The Second Machine Age

At the beginning of the Industrial Revolution, a group of textile workers in northern England, mostly weavers, started a spontaneous revolt, destroying machinery and burning factories.

This movement, which came to be known as the Luddites [the name comes from an alleged Ned Ludd who, it is believed, completely destroyed two looms in 1779] argued that the modern machines of the time were stealing their jobs and lowering their wages.

In the 21st century, and particularly in the last couple of years, many economists – and not only economists – have been debating the prospect of stagnation of the world as we know and live it today. Because of demographics, globalization, long-term global imbalances and, obviously, the economic and financial crisis that has bent the world in recent years, many argue that advanced economies are trapped in a trap.

No longer?