Why does josephson refer to these year as the middle ages of American industry?

Josephson refers to these years as the "middle ages of American industry" to highlight a period characterized by stagnation and a lack of innovation in industrial practices. This era saw a reliance on outdated technologies and methods, hindering progress and modernization. The term underscores a contrast to both earlier industrial advancements and the transformative changes that would follow, emphasizing a time of decline in industrial leadership and creativity in the United States.