The Second Industrial Revolution

The Second Industrial Revolution (1870-1914) was characterized by a close connection between science and technology. Science was developing: chemistry acquired its atomic foundations, for example, and the scientific study of electricity began. The extension of scientific knowledge gave technicians more avenues to investigate…

Economies of Scale

From the late nineteenth century to the early twenty-first century, one of the keys to growth was the exploitation of technologies that displayed increasing returns to scale…