4T? What 4T?

[Kinser79]

You're missing a few facts PBR as usual. Gold does have industrial uses, but those only became apparent after the harnessing of electricity (though like I said except for highly specialist applications copper is just as good). Also structural use of metals was a rarity until the 19th century.

As for prosperity you are mostly right but the biggest factor you're missing is that bureaucracy was not only mostly missing from corporate structure but governmental bureaucracy was also extremely limited. With entrepreneurial innovation one has to accept that some are out for a quick buck if there is going to be any advancement in technology, business practices and etc--progress rarely is created by congressional committees.

As for patent medicines it should be remembered that during the 19th century so-called established medicine was pretty terrible too. A great deal of it was still using pre-scientific technique.