Tag: mechanical clock

Four Keys to Modern Prosperity: Technology & Infrastructure (Part 1)

Oct 21, 2008

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by

mwkruse

in Economic Development, Series: Cycle of Prosperity, Technology, Technology (Energy), Technology (Food & Water), Technology (Manufacturing & Construction)), Technology (Transportation & Distribution)

Western Advances We have briefly reviewed three of William J. Bernstein's four factors that led to today's unprecedented prosperity: property rights, scientific rationalism, and capital markets. Bernstein refers to the fourth factor as "power, transportation, and light." I'm simply referring to this as "technology and infrastructure." (1) Not every technological innovation that contributed to Europe's…