On Tumblr, the kids are calling it late-stage capitalism.*
Unlike other late-stage diseases syphilis springs to mind — there is still hope for saving the patient that is our political economy. But we have to act soon, and if we dont, the outcomes dont look rosy. And theres one outcome in particular that should haunt your dreams revolution.
In Kurt Andersens wonderful follow-up to Fantasyland, he explains how one idea has led America (and the rest of the developed world, Id argue) into what is starting to look like a dystopian hellscape.
Evil Geniuses: The Unmaking of America, chronicles how the idea that greed is good should be the only moral. Beginning with Milton Freeman, this notion is treated like the law of the land in the USA now. Making money is what matters. Not what you can do for others. Or your country. It is the best thing you can do for your country. Many argue it is the only thing a corporate executive should and some case law backs this up care about. But it wasnt always so. In the 40s, 50s, 60s and even into the 70s, Americans shared in their growing national wealth. There was a healthy middle class of blue collar workers, who were members of unions and who were paid fairly. CEOs rarely made more than 20 times what an average worker in their company did. At many companies now that gap is well over 1000 times.
Andersen, in a meticulously researched book, explains how all this came to pass. It is deliciously ironic, that after poking fun at the American instinct for conspiracy theories throughout Fantasyland: How America Went Haywire, he then has to spend an entire book documenting an actual, real, provable conspiracy. The conspiracy is evil in its conception and brutal in its process. It has left America with a destabilizing income disparity, a political system mired in corruption, and its people divided.
So, maybe it is time for a revolution? Oh, I hope not.
Though revolution might seem like the most likely outcome, its still the most dangerous. There is no telling where a revolution is going to lead, and from my cursory review of history, most of them dont go so well. As satisfying as it might be to imagine the resurrection of the Madame Le Guillotine, try to remember the thousands of ordinary and innocent people who were drowned, or burned alive during the worst years of the Terror, in the French Revolution. The millions who died of starvation in Russia. The even greater number of millions killed in Chinas Maoist revolution. Im not going to give exact figures, because theres some debate over how many millions, but its millions. Millions.
And that is what is at stake. The rich have gotten even richer, reaching the same levels of income inequality that occurred in the Gilded Age. The poor have gotten poorer, and the middle hasnt seen a practical increase in income in decades, despite huge increases in productivity.
Andersens book explains how the far right economic and political geniuses managed to make all of this happen. Right under everyones nose! And you might think that a book about political economy would be a hard go, but Andersen keeps it readable, genial and entertaining. (I listened to the audio book because I enjoy his avuncular style of narration.)
As a side note, the book is really about the USAs political economy, and it is there where the plot was hatched and executed, but other capitalistic democracies have not been immune to these forces. Though I will say, many other countries have curbed some of the most cruel excesses. Most developed countries have some form of universal health care, for example, while in the USA, a serious illness can leave one either bankrupt or dead.
And thats exactly where its headed, argues Andersen. I dont want to spoil the other revelations though I will mention that his take on the development of AI, universal basic income, and other topics are all food for thought.
My one critique: he never mentions the environment nor how capitalism has exploited it as though there were no costs to anyone.
Highly recommended!
*I recognize that referencing Tumblr may make you ignore this entire article, but I must acknowledge my sources and inspiration.
Photo by olia danilevich from Pexels