The associated advances in global logistics enabled even greater specialization in production—the development of global supply chains—making the world even more dependent on trade to connect supply and demand. Importantly, all of these revolutions caused hardship for people in industries that were disrupted. Yet, the enormous gains in productivity and the advances these new technologies spawned form the basis of our modern economy.
Here the story is more complicated. If one compares 1877 and 1913, for example, the price level is essentially unchanged. But the period covers a sharp and extended decline in the price level followed by an equally sharp and persistent increase.