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Inventing American Telecommunications

Peoples & Things

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What's So Ingenious About This?

The concept of a natural monopoly is popularized in the 1880s by Richard Ealy and Henry Carter Abbott. In 1871, Western Union signed on to an anti-monopoly law that allowed it to be bought out after five years. A speculator named J. Gould realized he could make a lot of money if he set up a rival telegraph company. He then entered into a bidding war with Gould for technical devices that will improve the efficiency of the telegraph network provider.

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