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Seldom do businessmen of the same trade

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What did Adam Smith mean when he wrote "Seldom do businessmen of the same trade get together but that it results in some detriment to the general public"?

You may also wish to discuss the behavior of an oligopoly using an example such as
-OPEC
-U.S. automotive industry

How are these oligopolies alike and different?

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Solution Summary

This posting helps with a problem about international trade. It discusses what Adam Smith meant when he wrote that "Seldom do businessmen of the same trade get together but that it results in some detriment to the general public." It also discusses the behavior of an oligopoly using an example such as OPEC and the U.S automotive industry. It also discusses how oligopolies are alike and different.

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Questions:
What did Adam Smith mean when he wrote "Seldom do businessmen of the same trade get together but that it results in some detriment to the general public"? How are these oligopolies alike and different?

Solution:
What Adam Smith meant was that when businessmen of the same trade get together the results are ...

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