If it were wizards against wizards, that would be a possibilty.
My thought was really if the government of a given state included more than wizards initiating the arcane industrial revolution - perhaps a mercantile based society run by rogues or a military run by martial types with wizards as part of the larger group starting heavy manufacturing. It might then by wizards of the wider world at war with one nation and not necessarily wizard vs. wizard.
Perhaps the wizards power not participating in the industrial revolution would be dimished somehow and they would seek to counter the direction.
Perhaps there's more than just industrial revolution at work, perhaps a conversion to the common people to a slave class or other detrimental thing besides profitable arcane technology.
Perhaps it would clerics vs. the uprising arcane classes.
I just don't think industrial revolution is necessarily in the best interests for society concerned, including wizards...
Well, with how overwhelmingly powerful a caster is compared to a non-caster, every middling and higher sized government is going to have wizards on staff. If they don't, they'd get taken over by the ones that did. But even if the instigating nation found themselves facing a larger force(of casters), I find myself doubting that the numbers would stay skewed if they made it clear they needed help, and were going to pave the way for an era where that help would be able to get very, very rich using skills they already have.
Clerics vs. Wizards is a cool idea, but I doubt it would come out that clean. Clerics are people, too, and thus vulnerable to greed, but even beyond that, Clerics have a potential ethical impetus to industrialize. Create Water, Purify Food and Drink, Cure Wounds, the mass production and distribution of these spells would save a lot of lives, and reduce hardship i countless more. And that's just those three.
S'mon's post made me think for a second. We've all been discussing this as magic would indeed be a revolution, that is, one day everyone is using it genre-standard, then the next, suddenly a dozen or more established spells are found to be profitable. Then the existing infrastructure reacts. But really, wouldn't it be a slow, evolutionary process?
Eh, it's all kinda fun to speculate on, but the core issue just isn't solved by one of us answering the question of why it has or hasn't happened in a given world. The issue is that the question is valid at all.