Monopolistic control Meaning: Definition, Examples, and Translations
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monopolistic control
[mษหnษpษหlษชstษชk kษnหtrษสl ]
Definition
business regulation
The exclusive possession or control of the supply of or trade in a commodity or service.
Synonyms
dominance, hegemony, monopoly power.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| monopolistic control |
Use when referring to a single entity having exclusive control over a market or industry, often implying unfair practices.
|
| monopoly power |
Refers to the ability of a monopoly to influence prices and control the market, usually discussed in economic and legal frameworks.
|
| dominance |
Appropriate for situations where one entity surpasses others in influence or power, not necessarily implying unfair practices. It can be positive or negative depending on context.
|
| hegemony |
Typically used in a political, cultural, or social context to describe leadership or predominant influence of one group over others, often with a negative connotation.
|
Examples of usage
- Monopolistic control of the energy market can lead to higher prices for consumers.
- Antitrust laws aim to prevent companies from gaining monopolistic control over industries.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Historical Context
- The Standard Oil Company, founded by John D. Rockefeller in the late 1800s, is a classic example of monopolistic control, dominating the oil market.
- The Sherman Antitrust Act of 1890 was a U.S. law aimed at breaking up monopolistic practices, marking a significant shift in corporate regulation.
Economics
- Monopolistic control can lead to higher prices for consumers, as the lack of competition allows companies to set prices without fear of losing customers.
- Such control may stifle innovation, as companies with little competition may not feel the need to improve their products or services.
Pop Culture
- Movies like 'The Big Short' and 'The Social Network' explore themes related to corporate monopolization and its effects on society and personal ethics.
- In video games, players often encounter monopolistic scenarios where controlling resources leads to significant advantages over opponents.
Legal Framework
- Antitrust laws in various countries aim to prevent monopolistic control to promote competition, ensuring fair markets for consumers.
- Cases like United States v. Microsoft Corp. illustrated government efforts to curb monopolistic practices in the tech industry.
Origin of 'monopolistic control'
Main points about word origin
- The word 'monopoly' comes from the Greek 'monopolion,' meaning 'to sell alone,' highlighting the singular control aspect.
- The roots of 'mono' and 'polein' relate to 'one' and 'to sell,' emphasizing a single ownership in economic contexts.
The concept of monopolistic control dates back to the early days of industrialization, when powerful companies sought to dominate markets and eliminate competition. This led to the development of antitrust laws and regulations to promote fair competition and protect consumers. Over the years, there have been various cases where companies have been accused of abusing their monopolistic control, leading to legal battles and changes in business practices.