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From cartels to futures. The aluminium industry, the London Metal Exchange and European competition policies, 1960s–1980s

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  • Marco Bertilorenzi

Abstract

In 1978, the London Metal Exchange started a futures trade for aluminium. Before then, the global aluminium trade was regulated by a producers’ list price, which was settled through cartel networks and served as referral for the market price. Many observers agree that the start of the futures was a turning point for the aluminium industry because it reshaped global markets and the strategies of the main actors into the industry. Despite this recognition, little attention has been paid to the factors behind this change. This article shows that this outcome was helped by an antitrust action of the European Commission. Discussing the weight that the European Commission held in this change, this research brings new evidences about the nexus between competition policies and the governance of global market for commodities. One major conclusion is that the European antitrust contributed in making the producers’ list prices unworkable, assisting the emergence a new pricing system.

Suggested Citation

  • Marco Bertilorenzi, 2020. "From cartels to futures. The aluminium industry, the London Metal Exchange and European competition policies, 1960s–1980s," Business History, Taylor & Francis Journals, vol. 62(5), pages 782-814, July.
    • Handle: RePEc:taf:bushst:v:62:y:2020:i:5:p:782-814
    DOI: 10.1080/00076791.2018.1469621
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