There was a touching faith in the efficient market hypothesis which made many believe that markets are self correcting. This belief ignored the well known herd and irrational behaviour of the financial markets. If we look at any risk distribution, there are always fat tails which are on account of irrationality.
This invention would soon lead to the development of the first electric motor – a machine that, in its current form, plays an important role in the transition to a net-zero society. This transition will be hard to achieve.