Following the communist revolutions of the 20th century all "means of production" became the property of the state as representative of "the masses". Private property ceased to exist. While moral rights of the creator were recognized and economic rights acknowledged with a one-time cash award, all subsequent rights reverted to the state.
With the transformation of many communist countries to a market system most of them have now introduced laws establishing markets in intellectual property rights. Still the high rate of piracy reflects a certain lack of legal tradition.
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GE is a major American corporation and one of the largest and most diversified corporations in the world. Its products include electrical and electronic equipment, plastics, aircraft engines, medical imaging equipment, and financial services. The company was incorporated in 1892, and in 1986 GE purchased the RCA Corporation including the RCA-owned television network, the National Broadcasting Company, Inc. In 1987, however, GE sold RCA's consumer electronics division to Thomson SA, a state-owned French firm, and purchased Thomson's medical technology division. In 1989 GE agreed to combine its European business interests in appliances, medical systems, electrical distribution, and power systems with the unrelated British corporation General Electric Company. Headquarters are in Fairfield, Conn., U.S.