iron … He washed himself in monopoly soap, his clothes in monopoly starch. He dressed in monopoly lace, monopoly linen, monopoly leather, monopoly gold thread … His clothes were held up by monopoly belts, monopoly buttons, monopoly pins. They were dyed with monopoly dyes. He ate monopoly butter, monopoly currants, monopoly red herrings, monopoly salmon, and monopoly lobsters. His food was seasoned with monopoly salt, monopoly pepper, monopoly vinegar … He wrote with monopoly pens, on monopoly writing paper; read( through monopoly spectacles, by the light of monopoly candles) monopoly printed books.
These monopolies, and many more, gave individuals or groups the sole right to control the production of many goods. They impeded the type of allocation of talent, which is so crucial to economic prosperity.
Both James I and his son and successor Charles I aspired to strengthen the monarchy, reduce the influence of Parliament, and establish absolutist institutions similar to those being constructed in Spain and France to further their and the elite’ s control of the economy, making institutions more extractive. The conflict between James I and Parliament came to a head in the 1620s. Central in this conflict was the control of trade both overseas and within the British Isles. The Crown’ s ability to grant monopolies was a key source of revenue for the state, and was used frequently as a way of granting exclusive rights to supporters of the king. Not surprisingly, this extractive institution blocking entry and inhibiting the functioning of the market was also highly damaging to economic activity and to the interests of many members of Parliament. In 1623 Parliament scored a notable victory by managing to pass the Statute of Monopolies, which prohibited James I from creating new domestic monopolies. He would still be able to grant monopolies on international trade, however, since the authority of Parliament did not extend to international affairs. Existing monopolies, international or otherwise, stood untouched.