A cartel is an association of independent businesses for the purpose of regulating trade in an industry. There are three important reasons for studying international cartels: they will become important in the future; they are of immense historical significance; and they are poorly understood. This paper reviews the economic, political, and historical literatures on international cartels and considers the lessons for international business theory and policy. If IB researchers are to retain their reputation for policy-relevance, they must engage with the issue of institutional responses to globalization, and this must include the analysis of cartels.
