Innovation and the Industrial Revolution

09/18/2013 | Strategy+Business online (free registration)

The Industrial Revolution didn't come about because of "headline inventions" such as steam locomotives but rather through the "appetite and capacity for indigenous innovation" that gave rise to those technologies, argues Nobel winner Edmund Phelps in a new book. Societal values such as curiosity and creativity, and the capitalist system they engendered, were the true engines of industrialization, Phelps argues.

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