COMMUNICATION AND BANKING IN THE INDUSTRIAL REVOLUTION
Communication became easier during the Industrial Revolution with such inventions as the telegraph. In 1837, two Brits, William Cooke (1806-1879) and Charles Wheatstone (1802-1875), patented the first commercial electrical telegraph. By 1840, railways were a Cooke-Wheatstone system, and in 1866, a telegraph cable was successfully laid across the Atlantic.The Industrial Revolution also saw the rise of banks and industrial financiers, as well as a factory system dependent on owners and managers. A stock exchange was established in London in the 1770s; the New York Stock Exchange was founded in the early 1790s. In 1776, Scottish social philosopher Adam Smith (1723-1790), who is regarded as the founder of modern economics, published “The Wealth of Nations.” In it, Smith promoted an economic system based on free enterprise, the private ownership of means of production, and lack of government interference.