Asks Krugman. His answer: "The obvious answer is regulation"
My answer:
Between 1930 and 1970, information technology held steady because there were no obvious constraints to tackle (other than the fascist uprising) . By the 70s energy began to show constraints, and technology came into action, first with satellite broadcast creating world wide information, then with the digital wave. Information technology helped the world economy to see where energy could best be applied.
We live in an era of surplus technology. We activate the technology when constraints appear.
I go further.
WWII was actually a misdirected action by governments to the appearance of broadcast media. Radio was abused by governments before radio could be properly assimilated, government seeing radio as a means for economies of scale, as in Germany and Italy in the fascist uprising.
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