FAMST 101D Study Guide - Quiz Guide: Arbitrage, Language Change
Document Summary
Helped to coordinate, control, and regulate their operations (e. g. railroad dispatching) Allowed markets to "communicate" with each other and not be individually influenced by local supply and demand. Decreases opportunities of arbitrage: by cheap in one place, sell high in another. Because now people know what"s going on across markets; less secrecy. All buyers and sellers became aware of happenings in relevant markets. People no longer formed personal or face-to-face connections in business. "annihilation of space and time" - bringing aspects of life together by separating communication from transportation; no need to travel over distances anymore to communicate - thus time is eliminated as space is. Essentially sped up daily life by eliminating distance from communication (moving information faster) travel over distances anymore to communicate - thus time is eliminated as space is. Essentially sped up daily life by eliminating distance from communication (moving information faster) Before standard time implemented, there were numerous time zones ad it caused "temporal chaos"
