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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.
Jirat Teparaksa/Shutterstock.com. 6. De Beers. De Beers is one of the most controversial companies among the biggest monopolies of all time, which is saying something.
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.
The company pioneered the approach in 2008 when it broke with 44 years of direct sales to hold the diamond industry's first online international auction sale. It is now the world's leader in this kind of auction sale. De Beers employs more than 30,000 people around the globe on five continents, with more than 17,000 employees in Africa.
A U.S. federal judge has ruled that Google, owned by Alphabet (NASDAQ: GOOGL), has violated Section 2 of the Sherman Act, indicating that the company has unfairly acted to maintain a monopoly.
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).
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 ...
The company was folded and re-created in 2009, and privatized in 2012, under the supervision of the EU and IMF, as it was part of the debt-restructuring process of 2012. OPAP (Lottery and Betting Monopoly) – privatization completed in 2013, when the last remaining government-owned stock was sold [15]