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Channel: 50 Things That Made the Modern Economy
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Diesel Engine

Rudolf Diesel died in mysterious circumstances before he was able to capitalise on his extraordinary invention: the eponymous engine that powers much of the world today. Before Diesel invented his...

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Haber-Bosch Process

Saving lives with thin air - by taking nitrogen from the air to make fertiliser, the Haber-Bosch Process has been called the greatest invention of the 20th Century – and without it almost half the...

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Shipping Container

The boom in global trade was caused by a simple steel box. Shipping goods around the world was – for many centuries – expensive, risky and time-consuming. But, as Tim Harford explains, 60 years ago the...

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Concrete

It's improved health, school attendance, agricultural productivity and farm worker wages, but concrete has a poor reputation. It takes a lot of energy to produce and releases a great deal of CO2 in the...

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iPhone

Surprisingly, Uncle Sam played an essential role in the creation and development of the iPhone - of course, much has been written about the late Steve Jobs and other leading figures at Apple and their...

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Barcode

How vast mega-stores emerged with the help of a design originally drawn in the sand in 1948 by Joseph Woodland as he sat on a Florida beach, observing the furrows left behind, an idea came to him which...

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Banking

Warrior monks, crusaders and the mysterious origins of modern banking. You might think banks are so central to every economy that they have always existed. And they have, sort of. But the true story of...

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Lightbulb

Once too precious to use, now too cheap to notice – the significance of the lightbulb is profound. Imagine a hard week’s work gathering and chopping wood, ten hours a day for six days. Those 60 hours...

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M-Pesa

Transferring money by text message is far safer and more convenient than cash. M-Pesa, as it is known, first took off in Kenya. The idea was to make it easier for small businesses to repay...

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Compiler

Installing Windows might take 5,000 years without the compiler, a remarkable innovation which made modern computing possible. Tim Harford tells a compelling story which has at its heart a pioneering...

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Billy Bookcase

Low cost, functional and brilliantly efficient, an Ikea Billy bookcase rolls off the production line every three seconds. There are thought to be over 60 million of them already in service. Few could...

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Antibiotics

In 1928 a young bacteriologist named Alexander Fleming failed to tidy up his petri dishes before going home to Scotland on holiday. On his return, he famously noticed that one dish had become mouldy in...

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Paper

The Gutenberg printing press is widely considered to be one of humanity’s defining inventions. Actually, you can quibble with Gutenberg’s place in history. He wasn’t the first to invent a movable type...

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Insurance

Legally and culturally, there’s a clear distinction between gambling and insurance. Economically, the difference is not so easy to see. Both the gambler and the insurer agree that money will change...

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Google

The words 'clever' and 'death' crop up less often than 'Google' in conversation. That’s according to researchers at the University of Lancaster in the UK. It took just two decades for Google to reach...

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Clock

There’s no such thing as “the correct time”. Like the value of money, it’s a convention that derives its usefulness from the widespread acceptance of others. But there is such a thing as accurate...

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Disposable Razor

King Camp Gillette came up with an idea which has helped shape the modern economy. He invented the disposable razor blade. But, perhaps more significantly, he invented the two-part pricing model which...

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Robot

Robots threaten the human workforce, but their ubiquity and growing competence make them crucial to the modern economy. In 1961 General Motors installed the first Unimate at one of its plants. It was a...

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Public Key Cryptography

Take a very large prime number – one that is not divisible by anything other than itself. Then take another. Multiply them together. That is simple enough, and it gives you a very, very large...

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Battery

Murderers in early 19th century London feared surviving their executions. That’s because their bodies were often handed to scientists for strange anatomical experiments. If George Foster, executed in...

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