Cartelization primarily refers to a practice where large traders collude to control prices, limit production or hinder competition. It's considered an illegal act in numerous countries as it fundamentally undermines free market principles. A well-known instance of a cartel is the Organization of the Petroleum Exporting Countries (OPEC), which dictates oil production among its members to sway prices. The existence of cartels often leads to inflated prices for consumers and diminishes overall market efficiency.
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