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Cartels and Conspiracies

ABSTRACT The modern view of economic conspiracies stands in stark contrast to the view in the eighteenth century. Such classical economists as Adam Smith took conspiracy to be the natural result of our tendency to associate with one another. It manifested itself in collusion among both laborers and manufacturers to raise their income. By the mid-twentieth century, however, economists had come around to an entirely different view, according to which voluntary collaboration, especially in large groups, was unnatural and irrational, such that the only way to sustain cartels and trade unions was via compulsory, tyrannical measures. The notion of rationality that underlies such a view—as seen in the parallel notion that it is irrational to vote—threatens the understanding of agency that is essential to democracy.