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The Technological Entrepreneur’s Playbook by Ian Chaston

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CHAPTER 1

Technology: The Wealth Generator

The Wealth of Nations

For thousands of years, wealth generation was based on trade or invading other countries and repatriating their wealth. This economic model was changed forever during the first Industrial Revolution. This occurred because technological entrepreneurs demonstrated that the creation of new forms of motive power and the development of new machines could move a nation from an agriculture-based economy to one centered around factory-based, large-scale manufacturing.

Industrialization cannot prevent the occurrence of economic cycles with periods of rising prosperity followed by economic downturns and rising unemployment. Factors that influence these cycles are (a) the belief that ownership ...

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