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In economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.
The government may also reserve the venture for itself, thus forming a government monopoly, for example with a state-owned company. [citation needed] Monopolies may be naturally occurring due to limited competition because the industry is resource intensive and requires substantial costs to operate (e.g., certain railroad systems). [3]
It is a monopoly created, owned, and operated by the government. It is usually distinguished from a government-granted monopoly, where the government grants a monopoly to a private individual or company. A government monopoly may be run by any level of government—national, regional, local; for levels below the national, it is a local monopoly.
A legal monopoly, statutory monopoly, or de jure monopoly is a monopoly that is protected by law from competition. A statutory monopoly may take the form of a government monopoly where the state owns the particular means of production or government-granted monopoly where a private interest is protected from competition such as being granted exclusive rights to offer a particular service in a ...
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One of the government's few anti-monopoly victories was United States v. AT&T , which led to the breakup of Bell Telephone and its monopoly on U.S. telephone service in 1982. [ 30 ] The general "trimming back" of antitrust law in the face of economic analysis also resulted in more permissive standards for mergers. [ 30 ]
The alcohol monopoly was created in the Swedish town of Falun in 1850, to prevent overconsumption and reduce the profit motive for sales of alcohol. It later went all over the country in 1905 when the Swedish parliament ordered all sales of vodka to be done via local alcohol monopolies. [2]
Rule by a government based on consensus democracy. Military junta: Rule by a committee of military leaders. Nomocracy: Rule by a government under the sovereignty of rational laws and civic right as opposed to one under theocratic systems of government. In a nomocracy, ultimate and final authority (sovereignty) exists in the law. Cyberocracy