The lawsuit against many CRT makers is an example of this.On the flip side, free enterprise is not the best for the consumer because monopolies form without regulation and then quality and decision are eliminated from the process as consolidation and elimination drive out alternatives. Even with the meager anti-monopoly laws we have in the states presently, several companies have figured out the trick of forming alliances, where major decisions regarding quality of service and pricing are agreed upon between competitors. Airline travel, supermarket stock, broadband and cell phone service, only handfuls of companies exist at the top of the markets and whenever one bumps up cost or cuts corners, just about everyone else in the competitive chain does too.
CRT makers like Hitachi, Samsung, LG, Panasonic, Toshiba, Philips all banded together to price fix CRT's from 1995-2007 about 12 years. Charging customers more then what they should cost. They had secret meetings called glass meetings. And they all agreed to restrict supply to artificially raise prices.
There was a lawsuit that just settled with a payout to consumers but it took about over 15 years of fighting. And the payout is around about $50. $50 for over 15 years of fighting is not even worth it.
According to the lawsuit, conspirators split the glass meetings into three tiers: “top meetings” for high-level company executives, “management meetings” for mid-level managers, and “working-level meetings” for lower-level sales and marketing employees.
https://www.atg.wa.gov/news/news-re...ks-way-consumers-over-crt-price-fixing-scheme
Free Market providing natural checks and balances to prevent this from happening and keep prices low my ass.
Last edited by SG854,