History of monopoly

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.“ This word was perceived as an exclusive legal right of sale covered by Government usually ensured by patent or licence. In the seventeenth century monopoly was 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.” In the eighteenth century was developed another definition by Samuel Johnson as “exclusive privilege of selling anything.” 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.

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