ABSTRACT
There has been repeated reference in previous chapters to the presence of competition in branches of external trade which appear to be dominated by a few firms and in which market-sharing agreements operate. This chapter and the appended note present information on the operation of competition under apparently unpropitious, and certainly unexpected, conditions. The bulk of the material is derived from the groundnut trade. Certain well-documented episodes in the history of that trade are of much interest for this study.
