ABSTRACT
The inter-war period saw the flourishing of international cartels, including those in the manufacturing sector. These manufacturing-sector cartels were a European phenomenon, that is, they emerged mostly in Western Europe. As far as these cartels were concerned, the rapidly growing numbers of Japanese firms at this time were regarded as mostly ambitious outsiders at first, and later as troublesome participants. In many respects, Japanese firms challenged the international cartels, and it is important to ask how the Japanese challenge affected international cartels, and how the international cartels responded to this challenge. 1
