Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity: Summary & Key Insights

Our journey begins in medieval Europe, where technology first altered the organization of society. Watermills and windmills in the Middle Ages boosted productivity, transforming agriculture and craftwork. Yet these innovations did not necessarily uplift peasants or artisans. Instead, they often reinforced feudal hierarchies. Lords who controlled the lands and mills profited most, while workers remained bound by obligation. Even early banking and trade systems tended to widen inequality. The medieval record shows how technological solutions, when monopolized by elites, increase their power over production and information. This pattern repeats across history. Technological change opens possibilities, but whether these possibilities serve many or few depends on institutional design. This early period teaches a sobering lesson: when technology emerges within concentrated power systems, it is used to entrench that concentration.

The Industrial Revolution is often hailed as the dawn of modern prosperity, but our analysis reveals a more complex story. The arrival of mechanized factories in Britain created unparalleled wealth for a small elite. Steam engines, spinning jennies, and power looms transformed labor but also marginalized it. As productivity soared, wages stagnated. Factory owners, backed by property laws and political influence, captured the gains, while workers endured long hours under harsh conditions. The machine was hailed as liberating, yet it often enslaved. However, the Industrial Revolution also sparked resistance—workers organized and demanded rights, reforms began to restrict exploitation, and governments slowly recognized the need for public investment in health and education. The industrial age thus illustrates our broader thesis: technological progress without inclusive institutions magnifies inequality, but when collective voices demand fairness, technology can be redirected toward shared advancement.