Definition of monopoly

The word "monopoly" has its origins in the 17th century. It comes from the Greek words "monos," meaning "alone" or "single," and "polein," meaning "to sell." In the early 1600s, the term referred to a sole seller or trader who had a complete monopoly on a particular commodity or good. Over time, the definition expanded to include ownership or control of a market, industry, or resource by a single entity, often to the exclusion of others. In the 18th century, the concept of a monopoly took on a more negative connotation, implying unfair trade practices and restraints on competition. This expanded definition of the term was popularized by Adam Smith in his 1776 book "The Wealth of Nations," where he criticized monopolies as threats to economic efficiency and consumer welfare. Today, the word "monopoly" is commonly used to describe situations where a single entityhas significant market power, often wielding undue influence or control over a particular industry or market.