Four of the world’s biggest glass manufacturers have been fined a total of 486.9m euros ($717.5m; £348.2m) for illegally co-ordinating price rises.
The firms are Guardian of the US, Pilkington, which is the UK unit of Nippon Sheet Glass, Saint-Gobain of France and Belgium’s Glaverbel.
The European Commission said the firms had raised or stabilised prices in 2004 and 2005 through illicit contacts.
Between them they control 80% of Europe’s market for flat glass.
(Source: BBC News)
Ahh, capitalism! The FREE MARKET! Surely the only logical, efficient way of running any modern industrial economy?
Demand and supply are in a perfect dance through the wondrous FREE MARKET and prices reflect this. The efficient producers charge less and therefore win the sales. Inefficient producers go out of business, buyers receive goods at low, low prices! Everyone’s happy!
Maybe, in cloud-fucking-cuckoo land, yep.
In the real world, capitalism is a rapacious, arrogant exercise in applied solipsism and mendacity. It fucks the world while stealing from both the pockets of the workers and the customers. The only people who win are the Rupert Murdochs of the world. There is no free market, that’s a fairy tale told to little Western children to divert them from the series of cartels, oligopolies and monopolies that run the world.
When you see stories like this, these aren’t the “bad apples” – these are the average apples. All of our world is run by businesses of this venality, of this illegality.
Capitalism is about as economically efficient as driving to the shops in an F1 car.