illegal Monopoly

An discussion rather a passionate argument ensued between myself and a good friend of mine. I thought I will post the topic of argument here and once we come to some stage where each of us rests our cases (mind you it's an issue where we possibly cannot reach a conclusion), and if we both agree, I will put up the conversations for all of you. Until then I want to open a parallel discussion to gather what most of you think about this topic.

We were discussing on illegal Monopoly. My argument is that there cannot be anything like illegal monopoly. Now I say this because, Law of the Land is subjective in nature and it varies from land to land (place to place). So terming some company as being having an illegal Monopoly is subjective. Also in my opinion there is nothing wrong with Monopoly(not illegal Monopoly which as it does not exist) as in the long run it benefits the markets. (Now How is something I will discuss later).

His point is that Law is law and all entities should obey the law of the land. One cannot say that the laws are subjective and perform activities deemed to be illegal in the eyes of the law. So the companies which do away with such activities should be punished. (I have to get back to him here, does he just mean they have to be punished or does he want them to be banished?).

Frankly to tell you, I got confused on what we were discussing on as it now looks like we have digressed on to a lot of areas. However, to take it further here on the blog, I would try to state the problem in the following manner.

"Is there anything called an illegal Monopoly?"