MONOPOLY AND PUBLIC POLICY IN SIXTEENTH AND SEVENTEENTH CENTURY GREAT BRITAIN

MONOPOLY AND PUBLIC POLICY IN SIXTEENTH AND SEVENTEENTH CENTURY GREAT BRITAIN Previously, there have been few attempts to explore fully the concept of monopoly as it existed prior to the eighteenth century. The concept of monopoly as presently defined, namely that situation where there exists only one seller in the market, could not be applied evenly to monopolies existing in sixteenth and seventeenth century Great Britain. As Joseph Schumpeter pointed out, there existed the tendency to extend the concept of monopoly beyond the case of a single seller. In addition, monopoly as a tool of public policy proved to be ineffective. Not only was the Crown inconsistent in its treatment of monopoly, but public opinion was against any policy that appeared to impinge upon the rights of Englishmen as defined by Common Law. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Studies in Economics and Finance Emerald Publishing

MONOPOLY AND PUBLIC POLICY IN SIXTEENTH AND SEVENTEENTH CENTURY GREAT BRITAIN

Studies in Economics and Finance, Volume 2 (2): 17 – Feb 1, 1978

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1086-7376
DOI
10.1108/eb028600
Publisher site
See Article on Publisher Site

Abstract

Previously, there have been few attempts to explore fully the concept of monopoly as it existed prior to the eighteenth century. The concept of monopoly as presently defined, namely that situation where there exists only one seller in the market, could not be applied evenly to monopolies existing in sixteenth and seventeenth century Great Britain. As Joseph Schumpeter pointed out, there existed the tendency to extend the concept of monopoly beyond the case of a single seller. In addition, monopoly as a tool of public policy proved to be ineffective. Not only was the Crown inconsistent in its treatment of monopoly, but public opinion was against any policy that appeared to impinge upon the rights of Englishmen as defined by Common Law.

Journal

Studies in Economics and FinanceEmerald Publishing

Published: Feb 1, 1978

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