Steam power originally developed slowly over a period of several hundred years until it reached to actual practical application at the beginning of the industrial revolution. The steam engine was one of the most important technologies of the industrial revolution. It was a simple device that used boiling water to create mechanical motion to be utilized in useful work.
Early mills used water power to operate and had to be located near running water such as a river which would freeze in winter and the water was not available, also in dry spells. Flooding would also stop operations. But by using a steam engine, a factory could be located anywhere and could operate the whole year round.
From mines to mills, steam engines found many applications in a variety of industries, improving productivity and technology such as Trevithick's high pressure engine that revolutionized transport. Steam engines found their way to boats, railways, farms and road vehicles.
Results from cross-sectional regression analysis show that there is a significant relationship between globalisation and poverty and income inequality. Globalisation leads to poverty reduction and it reduces income inequality.
An exchange rate is the value of a country's currency vs. that of another country or economic zone. Most exchange rates are free-floating and will rise or fall based on supply and demand in the market.
