The varied difficulties experienced by the copper industry after the depths of the Great Depression were followed by the idea of getting relief through some form of collective action in order to reduce the intensity of competition.
Combined, these seven companies accounted for more than half of the global output of refined copper at that time.
The main difference between this and the previous copper cartels is that the ICC members did not attempt to set uniform prices.
Herfindahl (1959) posits that the cartel members returned to the Nash-Cournot competition once the pivotal or trigger price was exceeded.
On the other hand, Montero and Guzmán (2005) posit that the cooperative behavior could have continued in booms, but using output-expanding strategies in order to restrict the entry of the competitive fringe.