The eighth of ten lectures from Joseph Salerno's Introduction to Austrian Economic Analysis seminar.

Naturally occurring monopolies do not last long. Competition emerges to upset them. The sovereignty of the individual defines the free market. The only monopolies that do persist are those maintained by government interventions.

Cartels are not monopolies. There is no essential difference between a cartel and an ordinary corporation or partnership. But, the cartel is an inherently unstable form of operation.