Monopolizing: meaning, definitions and examples
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monopolizing
[məˈnɑːpəˌlaɪzɪŋ ]
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.
Interesting Facts
Etymology
- 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.
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 there’s less incentive to improve when there’s 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.
Translations
Translations of the word "monopolizing" in other languages:
🇵🇹 monopolizando
🇮🇳 एकाधिकार करना
🇩🇪 monopolisierend
🇮🇩 memonopoli
🇺🇦 монополізуючи
🇵🇱 monopolizując
🇯🇵 独占している
🇫🇷 monopolisant
🇪🇸 monopolizando
🇹🇷 monopolize etmek
🇰🇷 독점하는
🇸🇦 احتكار
🇨🇿 monopolizující
🇸🇰 monopolizujúci
🇨🇳 垄断
🇸🇮 monopolizirajoč
🇮🇸 eininga
🇰🇿 монополиялау
🇬🇪 მონოპოლიზაცია
🇦🇿 monopolizasiya
🇲🇽 monopolizando