The concept of “elite overproduction” was developed by social scientist Peter Turchin around the turn of this century to describe something specific: too many rich people for not enough rich-person jobs. It’s a byproduct of inequality: a ton of poor people, sure, but also a superfluity of the wealthy, without enough positions to house them in the influence and status to which they think themselves entitled. In a modern context, that would mean senior positions in the government and civil service, along with the top tier of finance and law, but Turchin tested the hypothesis from ancient Rome to 19th-century Britain. The names and nature of the contested jobs and titles changed; the pattern remained. Turchin predicted in 2010 that by the 2020s it would be destabilising US politics.
Turchin didn’t specify exactly how much wealth puts you in a situation with an overproduced elite, but he didn’t mean debt-laden students; he didn’t mean MPs; he meant, for brevity, billionaires or the top 1%. When a lot of your media are billionaire-owned, those media sources become endlessly inventive in taking the heat off billionaires, nipping criticism in the bud by pilfering its vocabulary and throwing it back at everyone.
Elon Musk could never have got himself elected into office in the US. But as the cost-cutting tsar, a made-up role Trump has promised him, he would exert extraordinary power to cause pain, with the only choice left to citizens being whether or not to hug it. Another billionaire donor, John Paulson, has been floated for the treasury secretary job, and Trump has a track record of rewarding big-ticket donors with a seat at the table – the billionaire Stephen Schwarzman boasted in print about his role in the new North America Free Trade Agreement negotiations in 2018, and as part of Trump’s “strategic and policy forum” during the 2017 administration.
Oh is this a thing that academics predicted? Welcome to the 1840s, Guardian
Also blaming the billionaires for destabilizing the economy is only partially true. The system is unstable, but billionaires profit from “instability”, so sure they cause it as much as the system causes billionaires and millionaires.
The problem isn’t who owns gigantic companies like Walmart and amazon and google and apple, the problem is that they can be privately owned. The instability isn’t a bug so much as a feature. Its not the individuals, it’s the system. Individuals can make adjustments, sometimes very critical ones but the system doesn’t pick winners based on who does the best at adhering to externalized ideals, it picks winners based on who can create the most profit for owners, profit made of the immense amount of collected time and energy siphoned off of workers.
there are obvious, accessible solutions.
The problem isn’t billionaires per se, the problem is not taxing people at higher income levels enough. People with higher incomes will do the rational thing and work towards self-preservation. It’s up to governments to work towards social stability, which is the point of civilization. It’s up to people to hold their governments accountable via democratic action. This model works in a lot of instances, but maligned processes can make it fail.
You sweet summer child. You think billionaires don’t control things?
I am not saying that. I am saying that if you take a really rich person and and really poor person, and switch their places, then there’s no guarantee that anything effectively changes about society because innate self preservation tendencies enables us to make similar rational decisions. Systems need to counteract these self preservation tendencies because often times these tendencies can be ruinous to the system they benefit from. Look at everything happening now, for example
I truly believe the world would be a much better place if there was a clear cutoff for wealth. But of course, there would still be weasles out there circumventing such measures. Greed is such an incredibly harmful thing.
Not a single redeeming thing about billionaires. Not a single one. Their “philanthropy” would be entirely unneeded, if they simply paid their fair share back to society, without which they wouldn’t have what they have in the first place.
if we’re imagining a better place why not go further? private ownership over collective production is the only way such gross amounts of wealth are possible.
A 100% tax bracket is fine and all, but why don’t we reimagine the economy so that individuals aren’t controlling so much of it? We built the infrastructure, we built the factories, we invented the machines and algorithms.
[Sharpens guillotine with revolutionary intent]
When money gives a handful of individuals more power than the rest of society, what could possibly go wrong?
turn of the century
2010
😭
Almost a quarter way through this century
The thesis also elicited that elite overproduction tends to favor political change in the dispossessed elite’s favor
It posits most revolutions, including communist revolutions, were pushed by elites who weren’t given the station they were promised.
That’s what will happen to the Trumpublican Party when its figurehead is gone. They’ll spend years clawing each other to pieces to fill the yuge void.
One billionaire is an excess.
One cannot earn that much money without exploiting workers.
This just in: Bathroom breaks cost 200 million dollars a year in lost productivity.
Just like academics predicted based on repeated patterns throughout the recorded human history
“Let them eat cake!” (Which Marie-Antoinette never said.)
It wasn’t great though, the American Gilded age translation would be, “Let them eat sawdust bread”.
I warned you about the tendency for wealth to accumulate under capitalism bro!!!
I told you dawg!
It keeps hapening!
Keep it up, and soon the masses will destabilize the meat from their bones.
the only solution
s/An\ excess/The\ existence/Never thought I’d see communist regex getting downvoted on lemmy
Theres this dazzling student of Hegel that has a few novel ideas about just that. You may have heard of him . . .
