Cartel (Noun)
Meaning
A consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service; "they set up the trust in the hope of gaining a monopoly".
Classification
Nouns denoting groupings of people or objects.
Examples
- The government launched an investigation into the cartel of oil companies that were accused of price-fixing.
- The tech giants were accused of forming a cartel to suppress wages and stifle innovation in the industry.
- The international cartel of diamond producers has been criticized for its human rights record and environmental impact.
- The European Union imposed fines on several companies for participating in a cartel that rigged bids for construction contracts.
- The music industry's major record labels were accused of operating as a cartel to restrict competition and limit artist compensation.