“What was once a high paying craft and skill which could earn them a good income was almost overnight worthless.”
The quote comes from Michael Rosenblum’s blog and likens the lot of present-day journalists to the stocking-makers of the 18th Century whose skills became redundant when Richard Arkwright started building mechanised weaving looms.
Rosenblum’s post – Lessons from the Industrial Revolution – suggests that the future now, as then, lies in cheap mass production – high volume and low cost.
As bleak as that sounds, Rosenblum also thinks the changing global economy represents an opportunity as great as that of the Industrial Revolution. But, as with the weavers of Nottingham, it will be painful for some.
- The Entrepreneurship Economic Revolution (paul.kedrosky.com)