Cartel

An association of independent companies formed to regulate the price and sales conditions of the products or services they offer. A cartel may be national or international, although some countries, including the UK and the USA, have legislation forbidding cartels to be formed on the grounds that they are *monopolies that function against the public interest. The International Air Transport Association is an example of an international price-fixing cartel that is regarded as acceptable because of fears that price-cutting of fares between air· Lines would jeopardize safety.