Final answer:
The revolution in communication technology with inventions such as the telephone and wireless telegraph dramatically influenced the modern global economy by reducing communication time across continents, enhancing business operations, and facilitating international trade.
Step-by-step explanation:
The Impact of Communication Technology on the Global Economy
The revolution in communication, marked by inventions such as the telephone and the wireless telegraph, played a critical role in shaping the modern global economy. The introduction of the telegraph and the laying of underwater cables reduced the time for messages between continents from weeks to hours, thereby vastly increasing the efficiency of governing and doing business over long distances. With the telephone's invention in 1876, communication became instantaneous and even more accessible, spurring urban development and augmenting business operations. Additionally, the ability to transmit information quickly and cheaply, including products like financial advice and computer software, revolutionized the handling of long-distance production and sales, ultimately contributing to the rise of international trade.
Such communication advancements significantly reduced barriers to international commerce and fostered the growth of a connected global market. With more efficient communication, businesses could expand overseas, creating a demand for more raw materials and contributing to the rise of Imperialism. Eventually, global culture was transformed as these technologies spread ideas rapidly across the world, influencing social and political events. Overall, the advancements in communication have been integral in developing the dynamic, interlinked global economy we see today.