Former power of industry, were wealth to be redistributed (5,5)

I believe the answer is:

water wheel

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'former power of industry' is the definition.
Although both the answer and definition are singular nouns, I don't see how they can define each other.

'were wealth to be redistributed' is the wordplay.
'to be redistributed' indicates anagramming the letters (letters distributed to new positions).
'were'+'wealth'='werewealth'
'werewealth' with letters rearranged gives 'WATER-WHEEL'.

Can you help me to learn more?

(Another definition for water wheel that I've seen is " turbine".)

I've seen this clue in The Telegraph.

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