A more thorough explanation:

The Statute of Monopolies was a law passed by the English Parliament in 1624. It was created to prevent the Crown from granting monopolies to individuals or companies, which would give them exclusive control over a particular product or service.

For example, if the Crown granted a monopoly on the production of wool to a single company, that company would have complete control over the wool industry. This would limit competition and could lead to higher prices for consumers.

The Statute of Monopolies was important because it helped to promote competition and prevent the abuse of power by the Crown. It allowed for a more open and fair marketplace, which benefited both consumers and businesses.