Operating a monopoly
- Forming monopoly cartels
- Forming oligopolies
Description
Exclusive possession of the trade in some commodity or resource, whether acquired or granted by law. Monopolies are held by one person, company or government; oligopolies by several, such as a cartel. In practice the monopoly needs to dominate a given sector to the point where fair competition ceases to exist and other producers lose their market and bargaining power.
Claim
Monopolies centralize the dealings of a commodity, allowing products, services and prices to be planned rationally as market and economic circumstances require.
Counter-claim
Monopolies neglect the natural product improvements which occur through competition for markets, and concentrate excessive wealth and power in the hands of a few people. Labour viewed as a service commodity may be unfairly monopolized by trade unions with a result of driving the cost of labour up and restricting training and work-force entrance opportunities to youth, women, migrants and minorities.
Broader
Narrower
Constrained by
Facilitates
Facilitated by
Problem
Value
SDG
Metadata
Database
Global strategies
Type
(C) Cross-sectoral strategies
Subject
Commerce » Conditions of trade
Content quality
Yet to rate
Language
English
Last update
Dec 3, 2024