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The varied difficulties experienced by the copper industry after the depths of the Great Depression were followed by the idea of getting relief through some form of collective action in order to reduce the intensity of competition. In this way on March, 28th, 1935, the International Copper Cartel (ICC) was formed. There were five members in the cartel and two friendly foreign observers. The voting members were: Anaconda Copper, Kennecott Copper, Roan Antelope Copper, Rhokana Corporation and the Union Minière du Haut-Katanga, while the non voting members were Bor (Yugoslavia) and Rio Tinto (Spain). Combined, these seven companies accounted for more than half of the global output of refined copper at that time. The main difference between this and the previous copper cartels is that the ICC members did not attempt to set uniform prices. Rather, they merely wanted to influence prices indirectly, smoothing out wide price fluctuations. Despite the immense profits earned by the ICC's members in the following decades, the ICC was never reproached for charging exorbitant prices, as opposed to what happened in the case of previous cartels. Indeed, in Herfindahl’s opinion the cartel did not have any significant effect on price. These are born out in USGS annual price data showing the annual average price of copper in US Dollar per pound, if one adjusts for the US Consumer Price Index.
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References
- ↑ "Herfindahl, Orris Clemens". Library of Congress. Retrieved 2015-04-06.
b. June 15, 1918, in Parshall, N.D.; d. Dec. 16, 1972; ... traveling in Nepal when he died
- ↑ Orris C. Herfindahl (1950). Concentration in the steel industry.
- ↑ Robert D. Hershey Jr. (1984-02-12). "Statistical Formula Used". New York Times. Retrieved 2015-04-06.
The index is named for Orris C. Herfindahl, who employed such analysis in a 1950 doctoral dissertation on the steel industry while at Columbia University,
- ↑ Julio Segura; Carlos Rodríguez Braun (2004-01-01). An Eponymous Dictionary of Economics: A Guide to Laws and Theorems Named After Economists. Edward Elgar Publishing. p. 111. ISBN 978-1-84542-360-5.
Well, it's a cruel world
- ↑ Albert O. Hirschman (1980-01-01). National Power and the Structure of Foreign Trade . University of California Press. p. 19. ISBN 978-0-520-04082-3.
...there was a posterior inventor, O. C. Herfindahl, who proposed the same index, except for the square root...
- ↑ Orris Clemens Herfindahl; Allen V. Kneese (1974). Economic theory of natural resources. Merrill. ISBN 978-0-675-08895-4.
- ↑ Orris Clemens Herfindahl (1969). Natural Resources Information for Economic Development. Resources for the Future: Latin American Institute for Economic and Social Planning.
- ↑ Orris Clemens Herfindahl (1959). Copper Costs and Prices: 1870-1957. Johns Hopkins Press. ISBN 9780801802676.
- ↑ Saefong, Myra P. (2013-03-22). "Here's why copper has lost its indicator role". MarketWatch. Retrieved 2015-04-06.
- ↑ Buttonwood (2013-04-20). "Like chess, only without the dice". The Economist. Retrieved 2015-04-06.
Copper, often seen as a bellwether of global activity,
- ↑ Kortheuer, Dennis (2002-01-15). "The French Have Landed on the Shores of Santa Rosalía, or, How the Second Industrial Revolution, Porfirian "Progress" and the Rothschilds Brought Baja California Sur into the "Modern" World". University of California, Riverside. Retrieved 2015-04-06.
Orris C. Herfindahl, in his study of copper costs and prices, argues that the price of copper relative to wholesale prices of other goods has been stable over the longer periods between 1870 and 1957.
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