Monopolize Meaning: Definition, Examples, and Translations
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monopolize
[məˈnɒpəlaɪz ]
Definition
business control
To monopolize means to obtain exclusive control over a commodity or service in a market, effectively eliminating competition. This can lead to a market situation where one entity dominates and influences prices, availability, and distribution without checks from other market players. Monopolization can occur through various means, such as mergers, acquisitions, or underhanded practices that push competitors out of the market. Anti-monopoly laws are put in place to prevent this from happening and to promote fair competition.
Synonyms
Examples of usage
- The company tried to monopolize the smartphone market.
- Critics say the merger will allow them to monopolize advertising space.
- Large corporations often monopolize resources, making it hard for startups to compete.
Translations
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Interesting Facts
Economics
- Monopolies can lead to higher prices for consumers, as there's no competition to drive prices down.
- In many countries, laws exist to prevent monopolies to encourage fair competition in markets.
- Examples of famous monopolies include Standard Oil and Microsoft, both heavily regulated for their market influence.
Pop Culture
- The board game Monopoly was created in the early 20th century, highlighting themes of control and wealth.
- Popular movies often depict monopolies through antagonistic characters who control vast resources or power.
- In tech, companies like Google and Facebook have faced scrutiny for monopolizing online advertising and social media.
Legal Aspect
- Antitrust laws are designed to prevent companies from monopolizing markets, promoting competitive practices.
- In 1911, the U.S. Supreme Court ruled that Standard Oil was a monopoly and ordered its breakup.
- Modern cases involve tech giants facing allegations of monopolistic practices in various jurisdictions.
Sociology
- Monopolization can impact social dynamics, leading to unequal power distribution in communities.
- Studies suggest that monopolistic companies may stifle innovation by reducing the motivation to compete.
- The psychological aspect involves the perception of power, where monopolistic entities can influence social behavior significantly.
Origin of 'monopolize'
Main points about word origin
- The term comes from the Greek word 'monopolion,' which means 'to sell alone'.
- It was adopted into English in the late 17th century, gaining prominence during economic discussions.
- The prefix 'mono-' means 'one' while 'polein' translates to 'to sell', indicating the idea of a single seller.
The word 'monopolize' derives from the Greek word 'monopolion', which means 'a selling alone'. It was formed by combining 'mono-', meaning 'one' or 'single', and 'polein', meaning 'to sell'. The term began to be used in English in the early 17th century to describe the act of gaining exclusive possession of a trade or service. As economies evolved, so did the implications of monopolization, especially in emerging markets during the industrial revolution. With the advent of anti-trust laws in the late 19th and early 20th centuries, the concept of monopolizing became significant in legal discussions about market control and the balance between businesses and consumer rights. Over time, the use of the word has expanded into various socio-economic discussions, reflecting the ongoing concern about corporate power and consumer welfare.