The steam-driven locomotive was considered in the mid-19th century to be a disruptive and transformational technology. It was. Then, a frenzy of speculation cre
The steam-driven locomotive in the mid-19th century was a disruptive technology that led to a speculative frenzy and a financial bubble. When this bubble burst in 1873, it triggered a depression that lasted until 1879. The author questions how capitalism was chosen as the method for introducing such transformative technologies into the economy. AI
IMPACT Historical parallels suggest potential for speculative bubbles and subsequent economic downturns with AI adoption.