Monopolizing Meaning: Definition, Examples, and Translations
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monopolizing
[mษหnษหpษหlaษชzษชล ]
Definition
market control
Monopolizing refers to the act of dominating a market or industry by controlling the supply or production of a good or service. This often results in reducing competition and potentially leading to higher prices and reduced variety for consumers. Such practices are typically regulated by government entities to preserve fair market competition.
Synonyms
commanding, controlling, dominating, seizing.
Examples of usage
- The company has been accused of monopolizing the tech industry.
- Regulatory bodies are investigating the monopolizing behavior of the corporation.
- Many fear that monopolizing will stifle innovation.
- The firm was penalized for monopolizing the telecommunications market.
Translations
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Interesting Facts
Economic Implications
- Monopolizing can lead to less competition, which often results in higher prices for consumers.
- In many countries, laws exist to prevent monopolies to protect consumer choice and fair competition.
- Monopolies can also stifle innovation because thereโs less incentive to improve when thereโs no competition.
Legal Context
- In the United States, the Sherman Antitrust Act was established in 1890 to combat monopolistic practices.
- Big companies have faced legal challenges in various countries for trying to monopolize markets, such as tech giants in recent years.
- Lawsuits against monopolies often involve detailed investigations into pricing strategies and market share.
Pop Culture
- The board game Monopoly centers around buying properties and cutting out competitors, reflecting the concept of monopolizing.
- Movies and TV shows often portray corporate villains who attempt to monopolize industries for wealth and power.
- Documentaries about economic power often highlight monopolizing practices as a barrier to fairness in business.
Historical Examples
- Standard Oil, founded by John D. Rockefeller, once controlled 90% of the oil industry in the U.S., prompting antitrust actions.
- In the late 19th century, many railroads engaged in monopolizing, leading to government interventions.
- AT&T had a government-sanctioned monopoly over phone service until the early 1980s when it was broken up.
Origin of 'monopolizing'
Main points about word origin
- The word comes from the Greek 'monos', meaning 'single', and 'polein', meaning 'to sell'.
- The term became more widely used in the economic context during the late 19th century.
- It originally described an exclusive control over trade in a commodity or service.
The term 'monopolize' originates from the Greek word 'monopolis,' which means 'a person who acts alone.' This word combines 'monos,' meaning 'single' or 'alone,' with 'polein,' which translates to 'sell.' The concept evolved through Latin, before being adopted into Middle French as 'monopoliser.' By the late 19th and early 20th centuries, the term became prominent in economic discussions as industries began to consolidate and fewer companies emerged to control entire markets. With the rise of corporations in the modern era, monopolizing has been scrutinized by governments around the world, leading to antitrust laws aimed at preventing such market behaviors.