Sanctioning Cartel Activity: Let the Punishment Fit the Crime

"This article explains how economic analysis and enforcement experience support the conclusion that cartel activity should be viewed as a serious crime and punished with serious sanctions on both business enterprises and individuals. The subtitle provides part of the argument: “let the punishment fit the crime”.As many before me, I borrow William Schwenck Gilbert’s memorable line from The Mikado, a contemporary of the earliest criminal statutes relating to cartel activity. For historic background and current context, I initially review the evolution of sanctions for cartel activity in the US."