Invesco explores how past industrial revolutions and current technological shifts are shaping a new era of economic disruption. It argues today’s transition may be more complex than prior cycles, with rising inequality and geopolitical tension challenging the idea that innovation always leads to broadly shared gains.
Ghosts of Disruption Past, Present and Future.
Invesco
Arnab Das
Research
16 Pages
Key Takeaways
Rising Inequality Gap: Top 1% income share has significantly outpaced the rest, with productivity gains diverging from wages since the 1970s, echoing patterns last seen during early industrial revolutions.
Unemployment Shift Dynamics: For over 300 years, unemployment stayed stable across 3 industrial revolutions, but rose notably post-1970s heading into Industry 4.0 transitions.
Policy Limits Emerging: Central banks may handle demand shocks, but struggle with supply disruptions, as seen in multiple crises spanning 1980–2020 periods.
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