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Standard Oil was an American oil producing, transporting, refining, and marketing company. Established in , it became the largest oil refiner in the world.
Rockefeller was a founder, chairman and major shareholder. The company was an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors.
Its controversial history as one of the world's first and largest multinational corporations ended in , when the United States Supreme Court ruled that Standard was an illegal monopoly.
The Standard Oil trust was dissolved into 33 smaller companies; two of its surviving "child" companies are ExxonMobil and the Chevron Corporation.
Steel has been accused of being a monopoly. Morgan and Elbert H. Gary founded U. Steel in by combining Andrew Carnegie 's Carnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore 's National Steel Company.
Steel was the largest steel producer and largest corporation in the world. In its first full year of operation, U. Steel made 67 percent of all the steel produced in the United States.
However, U. Steel's share of the expanding market slipped to 50 percent by ,  and antitrust prosecution that year failed.
De Beers settled charges of price fixing in the diamond trade in the s. De Beers is well known for its monopoloid practices throughout the 20th century, whereby it used its dominant position to manipulate the international diamond market.
The company used several methods to exercise this control over the market. Firstly, it convinced independent producers to join its single channel monopoly, it flooded the market with diamonds similar to those of producers who refused to join the cartel, and lastly, it purchased and stockpiled diamonds produced by other manufacturers in order to control prices through limiting supply.
In , the De Beers business model changed due to factors such as the decision by producers in Russia, Canada and Australia to distribute diamonds outside the De Beers channel, as well as rising awareness of blood diamonds that forced De Beers to "avoid the risk of bad publicity" by limiting sales to its own mined products.
A public utility or simply "utility" is an organization or company that maintains the infrastructure for a public service or provides a set of services for public consumption.
Common examples of utilities are electricity , natural gas , water , sewage , cable television , and telephone. In the United States, public utilities are often natural monopolies because the infrastructure required to produce and deliver a product such as electricity or water is very expensive to build and maintain.
Western Union was criticized as a " price gouging " monopoly in the late 19th century. In the case of Telecom New Zealand , local loop unbundling was enforced by central government.
Telkom is a semi-privatised, part state-owned South African telecommunications company. Deutsche Telekom is a former state monopoly, still partially state owned.
Deutsche Telekom currently monopolizes high-speed VDSL broadband network. The Comcast Corporation is the largest mass media and communications company in the world by revenue.
Comcast has a monopoly in Boston , Philadelphia , and many other small towns across the US. The United Aircraft and Transport Corporation was an aircraft manufacturer holding company that was forced to divest itself of airlines in The Long Island Rail Road LIRR was founded in , and since the mids has provided train service between Long Island and New York City.
In the s, LIRR became the sole railroad in that area through a series of acquisitions and consolidations. In , the LIRR's commuter rail system is the busiest commuter railroad in North America, serving nearly , passengers daily.
Dutch East India Company was created as a legal trading monopoly in The Vereenigde Oost-Indische Compagnie enjoyed huge profits from its spice monopoly through most of the 17th century.
The British East India Company was created as a legal trading monopoly in The East India Company was formed for pursuing trade with the East Indies but ended up trading mainly with the Indian subcontinent , North-West Frontier Province , and Balochistan.
The Company traded in basic commodities, which included cotton , silk , indigo dye , salt , saltpetre , tea and opium. Major League Baseball survived U.
The National Football League survived antitrust lawsuit in the s but was convicted of being an illegal monopoly in the s.
According to professor Milton Friedman , laws against monopolies cause more harm than good, but unnecessary monopolies should be countered by removing tariffs and other regulation that upholds monopolies.
A monopoly can seldom be established within a country without overt and covert government assistance in the form of a tariff or some other device.
It is close to impossible to do so on a world scale. The De Beers diamond monopoly is the only one we know of that appears to have succeeded and even De Beers are protected by various laws against so called "illicit" diamond trade.
However, professor Steve H. Hanke believes that although private monopolies are more efficient than public ones, often by a factor of two, sometimes private natural monopolies, such as local water distribution, should be regulated not prohibited by, e.
Thomas DiLorenzo asserts, however, that during the early days of utility companies where there was little regulation, there were no natural monopolies and there was competition.
Baten , Bianchi and Moser  find historical evidence that monopolies which are protected by patent laws may have adverse effects on the creation of innovation in an economy.
They argue that under certain circumstances, compulsory licensing — which allows governments to license patents without the consent of patent-owners — may be effective in promoting invention by increasing the threat of competition in fields with low pre-existing levels of competition.
From Wikipedia, the free encyclopedia. Market structure with a single firm dominating the market. This article is about the economic term. For the board game based on this concept, see Monopoly game.
For other uses, see Monopoly disambiguation. The price of monopoly is upon every occasion the highest which can be got.
The natural price, or the price of free competition, on the contrary, is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together.
The one is upon every occasion the highest which can be squeezed out of the buyers, or which it is supposed they will consent to give; the other is the lowest which the sellers can commonly afford to take, and at the same time continue their business.
Main article: Natural monopoly. Main article: Government-granted monopoly. This section does not cite any sources.
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June Learn how and when to remove this template message. Main article: Competition law. The examples and perspective in this section may not represent a worldwide view of the subject.
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Complementary monopoly De facto standard Demonopolization Dominant design Flag carrier History of monopoly Market segmentation index , used to measure the degree of monopoly power Megacorporation Ramsey problem , a policy rule concerning what price a monopolist should set.
Simulations and games in economics education that model monopolistic markets. State monopoly capitalism Unfair competition.
Capitalism and Freedom paperback 40th anniversary ed. The University of Chicago Press. Microeconomics: Principles and Policy paperback. Thomson South-Western.
Southern California Law Review. Microeconomics in Context 2nd ed. Managerial Economics 4th ed. Intermediate Microeconomics.
Managerial Economics. Microeconomics, The Freedom to Choose. CAT Publishing. Microeconomics 5th ed. Microeconomic Analysis 3rd ed.
Price is exogenous and it is possible to associate each price with unique profit maximizing quantity. Besanko, David, and Ronald Braeutigam, Microeconomics 2nd ed.
Microeconomics with Calculus 2nd ed. Microeconomics Demystified. McGraw Hill. Lloyds Bank Review : 38— Against intellectual monopoly. Cambridge University Press.
Houghton Mifflin. Microeconomics 2nd ed. American Economic Review. Retrieved Related word monopolistic.
The Postal Service is guaranteed a monopoly on all first-class letters. The Justice Department is suing the company because they claim that it used unfair tactics to become a monopoly.
The network is a monopoly of the state telephone company. See also bilateral monopoly. Examples of monopoly.
Communist parties held a monopoly of power in communist countries. From the Cambridge English Corpus. The first is the recognition that the failure of foundationalism in philosophy makes any attempt to claim a monopoly on truth, methodology etc.
These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.
The state made itself a monopoly supplier of essential goods, such as grain, which were then sold on at controlled prices. This involves eradication of corruption and nepotism which have been used to establish monopolies.
However, patents create monopolies and lead to waste of resources as a result of static inefficiencies. The incumbent operator enjoyed monopoly rents and did not want to give up this special status.
Nevertheless, lighthouse reform enabled the whigs and radicals to pose as crusaders against local monopolies which the tories sought to perpetuate.
After a period of monopoly , the new processes diffuse to economies capable of absorbing, and often improving upon, the techniques.
No one individual in the creative process has a monopoly say in the outcome of a particular artistic decision. A monopolized market often becomes an unfair, unequal, and inefficient.
Mergers and acquisitions among companies in the same business are highly regulated and researched for this reason.
Firms are typically forced to divest assets if federal authorities believe a proposed merger or takeover will violate anti-monopoly laws.
By divesting assets, it allows competitors to enter the market by those assets, which can include plant and equipment and customers. In , the Sherman Antitrust Act became the first legislation passed by the U.
Congress to limit monopolies. The Sherman Antitrust Act had strong support by Congress, passing the Senate with a vote of 51 to 1 and passing the House of Representatives unanimously to 0.
In , two additional antitrust pieces of legislation were passed to help protect consumers and prevent monopolies.
The Clayton Antitrust Act created new rules for mergers and corporate directors, and also listed specific examples of practices that would violate the Sherman Act.
The Federal Trade Commission Act created the Federal Trade Commission FTC , which sets standards for business practices and enforces the two antitrust acts, along with the Antitrust Division of the United States Department of Justice.
The laws are intended to preserve competition and allow smaller companies to enter a market, and not to merely suppress strong companies.
The Sherman Antitrust Act has been used to break up large companies over the years, including Standard Oil Company and American Tobacco Company.
In , the U. The complaint, filed on July 15, , stated that "The United States of America, acting under the direction of the Attorney General of the United States, brings this civil action to prevent and restrain the defendant Microsoft Corporation from using exclusionary and anticompetitive contracts to market its personal computer operating system software.
By these contracts, Microsoft has unlawfully maintained its monopoly of personal computer operating systems and has an unreasonably restrained trade.
A federal district judge ruled in that Microsoft was to be broken into two technology companies, but the decision was later reversed on appeal by a higher court.
The most prominent monopoly breakup in U. After being allowed to control the nation's telephone service for decades, as a government-supported monopoly, the giant telecommunications company found itself challenged under antitrust laws.
Our Documents. Federal Trade Commission. English Language Learners Definition of monopoly. Kids Definition of monopoly.
More from Merriam-Webster on monopoly Nglish: Translation of monopoly for Spanish Speakers Britannica English: Translation of monopoly for Arabic Speakers Britannica.
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Test Your Vocabulary. TAKE THE QUIZ. Love words? Need even more definitions? Words at Play Words From Years Old and Still Around From goons to abominable snowmen The Difference Between 'Libel' and 'Liable' Don't hold us at fault if you can't keep them str Ask the Editors 'All Intensive Purposes' or 'All Intents and Purposes'?Monopoly, the popular board game about buying and trading properties, is now available to play online and for free on appalachianindustrialauthority.com This multiplayer virtual version for 2, 3 or 4 players is designed to look just like the real one, so just choose your character, roll the dice and start purchasing properties, building houses and hotels and charge your opponents to bankruptcy for landing on 70%(K). 9/4/ · Monopoly: In business terms, a monopoly refers to a sector or industry dominated by one corporation, firm or entity. A monopoly (from Greek μόνος, mónos, 'single, alone' and πωλεῖν, pōleîn, 'to sell') exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market.