Century Quote by Charles R. Morris
“The kind of precision manufacturing epitomized in the armories, while it was important, was only a small share of the economy until quite late in the century. Large-scale natural resource development and processing was the name of the game.”
About This Quote
Source Book: The New Financial Capitalism, Charles R. Morris, 2009
Precision manufacturing was a minor economic factor early on; the dominant growth driver was large‑scale natural resource extraction and processing.
In simple terms: Early economy relied on resource extraction, not precise factories.
Key Takeaway
Focus on resource sectors for growth.
Themes
economics
industrial history
resource extraction
Mood
analytical
cautious
Type
historical
economic.
When to use this quote
- policy planning
- investment strategy
- regional development
- infrastructure projects
Key Concepts
capital formation
scale economies
technological diffusion
Questions to Reflect On
- How can economies diversify beyond resource reliance?
- What policies mitigate resource boom‑bust cycles?
A Different Perspective
Resource dependence can create volatility and environmental harm.
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