The transportation-communication revolution: 50 years of dramatic change in economic development
Date
2020-12-01
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Publisher
Cato Institute
Abstract
The Industrial Revolution is a remarkable economic event in world history. It marked the dividing line between the old world of subsistence income levels and the new world of sustained economic growth. Beginning around 1800, technology, machines, and capital formation were finally able to outrun population growth, leading to sustained increases in both income levels and life expectancy. Currently, the world is in the midst of a second economic revolution that is both broader and stronger than the Industrial Revolution, but few are aware of it. During the past half century, expansion in international trade, increased entrepreneurial activities, improvements in economic institutions, and changes in demographics have triggered a remarkable increase in the living standards of people throughout the world. This article will explain the origins and impact of the current economic revolution—the Transportation-Communication Revolution—and compare it with the Industrial Revolution.
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Keywords
Economic development, International trade, Transportation
Citation
Connors, J., Gwartney, J. D., & Montesinos, H. M. (2020). The transportation-communication revolution: 50 years of dramatic change in economic development. Cato Journal, 40(1), 153-198.