[roenxi]

A better theory is that it is legal innovation. If the wealthiest and most powerful are threatened by progress ... there will be no progress. If the wealthiest and most powerful get more power and status from progress, there will be progress. Without insurance, for example, it isn't possible to run serious sea trade. Without the joint stock corporation, it isn't feasible for the British to organise and conquer India. It takes democracy to really align the political class with increasing prosperity for the median citizen; otherwise states tend towards tinpot dictatorships.

There isn't a shortage of smart people or opportunities to make technological progress. The handicap is powerful humans looking at new approaches and saying "No" with the firmness of a man who sees a threat to their position. Even today I have a list of things that from an engineering perspective would probably result in improved prosperity, it just isn't possible to get them through the political process (nuclear power springs to mind, but I'm sure there are less controversial examples - Uber v. the Taxi industry maybe).