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I think the term to search for here is usually "price fixing" and maybe "price gouging". Usually artificial scarcity is used to raise prices. Think cartels, mon
by akovaski 3y ago
I think the term to search for here is usually "price fixing" and maybe "price gouging". Usually artificial scarcity is used to raise prices. Think cartels, monopolies, Da Beers diamond artificial scarcity, drug companies hiking prices.
I also vaguely recall some fashion brands destroying products that haven't been sold. Probably more controversial if you have to kill an animal to create the product.
Similarly other stores, like grocery stores, throw out or destroy unsold goods.
Some of these are easier to rationalize than others, but I think all have generated some notable level of hate from society.
But they keep on doing it, so maybe it's worth it.
There's also Cryptocurrency and NFTs to consider.
Edit: Adjusting my tone a bit: I do think that society has stopped at least some price fixing. Here is a quote from Wikipedia:
> The lysine cartel was the first successful prosecution of an international cartel by the U.S. Department of Justice (DOJ) in more than 40 years. Since then, the DOJ has discovered and successfully prosecuted nearly 20 international cartels.