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THE FOOD AND AGRICULTURAL GLOBAL CARTELS OF THE 1990s: OVERVIEW AND UPDATE

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  • Connor, John M.

Abstract

"Greed is good." --Gordon Gecko in Wall Street (1987) "Greed Is Bad." --Paul Krugman, The New York Times, June 4, 2002 "For many years, Archer Daniels Midland Co.'s philosophy of customer relations could be summed up by a quote from former ADM President James Randall: 'Our competitors are our friends. Our customers are the enemy.' This motto animated the company's business dealings and ultimately led to blatant violations of U.S. antitrust law, a guilty plea and a staggering criminal fine against the company . . . The facts involved in this case reflect an inexplicable lack of business ethics and an atmosphere of general lawlessness that infected the very heart of one of America's leading corporate citizens. Top executives at ADM and its Asian co-conspirators throughout the early 1990s spied on each other, fabricated aliases and front organizations to hide their activities, hired prostitutes to gather information from competitors, lied, cheated, embezzled, extorted, and obstructed justice." -- Decision of the U.S. Court of Appeals, 7th Circuit (Kanne et al. 2000:1-2) "Globalization can bring great benefits to consumers and business, but it can also cause harm, as evidenced by the rise in global cartels such as the vitamin cartel . . ." -- Senior official, Australian Competition and Consumer Commission, Business Weekly Review (December 13, 2001).

Suggested Citation

  • Connor, John M., 2002. "THE FOOD AND AGRICULTURAL GLOBAL CARTELS OF THE 1990s: OVERVIEW AND UPDATE," Staff Papers 28631, Purdue University, Department of Agricultural Economics.
    • Handle: RePEc:ags:puaesp:28631
    DOI: 10.22004/ag.econ.28631
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    References listed on IDEAS

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    1. Paolo Buccirossi & StÈphan Marette & Alessandra Schiavina, 2002. "Competition policy and the agribusiness sector in the European Union," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 29(3), pages 373-397, July.
    2. Connor, John M., 1997. "Archer Daniels Midland: Price Fixer To The World," Staff Papers 28653, Purdue University, Department of Agricultural Economics.
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    4. Hay, George A & Kelley, Daniel, 1974. "An Empirical Survey of Price Fixing Conspiracies," Journal of Law and Economics, University of Chicago Press, vol. 17(1), pages 13-38, April.
    5. George Symeonidis, 2002. "The Effects of Competition: Cartel Policy and the Evolution of Strategy and Structure in British Industry," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262194686, December.
    6. Fraas, Arthur G & Greer, Douglas F, 1977. "Market Structure and Price Collusion: An Empirical Analysis," Journal of Industrial Economics, Wiley Blackwell, vol. 26(1), pages 21-44, September.
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