Question

What was the role of technology in the 19th century in world economy?

Answer 1

Answer:

The railways, steamships and the telegraph played an essential role in the 19th-century world. The colonisation new investments and improvements in transport. Faster railways, lighter wagons, and larger ships helped move food more cheaply and quickly from faraway farms to final markets.

Answer 2

Answer:

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.