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I suggest that you should treat the neutral wires within a building the same as an ungrounded hot wire.
The theory behind the EGC (equipment grounding conductor) is that it is connected to earth ground at the service entrance main panel and to all other exposed metal conducting surfaces and under non-fault conditions has negligible current flowing in the EGCs. Thus, every exposed conductive surface you could contact would be at essential the same potential. Theoretically this includes the earth as a conducting surface. Therefore no shock hazzard.
There are problems with the earth, but if there were no outside current sources, then it would also be at the same potential.
Since a hot wire could short to one of these conductive surfaces and one wants to trip a protective device it means we must bond the neutral to the EGC at the service entrance. Also this is the only allowed bonding point in the building or else you would have neutral current flowing in the EGC under non-fault conditions. Note: In most locations dropping the hot wire on the earth will not trip the protective device.
In general the earth is not a very good conductor and that is why you can not use a ground rod at a machine with no connection to the EGC. If the independent ground rod in the earth at the machine provided a 10 ohm path back to the ground rod at the service entrance and I connect 120 V to this ground rod, then the current is 12 A and I will never trip a 20 A breaker.
Consider a neutral of 0000 copper wire 300 ft long with 200 A flowing thru it. The resistance is 0.049*0.3 = 0.015 ohms and the voltage drop over this length is 3 V. Probably not a problem for a human. Now suppose you have a bad connection in the neutral. The voltage difference can be much greater maybe up to the source voltage, at least for small currents that could be lethal.
For a different comparison consider a #12 wire 100 ft long and 20 A. This produces a voltage drop of (1.6 * 0.1 = 0.16 ohms) 0.16 * 20 = 3.2 V. Now connect a DeWalt radial arm saw to this wire and at startup the inrush current is about 80 A and the voltage drop would be about 13 V on each of the neutral and the hot line.
Any device that uses the neutral as the EGC is a very bad design in my opinion.
As a side point. Consider a CNC machine using a direct RS232 connection to a remote computer. This has real problems when a short occurs from a hot wire to a chassis. Assuming the EGC is of the same diameter as the hot wire and we short these together, then the peak voltage difference between the computer and the CNC will approach +/- Vrms of the source for the hot wire * 1.414 / 2. This is because we have a voltage divider of 1/2 of the source voltage. This magnitude of voltage from a 120 V or higher source will destroy RS232 components, possibly other components, and maybe the RS232 connecting cable. There is no fuse or circuit breaker that could open fast enough to protect these components.
That is one reason we make an optically isolated system for RS232 communication. This is good for short time peaks of +/- 2000 V. I have put a 1000 V RMS (+/-1414 V peak) 60 Hz sine wave between common (chassis, ground) and a lead in our interconnect cable. Before, during, and after this connection there was no damage, and data was transmitted error free.
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