In the early 1920s, the average incandescent household light bulb burnt for about 1,500 to 2,000 hours. By 1925, it would burn for a markedly shorter 1,000 hours – the result of an astounding display of cross-continental corporate collusion.

The Phoebus Cartel – including luminaries such as Osram, Philips and General Electric – set out in 1924 to carve the world up into discrete spheres of operations. It also reversed the technological gains of the industry by reducing the lifespan of light bulbs. It was a slick move, ensuring consumers would not just pay more for cartel members’ products, but be forced to do so more often...

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