economics tagged posts

Was Abraham Lincoln right about the nature of reputation?

Abraham_Lincoln_November_18In 1861 Abraham Lincoln faced the greatest test of his presidency when he tried to hold together the United States in the face of a highly divisive Civil War that eventually claimed the lives of over 700,000 combatants in the North and South of the country.

However, Lincoln was a lucky man. And he had at his disposal a new weapon. A weapon more powerful than a Smith & Weston.

It was the telegraph.

Before the invention of the telegraph it would take a dispatch rider the best part of a week to reach the battle front on horseback. Now Lincoln could now dispatch orders to his Army Generals by getting an operator to tap them instantly into the machine.

Although the telegram was re...

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