Abstract
The history of the Rhenish-Westphalian Coal Syndicate before World War I demonstrates that a cartel can be established and maintained in the face of significant disintegrative forces, including many members, heterogeneous production and cost conditions, dynamic markets, competition from outside producers, and cheating. Opportunities for individualistic behavior, including contractual loopholes and horizontal combinations, combined with a collusive objective function that emphasized overall control and stability, allowed the cartel to survive for over two decades without government interference or support.
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