WHAT: An organization that produces goods or services that has special license from the government. A monopoly is not necessarily an economic definition which focuses on business dominance in a sector. In any case, it usually operates as a legal (i.e. legitimate) scam.
WHY: Governments are the foundation for and guarantors of “exclusive ownership through legal privilege, command of supply, or concerted action.” (R1). If a monopoly survives legitimately it does so via legal license and/or geographic diversity so it has no central jurisdictional over-sight.
EXAMPLE: Only Central Banks have the power to print fiat money, therefore it is a government sponsored monopoly. Google and Apple have a quasi-monopoly known as an oligopoly- in that they are a small group that controls the vast majority of the mobile phone market.
Ref1: https://www.merriam-webster.com/dictionary/monopoly« Back to Glossary Index