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A 3-minute phone call from the United States to Britain cost $12 in 1946, and today it can cost 48 cents. Telegrams presented the only rapid means of written communication.
The Democratization of Finance
After the cold war most global lending was done by insurance companies and commercial banks. Now companies present bonds directly to the consumer which could be me and you advancing through our 401(k) plans. Now companies and countries are trading with people whom they don't know positioned in diverse countries. If a company or country did not carry out, the bond holders would sell or trade off their shares and invest money in companies and countries that performed...
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