The Economics Behind Cartels Explained in One Minute: From Drugs to Oil (OPEC), Diamonds, etc.

Let's just say that if the only information you have about cartels comes from Netflix series related to drug-related "businesses" or various movies, you aren't even beginning to scratch the surface.


For example, did you know that the world's number one cartel is none other than OPEC? Or that cartels are formed when it comes to a wide range of products/services, including... diamonds?


In just approximately one minute, this video covers the economics behind cartels and explains everything you need to know about the concept. I have explained what cartels are (the definition, if you will) and through carefully-chosen examples, have tried to make it clear why despite the major risks involved, many individual/entities end up concluding that the pros outweigh the cons.


After watching this video and meaningfully understanding the explanation I have tried to put on the table, you might just see the world around you (including the next Netflix series you'll be watching, heh) in a slightly different light because, make no mistake... various cartels are all around us :)