Slouching Towards Utopia, forthcoming from Basic Books on September 6. 1st sentence: What I call the “long twentieth century” started with the watershed-boundary crossing events of around 1870—the triple emergence of globalization, the industrial research lab, and the... 1/
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iron-hulled ocean-going screw-propellered steamship? Build-out of the railway network? (Russia had 3000 miles of track by 1870.) Completion of the major transoceanic submarine telegraph cables? In 1800 it took a year for the EIC Board in London to learn what Governor... 1/pic.twitter.com/1HklSl3gM0
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...General Lord Richard Wellesley was doing, curse, and send him a response—which he could then ignore because the situation had changed. As of April 1870, £3 pounds would get you a 20-word telegram from London to Kolkota... 2/END
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The Panic of 1873 is a good year to start things. You can argue earlier years, the tech change with railroads, iron hulled steamships were technological (precision parts) and were already starting to catch that critical mass in the 1860s. But the overbuilding of railroads...
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not in an actual "overbuilding" but in the financialization of them where they overpromised bank notes saying you will turn a profit by X date lead to a worldwide great depression starting in Sept 1873. Which in turn influenced the Dems gaining the US House in 1874, and ending...
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