sustainability and the Threats of Resource Depletion
- 9 Fears of and Measures to Assure Supply Security
- 10 Producer Cartels in International Commodity Markets
- 11 Public Ownership of Commodity Production
- 12 The Monoeconomies: Issues Raised by Heavy Dependence on Commodity Production and Exports
- References
- Index
Summary
The present chapter begins by studying the necessary minimum preconditions, in terms of elasticities and market shares, for successful cartel action. We then identify the markets where these preconditions appear to be fulfilled. There follows an account of the attempts of commodity producers to wieldmarket power for their own benefit, trying to answer questions such as: What were the triggers to the cartel action? How did it go? How did the buyers react? What prompted cartel disintegration? There is a heavy emphasis on oil, given the extraordinary price performance of this commodity.
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- A Handbook of Primary Commodities in the Global Economy , pp. 205 - 226Publisher: Cambridge University PressPrint publication year: 2020