Monopolization Law and Legal Definition
Monopolization is a process of acquiring the complete possession or control of a market. This process usually infringes the opportunities, privileges and rights of others in a market. The act of monopolization is considered as an offence when:
1. there is a possession of monopoly power; and
2. there is a willful acquisition and maintenance of power.
Following is an example of case law defining “monopolization”:
Monopolization is the unlawful exclusion of others from opportunities and privileges which are rightfully theirs. [Pipe Line Cases, 234 U.S. 548 (U.S. 1914)].
The Act of monopolization is governed by the Sherman Act. The Sherman Act as codified at 15 USCS § 2 penalize any act of monopolization. The provision of the Act reads: “Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $ 100,000,000 if a corporation, or, if any other person, $ 1,000,000, or by imprisonment not exceeding 10 years, or by both said punishments, in the discretion of the court”.