prompt_front: Now, answer the following question based on the text below, only give me the answer and do not output any other words.

Question: What hedge fund's collapse in 1998 highlighted the need for regulation of derivatives?

Read the following text and answer briefly.

Context 1: Brooksley Elizabeth Born (born August 27, 1940) is an American attorney and former public official who, from August 26, 1996, to June 1, 1999, was chair of the Commodity Futures Trading Commission (CFTC), the federal agency which oversees the U S  futures and commodity options markets  During her tenure on the CFTC, Born lobbied Congress and the President to give the CFTC oversight of off-exchange markets for derivatives, in addition to its role with respect to exchange-traded derivatives, but her warnings were ignored or dismissed, and her calls for reform resisted by other regulators <ref name="nytimes">Goodman, Peter S  The Reckoning - Taking Hard New Look at a Greenspan Legacy, The New York Times, October 9, 2008 </ref> Born resigned as chairperson on June 1, 1999, shortly after Congress passed legislation prohibiting her agency from regulating derivatives 

In 2009, Born received the John F  Kennedy Profiles in Courage Award, along with Sheila Bair of the Federal Deposit Insurance Corporation, in recognition of the "political courage she demonstrated in sounding early warnings about conditions that contributed" to the 2007-08 financial crisis 

Early life and education
Born graduated from Abraham Lincoln High School (San Francisco, California) at the age of 16  She then attended Stanford University, where she majored in English and was graduated with the class of 1961   She initially wanted to become a doctor, but a guidance counsellor at Stanford advised her against medicine, so she majored in English literature instead 

She then attended Stanford Law School, one of only seven women in her class   She was the first female student ever to be named president of the Stanford Law Review  She received the "Outstanding Senior" award and graduated as valedictorian of the class of 1964 

Legal career
Immediately after law school Born was selected as a law clerk to judge Henry Edgerton of the U S  Court of Appeals for the District of Columbia Circuit  It was during this time that she met her first husband, Jacob C  Landau, who was a journalist covering the Federal courts at the time  Following her clerkship, she became an associate at the Washington, D C -based international law firm of Arnold & Porter  Born was attracted to Arnold & Porter because it was one of the few major law firms to have a woman partner at that time, Carolyn Agger, who was the head of the tax practice  Born took a two-year leave of absence from Arnold & Porter to accompany her first husband to Boston, where he had received a fellowship  During that time she worked as a research assistant to law professor Alan Dershowitz 

Born's early career at Arnold & Porter focused on international trade law, in which she represented a number of Swiss industries and the government of Switzerland  She developed a practice representing clients in numerous complex litigation and arbitration cases involving financial market transactions  Among her high-profile cases was the matter of the Hunt Brothers attempt to corner the market in silver in the 1970s  She made partner at Arnold & Porter, after moving to a three-day schedule to help raise her second child, and eventually rose to be the head of the firm's derivatives practice 

Born was among the first female attorneys to systematically address inequities regarding how the laws treated women  Born and another female lawyer, Marna Tucker, taught what is considered to have been the first "Women and the Law" course at Catholic University’s Columbus School of Law  The class exclusively concerned prejudicial treatment of women under the laws of the United States, past and present   Born and Tucker were surprised to discover that there was no textbook on the issue at the time   Born is also one of the co-founders of the National Women's Law Center  Born also helped rewrite the American Bar Association rules to make it possible for more women and minorities to sit on federal bench 

During her long legal career, and into her retirement, Born did much pro bono and other types of volunteer work  She was active in the American Bar Association, the largest professional organization of lawyers in the United States   Initially Born was named a member of the governing council of the ABA's Individual Rights Section, eventually becoming chairperson   Born and Tucker founded the ABA Women's Caucus, the first organization of female lawyers in the ABA   She held several other senior positions in the ABA, including being named the first woman member of the ABA's Standing Committee on the Federal Judiciary   As a member of the Judiciary Committee, Born provided testimony and opinion on persons nominated for federal judgeships  In 1980 she was named chair of the committee   As chair of the committee, Born was invited to address the U S  Congress regarding the nomination of Judge Sandra Day O'Connor to the U S  Supreme Court 

In 1993, Born's name was floated as a possible candidate for Attorney General of the United States, but Janet Reno was nominated 

In July 2009, Nancy Pelosi appointed Brooksley Born as a commissioner to the Financial Crisis Inquiry Commission (FCIC) 

Born and the OTC derivatives market
Born was appointed to the CFTC on April 15, 1994, by President Bill Clinton  Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Born and her team at the CFTC sought comments on the regulation of over-the-counter derivatives, a first step in the process of writing CFTC regulations to supplement the existing regulations of the Federal Reserve System,  the Options Clearing Corporation, and the National Association of Insurance Commissioners  Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any   CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers  On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC's concept release  Their response dismissed Born's analysis and focused on the hypothetical possibility that CFTC regulation of swaps and other OTC derivative instruments could create a "legal uncertainty" regarding such financial instruments,  hypothetically reducing the value of the instruments  They argued that the imposition of regulatory costs would "stifle financial innovation" and encourage financial capital to transfer its  transactions offshore  The disagreement between Born and the Executive Office's top economic policy advisors has been described not only as a classic Washington turf war, but also a war of ideologies,  insofar as it is possible to argue that Born's actions were consistent with Keynesian and neoclassical economics while Greenspan, Rubin, Levitt, and Summers consistently espoused neoliberal, and neoconservative policies 

In 1998, a trillion-dollar hedge fund called Long Term Capital Management (LTCM) was near collapse   Using mathematical models to calculate debt risk, LTCM used derivatives to leverage $5 billion into more than $1 trillion, doing business with fifteen of Wall Street's largest financial institutions   The derivative transactions were not regulated, nor were investors able to evaluate LTCM's exposures   Born stated, "I thought that LTCM was exactly what I had been worried about"   In the last weekend of September 1998, the President's working group was told that the entire American economy hung in the balance   After intervention by the Federal Reserve, the crisis was averted   In congressional hearings into the crisis, Greenspan acknowledged that language had been introduced into an agriculture bill that would prevent CFTC from regulating the derivatives which were at the center of the crisis that threatened the US economy   U S  Representative Maurice Hinchey (D-NY) asked "How many more failures do you think we'd have to have before some regulation in this area might be appropriate?"  In response, Greenspan brushed aside the substance of Born's warnings with the simple assertion that "the degree of supervision of regulation of the over-the-counter derivatives market is quite adequate to maintain a degree of stability in the system"  Born's warning was that there wasn't any regulation of them   Born's chief of staff, Michael Greenberger summed up Greenspan's position this way: "Greenspan didn't believe that fraud was something that needed to be enforced, and he assumed she probably did  And of course, she did "  Under heavy pressure from the financial lobby, legislation prohibiting regulation of derivatives by Born's agency was passed by the Congress   Born resigned on June 1, 1999 

The derivatives market continued to grow yearly throughout both terms of George W  Bush's administration  On September 15, 2008, the bankruptcy of Lehman Brothers forced a broad recognition of a financial crisis in both the US and world capital markets   As Lehman Brothers' failure temporarily reduced financial capital's confidence, a number of newspaper articles and television programs suggested that the failure's possible causes included the conflict between the CFTC and the other regulators Faiola, Anthony, Nakashima, Ellen and Drew, Jill  The Crash: Risk and Regulation - What Went Wrong, The Washington Post, October 15, 2008 

Born declined to publicly comment on the unfolding 2008 crisis until March 2009, when she said: "The market grew so enormously, with so little oversight and regulation, that it made the financial crisis much deeper and more pervasive than it otherwise would have been " She also lamented the influence of Wall Street lobbyists on the process and the refusal of regulators to discuss even modest reforms 

An October 2009 Frontline documentary titled "The Warning"  described Born's thwarted efforts to regulate and bring transparency to the derivatives market, and the continuing opposition thereto  The program concluded with an excerpted interview with Born sounding another warning: "I think we will have continuing danger from these markets and that we will have repeats of the financial crisis -- may differ in details but there will be significant financial downturns and disasters attributed to this regulatory gap, over and over, until we learn from experience "

In 2009 Born, along with Sheila Bair of the FDIC, was awarded the John F  Kennedy Profiles in Courage Award in recognition of the "political courage she demonstrated in sounding early warnings about conditions that contributed" to the 2007-08 financial crisis   According to Caroline Kennedy, "Brooksley Born recognized that the financial security of all Americans was being put at risk by the greed, negligence and opposition of  powerful and well connected interests     The catastrophic financial events of recent months have  proved them [Born and Sheila Bair] right "  One member of the President's working group had a change of heart about Brooksley Born   SEC Chairman Arthur Levitt stated "I've come to know her as one of the most capable, dedicated, intelligent and committed public servants that I have ever come to know", adding that "I could have done much better  I could have made a difference" in response to her warnings 

In 2010, a documentary film Inside Job further alleged that derivatives regulation was ineffective from the Clinton administration on  Along with fellow whistleblower, former IMF Chief Economist Raghuram Rajan, who was also scorned by the economic establishment, Brooksley Born was cited as one of the authorities arguing that financial derivatives increase economic risk 

 Personal life 
Born is married to Alexander E  Bennett (also retired from Arnold & Porter)   She has five adult children - two from a previous marriage to Jacob Landau and three stepchildren  Notably, Born was named a partner at Arnold & Porter while working part-time so she could raise her two young children   When both of her children were school-age, Born returned to practice full-time 

References

External links
Attorney profile at Arnold & Porter
Brooksley Born (2009 Winner) of the Profiles in Courage Award, with acceptance speech transcript and NECN video

Profile at MarketsWiki
Speeches and statements
"Testimony Of Brooksley Born Chairperson of the CFTC Concerning The Over-The-Counter Derivatives Market", before the House Committee On Banking And Financial Services, July 24, 1998 
"The Lessons of Long Term Capital Management L P ", Remarks of Brooksley Born, Chairperson of the CFTC, Chicago-Kent-IIT Commodities Law Institute, Chicago, Illinois, October 15, 1998 
 Interview: Brooksley Born for "PBS Frontline: The Warning", PBS, (streaming VIDEO 1 hour), October 20, 2009 
Articles
Manuel Roig-Franzia  "Credit Crisis Cassandra:Brooksley Born's Unheeded Warning Is a Rueful Echo 10 Years On", The Washington Post, May 26, 2009
 Taibbi, Matt  "The Great American Bubble Machine", Rolling Stone'', July 9–23, 2009

1940 births
American women lawyers
Arnold & Porter people
Clinton administration personnel
Columbus School of Law faculty
Commodity Futures Trading Commission personnel
Heads of United States federal agencies
Lawyers from San Francisco
Living people
Stanford Law School alumni
21st-century American women

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ground_truth: Long Term Capital Management (LTCM).

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Read the following text and answer briefly.

Context 2: 
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Context 3: For other uses, see Electricity (disambiguation) 
"Electric" redirects here  For other uses, see Electric (disambiguation) 
Lightning is one of the most dramatic effects of electricity 
Electricity is the set of physical phenomena associated with the presence and motion of matter that has a property of electric charge  In early days, electricity was considered as being not related to magnetism  Later on, many experimental results and the development of Maxwell's equations indicated that both electricity and magnetism are from a single phenomenon: electromagnetism  Various common phenomena are related to electricity, including lightning, static electricity, electric heating, electric discharges and many others 
The presence of an electric charge, which can be either positive or negative, produces an electric field  The movement of electric charges is an electric current and produces a magnetic field 
When a charge is placed in a location with a non-zero electric field, a force will act on it  The magnitude of this force is given by Coulomb's law  Thus, if that charge were to move, the electric field would be doing work on the electric charge  Thus we can speak of electric potential at a certain point in space, which is equal to the work done by an external agent in carrying a unit of positive charge from an arbitrarily chosen reference point to that point without any acceleration and is typically measured in volts 
electronics which deals with electrical circuits that involve active electrical components such as vacuum tubes, transistors, diodes and integrated circuits, and associated passive interconnection technologies 
Electrical phenomena have been studied since antiquity, though progress in theoretical understanding remained slow until the seventeenth and eighteenth centuries  Even then, practical applications for electricity were few, and it would not be until the late nineteenth century that electrical engineers were able to put it to industrial and residential use  The rapid expansion in electrical technology at this time transformed industry and society, becoming a driving force for the Second Industrial Revolution  Electricity's extraordinary versatility means it can be put to an almost limitless set of applications which include transport, heating, lighting, communications, and computation  Electrical power is now the backbone of modern industrial society 
Long before any knowledge of electricity existed, people were aware of shocks from electric fish  Ancient Egyptian texts dating from 2750 BCE referred to these fish as the "Thunderer of the Nile", and described them as the "protectors" of all other fish  Electric fish were again reported millennia later by ancient Greek, Roman and Arabic naturalists and physicians  Several ancient writers, such as Pliny the Elder and Scribonius Largus, attested to the numbing effect of electric shocks delivered by catfish and electric rays, and knew that such shocks could travel along conducting objects  Patients suffering from ailments such as gout or headache were directed to touch electric fish in the hope that the powerful jolt might cure them  Possibly the earliest and nearest approach to the discovery of the identity of lightning, and electricity from any other source, is to be attributed to the Arabs, who before the 15th century had the Arabic word for lightning ra‘ad (رعد) applied to the electric ray 
Ancient cultures around the Mediterranean knew that certain objects, such as rods of amber, could be rubbed with cat's fur to attract light objects like feathers  Thales of Miletus made a series of observations on static electricity around 600 BCE, from which he believed that friction rendered amber magnetic, in contrast to minerals such as magnetite, which needed no rubbing  Thales was incorrect in believing the attraction was due to a magnetic effect, but later science would prove a link between magnetism and electricity  According to a controversial theory, the Parthians may have had knowledge of electroplating, based on the 1936 discovery of the Baghdad Battery, which resembles a galvanic cell, though it is uncertain whether the artifact was electrical in nature 
Benjamin Franklin conducted extensive research on electricity in the 18th century, as documented by Joseph Priestley (1767) History and Present Status of Electricity, with whom Franklin carried on extended correspondence 
Electricity would remain little more than an intellectual curiosity for millennia until 1600, when the English scientist William Gilbert wrote De Magnete, in which he made a careful study of electricity and magnetism, distinguishing the lodestone effect from static electricity produced by rubbing amber  He coined the New Latin word electricus ("of amber" or "like amber", from ἤλεκτρον, elektron, the Greek word for "amber") to refer to the property of attracting small objects after being rubbed  This association gave rise to the English words "electric" and "electricity", which made their first appearance in print in Thomas Browne's Pseudodoxia Epidemica of 1646 
Further work was conducted in the 17th and early 18th centuries by Otto von Guericke, Robert Boyle, Stephen Gray and C  F  du Fay  Later in the 18th century, Benjamin Franklin conducted extensive research in electricity, selling his possessions to fund his work  In June 1752 he is reputed to have attached a metal key to the bottom of a dampened kite string and flown the kite in a storm-threatened sky  A succession of sparks jumping from the key to the back of his hand showed that lightning was indeed electrical in nature  He also explained the apparently paradoxical behavior of the Leyden jar as a device for storing large amounts of electrical charge in terms of electricity consisting of both positive and negative charges 
In 1791, Luigi Galvani published his discovery of bioelectromagnetics, demonstrating that electricity was the medium by which neurons passed signals to the muscles  Alessandro Volta's battery, or voltaic pile, of 1800, made from alternating layers of zinc and copper, provided scientists with a more reliable source of electrical energy than the electrostatic machines previously used  The recognition of electromagnetism, the unity of electric and magnetic phenomena, is due to Hans Christian Ørsted and André-Marie Ampère in 1819–1820  Michael Faraday invented the electric motor in 1821, and Georg Ohm mathematically analysed the electrical circuit in 1827  Electricity and magnetism (and light) were definitively linked by James Clerk Maxwell, in particular in his "On Physical Lines of Force" in 1861 and 1862 
While the early 19th century had seen rapid progress in electrical science, the late 19th century would see the greatest progress in electrical engineering  Through such people as Alexander Graham Bell, Ottó Bláthy, Thomas Edison, Galileo Ferraris, Oliver Heaviside, Ányos Jedlik, William Thomson, 1st Baron Kelvin, Charles Algernon Parsons, Werner von Siemens, Joseph Swan, Reginald Fessenden, Nikola Tesla and George Westinghouse, electricity turned from a scientific curiosity into an essential tool for modern life 
In 1887, Heinrich Hertz:843–44 discovered that electrodes illuminated with ultraviolet light create electric sparks more easily  In 1905, Albert Einstein published a paper that explained experimental data from the photoelectric effect as being the result of light energy being carried in discrete quantized packets, energising electrons  This discovery led to the quantum revolution  Einstein was awarded the Nobel Prize in Physics in 1921 for "his discovery of the law of the photoelectric effect"  The photoelectric effect is also employed in photocells such as can be found in solar panels and this is frequently used to make electricity commercially 
The first solid-state device was the "cat's-whisker detector" first used in the 1900s in radio receivers  A whisker-like wire is placed lightly in contact with a solid crystal (such as a germanium crystal) to detect a radio signal by the contact junction effect  In a solid-state component, the current is confined to solid elements and compounds engineered specifically to switch and amplify it  Current flow can be understood in two forms: as negatively charged electrons, and as positively charged electron deficiencies called holes  These charges and holes are understood in terms of quantum physics  The building material is most often a crystalline semiconductor 
The solid-state device came into its own with the invention of the transistor in 1947  Common solid-state devices include transistors, microprocessor chips, and RAM  A specialized type of RAM called flash RAM is used in USB flash drives and more recently, solid-state drives to replace mechanically rotating magnetic disc hard disk drives  Solid state devices became prevalent in the 1950s and the 1960s, during the transition from vacuum tubes to semiconductor diodes, transistors, integrated circuit (IC) and the light-emitting diode (LED) 
The presence of charge gives rise to an electrostatic force: charges exert a force on each other, an effect that was known, though not understood, in antiquity :457 A lightweight ball suspended from a string can be charged by touching it with a glass rod that has itself been charged by rubbing with a cloth  If a similar ball is charged by the same glass rod, it is found to repel the first: the charge acts to force the two balls apart  Two balls that are charged with a rubbed amber rod also repel each other  However, if one ball is charged by the glass rod, and the other by an amber rod, the two balls are found to attract each other  These phenomena were investigated in the late eighteenth century by Charles-Augustin de Coulomb, who deduced that charge manifests itself in two opposing forms  This discovery led to the well-known axiom: like-charged objects repel and opposite-charged objects attract 
The force acts on the charged particles themselves, hence charge has a tendency to spread itself as evenly as possible over a conducting surface  The magnitude of the electromagnetic force, whether attractive or repulsive, is given by Coulomb's law, which relates the force to the product of the charges and has an inverse-square relation to the distance between them :35 The electromagnetic force is very strong, second only in strength to the strong interaction, but unlike that force it operates over all distances  In comparison with the much weaker gravitational force, the electromagnetic force pushing two electrons apart is 1042 times that of the gravitational attraction pulling them together 
Study has shown that the origin of charge is from certain types of subatomic particles which have the property of electric charge  Electric charge gives rise to and interacts with the electromagnetic force, one of the four fundamental forces of nature  The most familiar carriers of electrical charge are the electron and proton  Experiment has shown charge to be a conserved quantity, that is, the net charge within an electrically isolated system will always remain constant regardless of any changes taking place within that system  Within the system, charge may be transferred between bodies, either by direct contact, or by passing along a conducting material, such as a wire :2–5 The informal term static electricity refers to the net presence (or 'imbalance') of charge on a body, usually caused when dissimilar materials are rubbed together, transferring charge from one to the other 
The charge on electrons and protons is opposite in sign, hence an amount of charge may be expressed as being either negative or positive  By convention, the charge carried by electrons is deemed negative, and that by protons positive, a custom that originated with the work of Benjamin Franklin  The amount of charge is usually given the symbol Q and expressed in coulombs; each electron carries the same charge of approximately −1 6022×10−19 coulomb  The proton has a charge that is equal and opposite, and thus +1 6022×10−19 coulomb  Charge is possessed not just by matter, but also by antimatter, each antiparticle bearing an equal and opposite charge to its corresponding particle 
The movement of electric charge is known as an electric current, the intensity of which is usually measured in amperes  Current can consist of any moving charged particles; most commonly these are electrons, but any charge in motion constitutes a current  Electric current can flow through some things, electrical conductors, but will not flow through an electrical insulator 
By historical convention, a positive current is defined as having the same direction of flow as any positive charge it contains, or to flow from the most positive part of a circuit to the most negative part  Current defined in this manner is called conventional current  The motion of negatively charged electrons around an electric circuit, one of the most familiar forms of current, is thus deemed positive in the opposite direction to that of the electrons  However, depending on the conditions, an electric current can consist of a flow of charged particles in either direction, or even in both directions at once  The positive-to-negative convention is widely used to simplify this situation 
The process by which electric current passes through a material is termed electrical conduction, and its nature varies with that of the charged particles and the material through which they are travelling  Examples of electric currents include metallic conduction, where electrons flow through a conductor such as metal, and electrolysis, where ions (charged atoms) flow through liquids, or through plasmas such as electrical sparks  While the particles themselves can move quite slowly, sometimes with an average drift velocity only fractions of a millimetre per second,:17 the electric field that drives them itself propagates at close to the speed of light, enabling electrical signals to pass rapidly along wires 
Current causes several observable effects, which historically were the means of recognising its presence  That water could be decomposed by the current from a voltaic pile was discovered by Nicholson and Carlisle in 1800, a process now known as electrolysis  Their work was greatly expanded upon by Michael Faraday in 1833  Current through a resistance causes localised heating, an effect James Prescott Joule studied mathematically in 1840 :23–24 One of the most important discoveries relating to current was made accidentally by Hans Christian Ørsted in 1820, when, while preparing a lecture, he witnessed the current in a wire disturbing the needle of a magnetic compass  He had discovered electromagnetism, a fundamental interaction between electricity and magnetics  The level of electromagnetic emissions generated by electric arcing is high enough to produce electromagnetic interference, which can be detrimental to the workings of adjacent equipment 
In engineering or household applications, current is often described as being either direct current (DC) or alternating current (AC)  These terms refer to how the current varies in time  Direct current, as produced by example from a battery and required by most electronic devices, is a unidirectional flow from the positive part of a circuit to the negative :11 If, as is most common, this flow is carried by electrons, they will be travelling in the opposite direction  Alternating current is any current that reverses direction repeatedly; almost always this takes the form of a sine wave :206–07 Alternating current thus pulses back and forth within a conductor without the charge moving any net distance over time  The time-averaged value of an alternating current is zero, but it delivers energy in first one direction, and then the reverse  Alternating current is affected by electrical properties that are not observed under steady state direct current, such as inductance and capacitance :223–25 These properties however can become important when circuitry is subjected to transients, such as when first energised 
The concept of the electric field was introduced by Michael Faraday  An electric field is created by a charged body in the space that surrounds it, and results in a force exerted on any other charges placed within the field  The electric field acts between two charges in a similar manner to the way that the gravitational field acts between two masses, and like it, extends towards infinity and shows an inverse square relationship with distance  However, there is an important difference  Gravity always acts in attraction, drawing two masses together, while the electric field can result in either attraction or repulsion  Since large bodies such as planets generally carry no net charge, the electric field at a distance is usually zero  Thus gravity is the dominant force at distance in the universe, despite being much weaker 
A hollow conducting body carries all its charge on its outer surface  The field is therefore zero at all places inside the body :88 This is the operating principal of the Faraday cage, a conducting metal shell which isolates its interior from outside electrical effects 
The principles of electrostatics are important when designing items of high-voltage equipment  There is a finite limit to the electric field strength that may be withstood by any medium  Beyond this point, electrical breakdown occurs and an electric arc causes flashover between the charged parts  Air, for example, tends to arc across small gaps at electric field strengths which exceed 30 kV per centimetre  Over larger gaps, its breakdown strength is weaker, perhaps 1 kV per centimetre  The most visible natural occurrence of this is lightning, caused when charge becomes separated in the clouds by rising columns of air, and raises the electric field in the air to greater than it can withstand  The voltage of a large lightning cloud may be as high as 100 MV and have discharge energies as great as 250 kWh 
A pair of AA cells  The + sign indicates the polarity of the potential difference between the battery terminals 
The concept of electric potential is closely linked to that of the electric field  A small charge placed within an electric field experiences a force, and to have brought that charge to that point against the force requires work  The electric potential at any point is defined as the energy required to bring a unit test charge from an infinite distance slowly to that point  It is usually measured in volts, and one volt is the potential for which one joule of work must be expended to bring a charge of one coulomb from infinity :494–98 This definition of potential, while formal, has little practical application, and a more useful concept is that of electric potential difference, and is the energy required to move a unit charge between two specified points  An electric field has the special property that it is conservative, which means that the path taken by the test charge is irrelevant: all paths between two specified points expend the same energy, and thus a unique value for potential difference may be stated :494–98 The volt is so strongly identified as the unit of choice for measurement and description of electric potential difference that the term voltage sees greater everyday usage 
For practical purposes, it is useful to define a common reference point to which potentials may be expressed and compared  While this could be at infinity, a much more useful reference is the Earth itself, which is assumed to be at the same potential everywhere  This reference point naturally takes the name earth or ground  Earth is assumed to be an infinite source of equal amounts of positive and negative charge, and is therefore electrically uncharged—and unchargeable 
Electric potential is a scalar quantity, that is, it has only magnitude and not direction  It may be viewed as analogous to height: just as a released object will fall through a difference in heights caused by a gravitational field, so a charge will 'fall' across the voltage caused by an electric field  As relief maps show contour lines marking points of equal height, a set of lines marking points of equal potential (known as equipotentials) may be drawn around an electrostatically charged object  The equipotentials cross all lines of force at right angles  They must also lie parallel to a conductor's surface, otherwise this would produce a force that will move the charge carriers to even the potential of the surface 
Ørsted's discovery in 1821 that a magnetic field existed around all sides of a wire carrying an electric current indicated that there was a direct relationship between electricity and magnetism  Moreover, the interaction seemed different from gravitational and electrostatic forces, the two forces of nature then known  The force on the compass needle did not direct it to or away from the current-carrying wire, but acted at right angles to it  Ørsted's slightly obscure words were that "the electric conflict acts in a revolving manner " The force also depended on the direction of the current, for if the flow was reversed, then the force did too 
Ørsted did not fully understand his discovery, but he observed the effect was reciprocal: a current exerts a force on a magnet, and a magnetic field exerts a force on a current  The phenomenon was further investigated by Ampère, who discovered that two parallel current-carrying wires exerted a force upon each other: two wires conducting currents in the same direction are attracted to each other, while wires containing currents in opposite directions are forced apart  The interaction is mediated by the magnetic field each current produces and forms the basis for the international definition of the ampere 
This relationship between magnetic fields and currents is extremely important, for it led to Michael Faraday's invention of the electric motor in 1821  Faraday's homopolar motor consisted of a permanent magnet sitting in a pool of mercury  A current was allowed through a wire suspended from a pivot above the magnet and dipped into the mercury  The magnet exerted a tangential force on the wire, making it circle around the magnet for as long as the current was maintained 
Experimentation by Faraday in 1831 revealed that a wire moving perpendicular to a magnetic field developed a potential difference between its ends  Further analysis of this process, known as electromagnetic induction, enabled him to state the principle, now known as Faraday's law of induction, that the potential difference induced in a closed circuit is proportional to the rate of change of magnetic flux through the loop  Exploitation of this discovery enabled him to invent the first electrical generator in 1831, in which he converted the mechanical energy of a rotating copper disc to electrical energy  Faraday's disc was inefficient and of no use as a practical generator, but it showed the possibility of generating electric power using magnetism, a possibility that would be taken up by those that followed on from his work 
Italian physicist Alessandro Volta showing his "battery" to French emperor Napoleon Bonaparte in the early 19th century 
The ability of chemical reactions to produce electricity, and conversely the ability of electricity to drive chemical reactions has a wide array of uses 
Electrochemistry has always been an important part of electricity  From the initial invention of the Voltaic pile, electrochemical cells have evolved into the many different types of batteries, electroplating and electrolysis cells  Aluminium is produced in vast quantities this way, and many portable devices are electrically powered using rechargeable cells 
A basic electric circuit  The voltage source V on the left drives a current I around the circuit, delivering electrical energy into the resistor R  From the resistor, the current returns to the source, completing the circuit



ground_truth: No.

prompt_front: Now, answer the following question based on the text below, only give me the answer and do not output any other words.

Question: How is electricity used in everyday life?

Read the following text and answer briefly.

Context 3: 
An electric circuit is an interconnection of electric components such that electric charge is made to flow along a closed path (a circuit), usually to perform some useful task 
Electric power is the rate at which electric energy is transferred by an electric circuit  The SI unit of power is the watt, one joule per second 
Electricity generation is often done with electric generators, but can also be supplied by chemical sources such as electric batteries or by other means from a wide variety of sources of energy  Electric power is generally supplied to businesses and homes by the electric power industry  Electricity is usually sold by the kilowatt hour (3 6 MJ) which is the product of power in kilowatts multiplied by running time in hours  Electric utilities measure power using electricity meters, which keep a running total of the electric energy delivered to a customer  Unlike fossil fuels, electricity is a low entropy form of energy and can be converted into motion or many other forms of energy with high efficiency 
Electronics deals with electrical circuits that involve active electrical components such as vacuum tubes, transistors, diodes, optoelectronics, sensors and integrated circuits, and associated passive interconnection technologies  The nonlinear behaviour of active components and their ability to control electron flows makes amplification of weak signals possible and electronics is widely used in information processing, telecommunications, and signal processing  The ability of electronic devices to act as switches makes digital information processing possible  Interconnection technologies such as circuit boards, electronics packaging technology, and other varied forms of communication infrastructure complete circuit functionality and transform the mixed components into a regular working system 
Today, most electronic devices use semiconductor components to perform electron control  The study of semiconductor devices and related technology is considered a branch of solid state physics, whereas the design and construction of electronic circuits to solve practical problems come under electronics engineering 
Thus, the work of many researchers enabled the use of electronics to convert signals into high frequency oscillating currents, and via suitably shaped conductors, electricity permits the transmission and reception of these signals via radio waves over very long distances 
Early 20th-century alternator made in Budapest, Hungary, in the power generating hall of a hydroelectric station (photograph by Prokudin-Gorsky, 1905–1915) 
In the 6th century BC, the Greek philosopher Thales of Miletus experimented with amber rods and these experiments were the first studies into the production of electrical energy  While this method, now known as the triboelectric effect, can lift light objects and generate sparks, it is extremely inefficient  It was not until the invention of the voltaic pile in the eighteenth century that a viable source of electricity became available  The voltaic pile, and its modern descendant, the electrical battery, store energy chemically and make it available on demand in the form of electrical energy  The battery is a versatile and very common power source which is ideally suited to many applications, but its energy storage is finite, and once discharged it must be disposed of or recharged  For large electrical demands electrical energy must be generated and transmitted continuously over conductive transmission lines 
Electrical power is usually generated by electro-mechanical generators driven by steam produced from fossil fuel combustion, or the heat released from nuclear reactions; or from other sources such as kinetic energy extracted from wind or flowing water  The modern steam turbine invented by Sir Charles Parsons in 1884 today generates about 80 percent of the electric power in the world using a variety of heat sources  Such generators bear no resemblance to Faraday's homopolar disc generator of 1831, but they still rely on his electromagnetic principle that a conductor linking a changing magnetic field induces a potential difference across its ends  The invention in the late nineteenth century of the transformer meant that electrical power could be transmitted more efficiently at a higher voltage but lower current  Efficient electrical transmission meant in turn that electricity could be generated at centralised power stations, where it benefited from economies of scale, and then be despatched relatively long distances to where it was needed 
Since electrical energy cannot easily be stored in quantities large enough to meet demands on a national scale, at all times exactly as much must be produced as is required  This requires electricity utilities to make careful predictions of their electrical loads, and maintain constant co-ordination with their power stations  A certain amount of generation must always be held in reserve to cushion an electrical grid against inevitable disturbances and losses 
Electricity is a very convenient way to transfer energy, and it has been adapted to a huge, and growing, number of uses  The invention of a practical incandescent light bulb in the 1870s led to lighting becoming one of the first publicly available applications of electrical power  Although electrification brought with it its own dangers, replacing the naked flames of gas lighting greatly reduced fire hazards within homes and factories  Public utilities were set up in many cities targeting the burgeoning market for electrical lighting  In the late 20th century and in modern times, the trend has started to flow in the direction of deregulation in the electrical power sector 
The resistive Joule heating effect employed in filament light bulbs also sees more direct use in electric heating  While this is versatile and controllable, it can be seen as wasteful, since most electrical generation has already required the production of heat at a power station  A number of countries, such as Denmark, have issued legislation restricting or banning the use of resistive electric heating in new buildings  Electricity is however still a highly practical energy source for heating and refrigeration, with air conditioning/heat pumps representing a growing sector for electricity demand for heating and cooling, the effects of which electricity utilities are increasingly obliged to accommodate 
Electricity is used within telecommunications, and indeed the electrical telegraph, demonstrated commercially in 1837 by Cooke and Wheatstone, was one of its earliest applications  With the construction of first intercontinental, and then transatlantic, telegraph systems in the 1860s, electricity had enabled communications in minutes across the globe  Optical fibre and satellite communication have taken a share of the market for communications systems, but electricity can be expected to remain an essential part of the process 
The effects of electromagnetism are most visibly employed in the electric motor, which provides a clean and efficient means of motive power  A stationary motor such as a winch is easily provided with a supply of power, but a motor that moves with its application, such as an electric vehicle, is obliged to either carry along a power source such as a battery, or to collect current from a sliding contact such as a pantograph  Electrically powered vehicles are used in public transportation, such as electric buses and trains, and an increasing number of battery-powered electric cars in private ownership 
Electronic devices make use of the transistor, perhaps one of the most important inventions of the twentieth century, and a fundamental building block of all modern circuitry  A modern integrated circuit may contain several billion miniaturised transistors in a region only a few centimetres square 
A voltage applied to a human body causes an electric current through the tissues, and although the relationship is non-linear, the greater the voltage, the greater the current  The threshold for perception varies with the supply frequency and with the path of the current, but is about 0 1 mA to 1 mA for mains-frequency electricity, though a current as low as a microamp can be detected as an electrovibration effect under certain conditions  If the current is sufficiently high, it will cause muscle contraction, fibrillation of the heart, and tissue burns  The lack of any visible sign that a conductor is electrified makes electricity a particular hazard  The pain caused by an electric shock can be intense, leading electricity at times to be employed as a method of torture  Death caused by an electric shock is referred to as electrocution  Electrocution is still the means of judicial execution in some jurisdictions, though its use has become rarer in recent times 
Electricity is not a human invention, and may be observed in several forms in nature, a prominent manifestation of which is lightning  Many interactions familiar at the macroscopic level, such as touch, friction or chemical bonding, are due to interactions between electric fields on the atomic scale  The Earth's magnetic field is thought to arise from a natural dynamo of circulating currents in the planet's core  Certain crystals, such as quartz, or even sugar, generate a potential difference across their faces when subjected to external pressure  This phenomenon is known as piezoelectricity, from the Greek piezein (πιέζειν), meaning to press, and was discovered in 1880 by Pierre and Jacques Curie  The effect is reciprocal, and when a piezoelectric material is subjected to an electric field, a small change in physical dimensions takes place 
§Bioelectrogenesis in microbial life is a prominent phenomenon in soils and sediment ecology resulting from anaerobic respiration  The microbial fuel cell mimics this ubiquitous natural phenomenon 
Some organisms, such as sharks, are able to detect and respond to changes in electric fields, an ability known as electroreception, while others, termed electrogenic, are able to generate voltages themselves to serve as a predatory or defensive weapon  The order Gymnotiformes, of which the best known example is the electric eel, detect or stun their prey via high voltages generated from modified muscle cells called electrocytes  All animals transmit information along their cell membranes with voltage pulses called action potentials, whose functions include communication by the nervous system between neurons and muscles  An electric shock stimulates this system, and causes muscles to contract  Action potentials are also responsible for coordinating activities in certain plants 
In the 19th and early 20th century, electricity was not part of the everyday life of many people, even in the industrialised Western world  The popular culture of the time accordingly often depicted it as a mysterious, quasi-magical force that can slay the living, revive the dead or otherwise bend the laws of nature  This attitude began with the 1771 experiments of Luigi Galvani in which the legs of dead frogs were shown to twitch on application of animal electricity  "Revitalization" or resuscitation of apparently dead or drowned persons was reported in the medical literature shortly after Galvani's work  These results were known to Mary Shelley when she authored Frankenstein (1819), although she does not name the method of revitalization of the monster  The revitalization of monsters with electricity later became a stock theme in horror films 
As the public familiarity with electricity as the lifeblood of the Second Industrial Revolution grew, its wielders were more often cast in a positive light, such as the workers who "finger death at their gloves' end as they piece and repiece the living wires" in Rudyard Kipling's 1907 poem Sons of Martha  Electrically powered vehicles of every sort featured large in adventure stories such as those of Jules Verne and the Tom Swift books  The masters of electricity, whether fictional or real—including scientists such as Thomas Edison, Charles Steinmetz or Nikola Tesla—were popularly conceived of as having wizard-like powers 
With electricity ceasing to be a novelty and becoming a necessity of everyday life in the later half of the 20th century, it required particular attention by popular culture only when it stops flowing, an event that usually signals disaster  The people who keep it flowing, such as the nameless hero of Jimmy Webb’s song "Wichita Lineman" (1968), are still often cast as heroic, wizard-like figures 
Ampère's circuital law, connects the direction of an electric current and its associated magnetic currents 
^ Diogenes Laertius  R D  Hicks (ed )  "Lives of Eminent Philosophers, Book 1 Chapter 1 "  Perseus Digital Library  Tufts University  Retrieved 5 February 2017  Aristotle and Hippias affirm that, arguing from the magnet and from amber, he attributed a soul or life even to inanimate objects 
^ Aristotle  Daniel C  Stevenson (ed )  "De Animus (On the Soul) Book 1 Part 2 (B4 verso)"  The Internet Classics Archive  Translated by J A  Smith  Retrieved 5 February 2017  Thales, too, to judge from what is recorded about him, seems to have held soul to be a motive force, since he said that the magnet has a soul in it because it moves the iron 
^ a b c Guarnieri, M  (2014)  "Electricity in the age of Enlightenment"  IEEE Industrial Electronics Magazine  8 (3): 60–63  doi:10 1109/MIE 2014 2335431 
^ Srodes, James (2002), Franklin: The Essential Founding Father, Regnery Publishing, pp  92–94, ISBN 0-89526-163-4 It is uncertain if Franklin personally carried out this experiment, but it is popularly attributed to him 
^ a b Guarnieri, M  (2014)  "The Big Jump from the Legs of a Frog"  IEEE Industrial Electronics Magazine  8 (4): 59–61, 69  doi:10 1109/MIE 2014 2361237 
^ Hertz, Heinrich (1887)  "Ueber den Einfluss des ultravioletten Lichtes auf die electrische Entladung"  Annalen der Physik  267 (8): S  983–1000  Bibcode:1887AnP   267  983H  doi:10 1002/andp 18872670827 
^ "The Nobel Prize in Physics 1921"  Nobel Foundation  Retrieved 2013-03-16 
^ John Sydney Blakemore, Solid state physics, pp  1–3, Cambridge University Press, 1985 ISBN 0-521-31391-0 
^ Richard C  Jaeger, Travis N  Blalock, Microelectronic circuit design, pp  46–47, McGraw-Hill Professional, 2003 ISBN 0-07-250503-6 
^ "The repulsive force between two small spheres charged with the same type of electricity is inversely proportional to the square of the distance between the centres of the two spheres " Charles-Augustin de Coulomb, Histoire de l'Academie Royal des Sciences, Paris 1785 
^ Sewell, Tyson (1902), The Elements of Electrical Engineering, Lockwood, p  18   The Q originally stood for 'quantity of electricity', the term 'electricity' now more commonly expressed as 'charge' 
^ a b Berkson, William (1974), Fields of Force: The Development of a World View from Faraday to Einstein, Routledge, p  370, ISBN 0-7100-7626-6 Accounts differ as to whether this was before, during, or after a lecture 
^ "Lab Note #105 EMI Reduction – Unsuppressed vs  Suppressed"  Arc Suppression Technologies  April 2011  Retrieved March 7, 2012 
^ Almost all electric fields vary in space  An exception is the electric field surrounding a planar conductor of infinite extent, the field of which is uniform 
^ Paul J  Nahin (9 October 2002)  Oliver Heaviside: The Life, Work, and Times of an Electrical Genius of the Victorian Age  JHU Press  ISBN 978-0-8018-6909-9 
^ "The Bumpy Road to Energy Deregulation"  EnPowered  2016-03-28 
^ a b c d e f g h Van Riper, op cit , p  71 
Look up electricity in Wiktionary, the free dictionary 
Basic Concepts of Electricity chapter from Lessons In Electric Circuits Vol 1 DC book and series 



ground_truth: Electricity is used for transport, heating, lighting, communications, and computation.