
Inventing American Telecommunications
Peoples & Things
00:00
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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