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Adam Smith was right: businesses can't help colluding

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From: The Independent - London
Date: 20071208
Author:ANDREW SIMMS

COMMENT

"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public," wrote Adam Smith in The Wealth of Nations, adding, "or in some contrivance to raise prices." Much has changed in the intervening centuries, but the inconvenient habit of so- called free markets to produce their opposite, monopolies or virtual monopolies, has not.

News that Asda, Safeway (now Morrisons) and Sainsbury have been found guilty of price fixing on a range of dairy products, and that Tesco and Morrisons are still under investigation, ...

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