Nathan Gardels at Noema:
When inequality is too vast to last, it doesn’t. The skyrocketing valuations of Big Tech and the staggering concentration of wealth accruing to its titans only presage a revolt against the depredations of disparity.
The advent of our new Gilded Age of silicon plutocrats will be remembered as the moment when the Daoist principle of “the reverse movement of history” was set in motion. That principle holds that strengthening an ascending tendency also strengthens the opposition to it, laying the seeds of its own unraveling.
Even before the innovations of digital capitalism thoroughly divorce productivity growth and wealth creation from employment and income, the chasm of wealth inequality in America today is already driven primarily by the gap between those who own the technology of the future through financial investments and those who labor for a living. The top 10% own 93% of all equities.
More here.
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