Definition for MO-NOP'O-LY

MO-NOP'O-LY, n. [Fr. monopole; L. monopolium; Gr. μονοπωλια; μωνος and πωλεω.]

The sole power of vending any species of goods, obtained either by engrossing the articles in market by purchase, or by a license from the Government confirming this privilege. Thus the East India Company in Great Britain once had a monopoly of the trade to the East Indies granted to them by charter. Monopolies by individuals obtained by engrossing, are an offense prohibited by law. But a man has by natural right the exclusive power of vending his own produce or manufactures, and to retain that exclusive right is not a monopoly within the meaning of law.

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