Economic Developments: Electricity Flashcards

1
Q

What initial company did Insull set up in what year?

A

General Electric in 1892

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2
Q

What quickly happened to General Electric after it was formed?

A

It became a Monopoly in the electricity industry

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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

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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

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5
Q

Name the person who set up General Electric

A

Samuel Insull

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