[Eddy_Viscosity2]

I see the rising of cartels more just the inevitable consequence of market systems where some players just getting bigger and bigger. Then when only a few large players are left, they collude (either openly, or just by unspoken agreement). So less of a race to the bottom, but a race to the top.

[Pet_Ant]

I think we agree. To risk being trampled by a race to the bottom, they choose to rise above by forming a cartel.