patent Monopoly power given by government that guarantees the exclusive right to produce a good or a process, usually for 17 years. Related Related Articles: Checking on China: Phase One of the Trade DealLearn With Elaine: Superhero OwnershipHow a Contest Can Encourage IngenuityAn Innovation That StuckThe AI People We Know Ann Mills Share This Previous Articleopen corporation Next Articlerecession December 17, 2020