![]() Continuous efforts to discredit Americans to compete in foreign markets and to secure benefits associated with it have led to the American revolution and the consequent rise of the United states. Well-known is the protest in Boston called Boston Tea Party reacting on raising of taxes, the main target was indeed British government and East India company owning a monopoly over tea import. When England enacted set of laws enabling domestic merchants of many branches to sell with monopoly in British colonies, plenty black markets have arisen accompanied with protests. While leaderships of American colonies began to issue amendments to the law in form of charters and relations with Britain continued to deteriorate, constantly emitted monopolies on England’s suppliers became direct cause of American’s indignation. As an example could state Massachusetts’s body of Liberty from 1641 which declared no monopolies are acceptable except for new inventions that are profitable to the country. Undesirable effects of diminishing social wealth were discussed and new theory of monopolies have begun to be created.Īlthough most parts of the British law was commonly used as identical in colonies, monopolistic part was not clearly defined in America therefore new specific versions of both patents for economic development and restrictions on the issuance of patents have been enacted. Allen and sir Edward Coke royal rights on providing licences have been strictly restraint. Long disputation about the efficiency of royal grants of monopoly privileges have been led and finally with the contribution, among others, of Darcy v. The result was a significant increase of prices in particular industries accompanied by enforcing rest of suppliers not to produce, often affected by strict punishments for patent infringement. who were selling monopolistic licences as a benefit for their own enrichment. England įor the first time, monopolies have become socially significant in the early seventeenth century in England under the reign of Queen Elizabeth I. ” In the course of time has monopoly become interpreted as a private accumulation of economic power or an entity that has total or near-total control of a market. ” In the eighteenth century was developed another definition by Samuel Johnson as “exclusive privilege of selling anything. In the seventeenth century was monopoly defined by sir Edward Coke as “allowance by the King to any person or corporate for the sole buying, selling, making, working or using anything, whereby any person or corporate are sought to be restrained of any freedom or liberty that they had before. “ This word was perceived as an exclusive legal right of sale covered by Government usually ensured by patent or licence. ![]() Original meaning of the word Monopoly comes from Greek as a compound of two words “mono,” which means “single” or “one,” and “polein“, meaning “ to sell.
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