CARTELS: Guilty as Charged

Imperial Chemical Industries, Ltd. occupies the same position in the British chemical market as Du Pont does in the U.S. But while Du Pont advocates free competition, Lord McGowan, who headed I.C.I, for years, made no bones about his liking for cartels. "Unrestricted competition," he once said, brings "eventual chaos." But in 1944, the Justice Department decided that Lord McGowan and Du Pont had gone too far in restricting competition. It filed an antitrust action against the two (plus Du Pont's subsidiary, Remington Arms), charging that they had conspired to restrain trade by...

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