Economic Developments: Electricity Flashcards
1
Q
What initial company did Insull set up in what year?
A
General Electric in 1892
2
Q
What quickly happened to General Electric after it was formed?
A
It became a Monopoly in the electricity industry
3
Q
What was significant about General Electric becoming a monopoly in terms of economically?
A
It showed that people were finally recovered from the 1873 Economic Depression and wanted some up-to-date public utilities
4
Q
How did the rise of General Electric show that people were no longer suffering as heavily from the 1873 Depression?
A
Because they wanted to improve their quality of life
5
Q
Name the person who set up General Electric
A
Samuel Insull
