Here's my attempt to trace the causes and understand why the industrial revolution happened where and when it did, breaking out of the malthusian trap.

1. Decentralisation in medieval Europe --> religious freedom --> free speech

2. Decentralisation in medieval Europe --> property rights --> capital accumulation

-->Free Speech --> Enlightenment --> Rationalism --> Innovation

-->Capital accumulation --> investment --> industry

innovation + industry ---> Industrial revolution.

Obviously none of these steps was simple. Religious freedom in Europe was reached after centuries of religious wars. Even after the treaty of Westfalia there was still a lot of religious persecution. But I would argue that religious freedom and the fight for it was a major driver in the establishment of Free Speech.

Similarly Property Rights were never fully secure in most of Europe... but in some places (especially northern Italy, the Netherlands and later England) they were more protected than anywhere else in the world. You are not going to make a 40 year investment in a factory, mine or railroad if the King can just steal it, as they often did in those times.

Other authors have also discussed the formation of a banking system, the invention of joint stock companies and many other innovations... but if I had to distil the key building blocks that were present in parts of Europe and not in other places:

1. FREE SPEECH

2. PRIVATE PROPERTY