Question

Explain the role of technology in shaping world economy of 19th century?

Answer 1

The technology in the 19th century made the trade very easier and smooth. When the refrigerated ships arrived, they helped in the export of meat because in the early days, the animals were used to export in the ships, but there were many problems like the dying of animals and the price of meat was high that only rich people could afford it. Now with the help of refrigerated ships, these all problems are vanished and prices of the stuff have reduced. Moreover, the railway services are also improved and the grains from one place to another can be easily transported. 

Answer 2

Technology has played an important role in shaping the world economy in the 19th century. Technology can be regarded as the primary source in economic development.

A major part of the growth of net national income in developed countries has been due to technological changes. Robert Solow says that technological change accounted for about 2/3 of growth of the US economy. Even the development of underdeveloped countries has been due to the contribution of technology.

Technological advancement and economic growth are interdependent. A high level of technology can bring about a rapid growth.