The Statute of Monopolies

The Statute of Monopolies, enacted in England in 1624, was one of the first laws to limit monopolistic practices. It aimed to curb the power of individuals or companies that could control a market by granting exclusive rights to produce or sell certain goods. The law established that only inventions that were novel and useful could be patented, allowing inventors to profit from their ideas while preventing indefinite monopolies. This statute laid the foundation for modern patent law, promoting innovation by ensuring inventors had protection without stifling competition.