Explain the role of technology in shaping the world economy in
Answers
(i) Transformation of the world economy : Technology played a major role in all these developments. Railways, steam shipping, telegraph, etc. were important inventions without which it was not possible to imagine the transformation of nineteenth-century world.
(ii) Linking the markets : New investments and improvements in transport: faster railways. lighter wagons and larger ships helped move food more cheaply and quickly from far away farms to final markets.
(iii) Impact on the meat trade : Till the 1870s, moat from America was shipped to Europe in the form of live animals which were then slaughtered in Europe. But live animals took up a lot of ship space. Many also died in voyage, fell ill. lost weight or became unfit to eat. So the prices of meat were very high and it was beyond the reacts of the European poor. Due to high price, the demand and production was low. But the invention of refrigerated ships made it possible to transport meat from one region to another.
(iv) Social peace and Imperialism : The refrigerated ships reduced shipping cost and lowered meat prices in Europe. The poor in Europe could now consume a more varied diet. Better living conditions promoted social peace within the country and support for Imperialism abroad.
(v) Colonialism : Technology played very important role in linking the world markets which promoted the sprit of colonialism.
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