On this date in 1935, Parker Brothers launches the board game Monopoly, a multi-player economics-themed board game. Monopoly is derived from The Landlord's Game created by Lizzie Magie in the United States in 1903 and was intended as an educational tool to illustrate the negative aspects of concentrating land in private monopolies. Around 1932, Parker Brothers bought the game's copyrights to Magie's patent for $500. The original version of the game's format was based on the streets of Atlantic City, New Jersey. Founded in 1883, Parker Brothers was absorbed into Hasbro in 1991. The Parker Brothers trade name was eventually dropped to become Hasbro Gaming.
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