WORD FOR THE DAY: OLIGOPOLY

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Your word for today is: oligopoly, n.

oligopoly, n.

[‘A state of limited competition, in which a market is dominated by a small number of producers or sellers.’]

Pronunciation: Brit. /ˌɒlɪˈɡɒpəli/, /ˌɒlɪˈɡɒpl̩i/,  U.S. /ˌɑləˈɡɑpəli/, /ˌoʊləˈɡɑpəli/

Etymology: <  oligo- comb. form + -poly (in monopoly n., duopoly n.). Compare Middle French, French oligopole (1550).

In quot. 1895 after post-classical Latin oligopolium, compare:

1516  T. More Utopia sig. c.ii, Quod si maxime increscat ouium numerus, precio nihil decrescit tamen, quod earum, si monopolium appellari non potest quod non vnus vendit certe oligopolium est. Reciderunt enim fere in manus paucorum eorundemque diuitum, quos nulla necessitas vrget ante vendendi quam libet.

 Econ.

  A state of limited competition, in which a market is dominated by a small number of producers or sellers.

[1895  J. H. Lupton Utopia of Sir Thomas More i. 55/2 More makes an antithesis between monopolium and oligopolium. We have ‘monopoly’ but not ‘oligopoly’ (the sale by a few), and so cannot preserve the point of the sentence.]

1933  E. H. Chamberlin Theory Monopol. Competition i. 8 The theory of value..has been treated.with particular reference to the problem of two sellers, or ‘duopoly’, and we may extend this terminology, adding ‘oligopoly’ for a few sellers.

1974  M. B. Brown Econ. of Imperialism iii. 52 The driving force behind the extension of commodity production under capitalism is the competition of capitalists, even under conditions of oligopoly.

2000  B. M. Compaine  & D. Gomery Who owns Media? iv. 264 As with other tight oligopolies.., there was room on the edges for small operations.

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