Parliament declares monopolies illegal

Historical Context Note

Litencyc Editors (Independent Scholar - Europe)

The Literary Encyclopedia. Volume 1.2.1.03: English Writing and Culture: Renaissance (Elizabethan and Jacobean periods) , 1485-1625.
Vol. editors: William M. Hamlin (Washington State University), J A Roe (University of York), Virginia Mason Vaughan (Clark University), Ema Vyroubalova (Trinity College Dublin)

Domains

Economics, Commerce & Industry

Dates

Date of occurrence 1624

Places

United Kingdom (Location)

Whilst it was already recognised that monopolies could legitimately be used to protect a nascent industry, and to raise standards of production and delivery, it was also appreciated that they could be abused to enable the wealthy to line their own pockets. The Stuart King James, in particular, made use of the power to grant monopolies to raise his personal revenues and gratify the pecuniary interests of his supporters. In response, by the Statue of Monopolies (21 Jac. 1, c.3) Parliament ruled that monopolies were “opposed to the fundemental laws of ... this realm”. This curtailing of monarchical rights was among the eventual causes of the English Civil War.

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119 words

Citation: Editors, Litencyc. "Parliament declares monopolies illegal". The Literary Encyclopedia. First published 01 January 2008 [https://staging.litencyc.com/php/stopics.php?rec=true&UID=820, accessed 23 November 2024.]

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Parliament declares monopolies illegal

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