Monopoly

Control of a commodity or service in a particular market which enables the one having control to raise the price substantially above that fixed by free competition. A granted patent gives a monopoly to the applicant for the technology claimed for a limited time (usually 20 years), in return for the applicant disclosing the technical means to carry out the invention.

The English Statute of Monopolies of 1623 was a founding document for patent systems today.