Science, Technology and the Large Corporation

Abstract

ECONOMIC HISTORY IS FAR REMOVED FROM PRECISE SCIENCE and cannot offer an unambiguous explanation of the initiation, pace and causes of rapid industrial growth. Nevertheless, few economic historians would disagree that the pattern of growth is not random; and that in evaluating it, technological innovation must be a central element.The landmarks of industrial development are conventionally thought of in terms of science and technology. From the adoption of the stirrup and the plough, which heralded the feudal age in Europe; to the spread of the silicon chip and the microprocessor, which lie at the core of the emergent IT economy, the development of society can be charted in terms of technological change. And just as the analysis of technological change has become one of the dominant tools of the economic historian, so ‘futurology’ is centred around trajectories of innovation. Over the next century changes are projected which are just as profound as those experienced since 1890. The world of 2090 will be different, and while the fundamental political differences may be unpredictable, there is a presumption that it will be technologically very different from the present. It is appropriate that popular speculation about future society is termed not ‘future fiction’ but ‘science fiction’.