Word: cartelism
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...McGill University in 1933, John Thorburn Williamson has been a lone wolf. He went to Africa, and for seven years despite jeers at his "crazy" search, grubbed his way around the veldt in search of diamonds. But when he found them, the jeers stopped-especially those from the diamond cartel run by Sir Ernest Oppenheimer, head of the famed De Beers syndicate. Oppenheimer & friends-were scared. Williamson had discovered one of the world's richest mines and could easily crack the cartel wide open. He turned down offers from the cartel, and started selling diamonds...
...years ago, dissatisfied with his 10% cut of the market, Williamson had a change of heart. He took his diamonds off the market, threatened to sell them independently when his contract with the cartel expired in 1951. Boasted he: "I could sell my diamonds at 10% under the syndicate's fixed price and still make a profit." Williamson started installing new machinery to double output. Said he: "I've only been scraping the surface with bulldozers...
Last April, Williamson tried to sell 12,000 carats on the open market. The trade said he had only one big offer. The trouble was that Williamson wanted to auction his diamonds, instead of setting fixed prices as the cartel does. Furthermore, dealers were afraid that the cartel might freeze them out entirely if they bought Williamson's stones...
...seven years, the Justice Department's cartel-busting case against Wilmington's Du Pont and Britain's Imperial Chemical Industries has dragged through U.S. courts. In the interim both companies, charged with dividing up the world's chemical market and restricting production, have voluntarily taken steps to make the charges obsolete. Against the charge that I.C.I, does not compete with Du Pont in the U.S., the British company bought up Providence's Arnold Hoffman & Co., Inc., last year sold $8,200,000 worth of goods in the U.S. Du Pont, accused of monopolizing nylon, voluntarily...
Reveling in the past, enjoying what they can of the present and disbelieving the future, the Austrians do little about the graft that corrupts the civil service, the entrenched cartel system, the inflation that is one of the worst in Europe...