THE FOOD AND AGRICULTURAL GLOBAL CARTELS OF THE 1990s: OVERVIEW AND UPDATE

John Connor ()

No 28631, Staff Papers from Purdue University, Department of Agricultural Economics

Abstract: "Greed is good." --Gordon Gecko in Wall Street (1987) "Greed Is Bad." --Paul Krugman, The New York Times, June 4, 2002 "For many years, Archer Daniels Midland Co.'s philosophy of customer relations could be summed up by a quote from former ADM President James Randall: 'Our competitors are our friends. Our customers are the enemy.' This motto animated the company's business dealings and ultimately led to blatant violations of U.S. antitrust law, a guilty plea and a staggering criminal fine against the company . . . The facts involved in this case reflect an inexplicable lack of business ethics and an atmosphere of general lawlessness that infected the very heart of one of America's leading corporate citizens. Top executives at ADM and its Asian co-conspirators throughout the early 1990s spied on each other, fabricated aliases and front organizations to hide their activities, hired prostitutes to gather information from competitors, lied, cheated, embezzled, extorted, and obstructed justice." -- Decision of the U.S. Court of Appeals, 7th Circuit (Kanne et al. 2000:1-2) "Globalization can bring great benefits to consumers and business, but it can also cause harm, as evidenced by the rise in global cartels such as the vitamin cartel . . ." -- Senior official, Australian Competition and Consumer Commission, Business Weekly Review (December 13, 2001).

Keywords: Agribusiness (search for similar items in EconPapers)
Pages: 59
Date: 2002
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/28631/files/sp02-04.pdf (application/pdf)

Related works:
Working Paper: THE FOOD AND AGRICULTURAL GLOBAL CARTELS OF THE 1990s: OVERVIEW AND UPDATE (2002)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:puaesp:28631

DOI: 10.22004/ag.econ.28631

Access Statistics for this paper

More papers in Staff Papers from Purdue University, Department of Agricultural Economics Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().