*As economies have moved forward, more and more complex arrangements, instruments, and machines have come into existence. For example, the reason we can make music earbuds so small now is because of rare earth magnets, made of praseodymium, which is mined in the U.S., China, Russia, Australia, and India. Many of the resources needed to produce the inventions of our modern society are linked around the world. As I have stated on numerous occasions, we have been in a global economy since the East India Company of 1600.
There have been several game-changers in economics, mostly two Industrial Revolutions, the revolution of the late 19th century when machines became essential to make other machines, and the more recent tech boom. Let’s review some of the industries that tech has affected.