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The Statute of Monopolies [1] (21 Jas. 1.c. 3) was an act of the Parliament of England notable as the first statutory expression of English patent law. Patents evolved from letters patent, issued by the monarch to grant monopolies over particular industries to skilled individuals with new techniques.
Legislation in England to control monopolies and restrictive practices were in force well before the Norman Conquest. [1] The Domesday Book recorded that "foresteel" (i.e. forestalling, the practice of buying up goods before they reach market and then inflating the prices) was one of three forfeitures that King Edward the Confessor could carry out through England. [2]
This is a list of medieval statutes and other laws issued under royal authority in the Kingdom of England before the development of Parliament. These instruments are not considered to be Acts of Parliament , which can be found instead at the List of acts of the Parliament of England .
It is also known as antitrust law (or just antitrust [4]), anti-monopoly law, [1] and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies (known as trusts) is commonly known as trust busting. [5] The history of competition law reaches back to the Roman Empire.
The English law of restraint of trade is the direct predecessor to modern competition law. [18] Its current use is small, given modern and economically oriented statutes in most common law countries. Its approach was based on the two concepts of prohibiting agreements that ran counter to public policy, unless the reasonableness of an agreement ...
A state monopoly can be characterized by its commercial behavior not being effectively limited by the competitive pressures of private organisations. [1] [2] This occurs when its business activities exert an extensive influence within the market, can act autonomously of any competitors, and potential competitors are unable to successfully compete with it.
As England sought to build a mercantile Empire, the government created corporations under a Royal Charter or an Act of Parliament with the grant of a monopoly over a specified territory. The best known example, established in 1600, was the British East India Company.
Edward Darcy Esquire v Thomas Allin of London Haberdasher (1602) 74 ER 1131 (also spelt as "Allain" or "Allen" and "Allein" but most widely known as the Case of Monopolies), was an early landmark case in English law, establishing that the grant of exclusive rights to produce any article was improper ().