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The podcast delves into how technological revolutions lead to shifts in economic power. It challenges the traditional leading sector theory by introducing the concept of General Purpose Technologies (GPTs), which continuously improve and have broad economic applications. Unlike the leading sector theory, GPTs emphasize diffusion across various economic sectors rather than one country monopolizing innovations. The article discusses historical cases to showcase how countries attain economic leadership amidst technological revolutions, emphasizing the importance of adapting institutions to facilitate widespread GPT diffusion.