cartels
n. countablen. groups of businesses or organizations that work together to control prices and limit competition. They often act illegally to keep prices high and make more money.
n. associations of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition. Often used in legal and economic contexts to describe illicit price-fixing agreements.
The government is investigating several oil cartels for price-fixing.
International drug cartels often use complex smuggling routes to move their products across borders undetected.
Economists argue that while cartels may provide short-term stability for producers, they ultimately harm consumers by stifling innovation and artificially inflating the cost of essential goods.
Usually appears in the plural form when discussing criminal organizations or broad economic groups.