Economics of Macro Issues 7th Edition by Roger LeRoy Miller,Daniel Benjamin

Exercise 4

Before the middle of the nineteenth century, the decision to buy on? sell an asset located on the other side of the Atlantic could take days or even weeks to implement, because bid and ask orders had to be "transmitted" aboard a ship. Once the transatlantic cable was completed in 1858, the decision could be implemented within minutes. How did the cable create benefits for buyers and sellers?