In the ten years 1930-39, General Electric rolled up a cumulative net profit of $75,526,077. It managed to do this in spite of the fact that its most important market collapsed soon after the decade began. This was the utility industry, which had been spending $740,000,000 a year for new electrical plants in the 1920s, cut its buying down to an average of $340,000,000 from 1933 to 1939.

The reason G. E. did so well in the '30s was a new market: the consumer market for electric refrigerators, irons, and other domestic appliances. Hand...

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