Statute of Monopolies

The Statute of Monopolies, enacted in England in 1624, is a law that aimed to limit the power of monopolies, which are exclusive rights granted to individuals or companies to produce or sell specific goods. It set the foundation for modern patent law by allowing inventors to protect their inventions for a limited time, encouraging innovation. The statute sought to ensure that monopolies were not unfairly granted, promoting competition and fairness in trade. It established the principle that the public benefits when ideas and inventions are shared after a certain period, fostering progress and economic growth.