The 2nd part is plain wrong. GAFAM and a handful of others basically control the media now, both journalistic and entertainment media, it’s not a true ecosystem anymore, not to mention control of the economy. Who controls the algorithms and decide what will be shown, what will get viral, and what will not get shown, what will be shown but remain marginal, who earns money through their channel is the one who controls the media and public square. USA’s Government is still a one-party pro-corporation pro-imperialism dual institution, that is smart enough to allow a handful of not too dissonant outsiders to show around but vetoing them when actually necessary. Dissonant voices and opposition already existed before, it’s not because they still exist or maybe are more known that control has diminished.

And the first part is historically wrong and dangerous for the future. The start of the industrial revolution did not lead to an increase in quality of life, people were mass emigrating away FROM europe (where most of the industry was) TO get to USA, Canada, Australia, Latin America (less or little or no industry, but where they could obtain a piece of LAND, and live off agriculture, in a largely pre industrial way until the early 20th century). Life expectancy was lower in cities than in rural areas until the advent of modern medicine in the 20th century inverted the paradigm. Likewise, there is no ‘natural rule’ that innovation will lead to increase in quality of life for everyone everywhere, and a lot of that increase in quality came not from companies and bosses, but from worker movements that through blood and disruption managed to bargain and establish welfare laws, in a time where the bourgeoisie actually needed those workers to make the large sums of money. That is not really the case today, see automation and offshoring eroding those levers of power.