Word: cartelism
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...cocaine rings with members in Bogota, Miami and the middle-class New York City borough of Queens. Each ring takes in at least $50 million a year. Says Bacon about the Colombian coke gangsters: "They are tremendous organizers. They deal very effectively with Americans." They also operate as a cartel, says Bacon. Although there is now a cocaine glut in South America and production costs have been cut in half, the price of the drug in the U.S. has hardly dropped. Oddly, U.S. authorities and Colombian exporters both have an interest in keeping the price high, the police to discourage...
...hope of controlling prices. Two of the largest of these competitors, Mexico and Norway, have been yielding to the full-court press they have been getting from OPEC oil ministers in the past week or two, but apparently Thatcher has not. Said one of her aides: "OPEC is a cartel and must run its own affairs. It must stop involving the British government...
...cartoons have appeared on editorial pages featuring grubby, disheveled-looking oil sheiks swamped by a black tide labeled "Oil Glut." Headlines have celebrated an incipient price war among the OPEC states. Reduced demand, it seems, is finally forcing down the price of oil, breaking up the widely hated OPEC cartel in the process. "The free market came to the rescue," exulted William F. Buckley recently in the National Review...
...technical, OPEC never existed as a true cartel, by definition a group that controls price by controlling production. The organization thrived as long as there was a sellers' market, but until recently it has never had to prove that its members could operate in a buyers' market and abide by agreements to limit production. The collapse of the talks in Geneva demonstrated that such discipline may be beyond them. As a result, the world may be in for the first sharp break in oil prices since OPEC quadrupled the cost of crude almost a decade...
Automakers also are being helped by renewed customer interest in larger cars, on which they make more money, spurred partly by the weakening in gasoline prices as the OPEC cartel loses its grip. Rust also is Detroit's friend: more and more cars in the U.S. auto fleet are older ones (average age: seven years) and will need to be replaced sooner or later. This year will not be a great one for Detroit. But at last there seems to be cause for believing that good times, if not around the next bend, could be around the one after...