Map of Schenkenzell on S. Cartels before the Sherman Act, these international cartels involved relatively few firms with large market shares. In the early 2000s, the best-known cartel still operating is the ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC), a legal cartel of oil-producing countries that attempts to set the prices for crude oil by agreeing on production quantities for its member countries. Looking at the history of cartels a number of questions arise, such as: Why do cartels form? What factors cause some cartels to break up even without government intervention? What are the welfare effects of cartels? The answer to the first question is simple. In a competitive market each firm, maximizing its own profit, considers only the effect that its output decision has on its profit, ignoring the effects that the output level it produces has on the profit of all other firms in the market.
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Thus, firms in a competitive market produce a greater level of output then firms that are part of a cartel. In theory, a cartel can achieve monopoly profits simply by maximizing the joint profit of its member firms. Map of Schenkenzell 2016.
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