1. The phrase "reading revolution" was probably coined by German historian Rolf Engelsing. He certainly made it popular. Engelsing was trying to describe something he saw in the 18th century: a shift from "intensive" reading and re-reading of very few texts to "extensive" reading of many, often only once. Think of reading the Bible vs reading the newspaper. Engelsing called this shift a "Lesenrevolution," lesen being the German equivalent of reading. He thought he had found when modern reading emerged, as we'd recognize it today, and that it was this shift that effectively made us modern readers.
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History, of course, is rarely so neat, and other historians quickly found counterexamples of extensive premodern reading (Cicero and his letters) and intensive reading today (the way the Romantics brooded over The Sorrows of Young Werther, or our contemporaries over that very different contemporary Werther, Harry Potter). The future has always been unevenly distributed. But the framework of a reading revolution had been established. All that remained was trying to determine what the "real" revolution was.
2. Outside of scholarly circles, the top candidate is usually the better-known Print Revolution, usually associated with Johannes Gutenberg, who helped introduce movable type to Europe. Now, as Andrew Pettegree's new history The Book in the Renaissance shows, the early years of print were much messier than advertised: no one knew quite what to do with this technology, especially how to make money off of it. (And that just goes for those who ever encountered a printed book in their section of Europe and would know how to read it if they had.)