There were a number of other efficiency gains from the trans-Atlantic telegraph. In general, trans-Atlantic trade rose because of improved information about supply and demand. New regions could be developed for US cotton production. Stock and bond prices on either side of the Atlantic converged. Fassenden notes efficiency gains within the US economy, too. For example,in the past it had been necessary to have two train tracks between locations--one outbound and one inbound. But when it became possible to have information on the location of other trains, it was possible to have only one track that, with shared information, could be used for trains using the track at different times to go both directions.
Our modern world of extremely rapid flows of information and communication is a lot more than a convenience. It's also a driver of economic efficiency from local markets to global supply chains.
The efficiencies sometimes come with a serious restructuring, like broadcast radio, and the great depression. I spotted this theory years ago.
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