![]() ![]() The definition of monopoly can vary somewhat, and there’s a variance between using the term monopoly in colloquial way versus how a court might rule on it in practice. ![]() Sometimes, it can be a company in a field where others are theoretically able to compete, however the biggest player makes that incredibly difficult, if not impossible, sheerly through their own success and might. In today’s world, it’s not necessarily exclusive contracts that dictate and define a monopoly, however. There have been other examples of monopoly that have grown after the passing of the Sherman Anti-Trust Act, so let’s look at some real-world examples of monopolies across various industries, and how things played out for them. It wasn’t until 1890, via the passing of the Sherman Anti-Trust Act, that these huge monopolies were dismantled and competition became more viable. Steel), oil (Standard Oil), and tobacco (the American Tobacco Company), it was impossible for others to compete with them. When an individual company was granted sole control over a resource such as steel (Andrew Carnegie’s Steel Company, or U.S. In America, monopolies in business date back to the late 1800’s, when private companies were given exclusive contracts to dominate certain industries. Sometimes, it refers to a very specific legal interpretation, and other times it’s a phrase that’s used more casually to describe a business that has a massive amount of power and control of their market. ![]()
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