[WS:] Marxists & fellow travelers would argue that this is a "normal" effect of private ownership of the means of production. Any new technology has a potential for making old technologies obsolete before investment in these old technologies pays for itself, so the owners naturally resist new technologies. The difference between "now" and "then" is the level of corporate monopoly, especially in the energy-related markets. A hundred years ago electric vs. oil powered locomotion offered a more level playing field than today.
This point was made in the documentary "Who killed the electric car" - the opposition came not just from the oil industry but also from within the GM - from exec in the gasoline vehicle departments.
Wojtek