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by hliyan
6 days ago
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Not a historian nor economist, but to my layman's mind, these revolts seem like a recurring phenomenon whenever long running economic cycles reach that point at which the aristocracy overreaches while trying to suppressing growing public sentiment against them, not unlike in Polybius' anacyclosis. But unlike Polybius' cycles, as technology improves, the likelihood of a successful reset at the end of a cycle, gradually diminishes with each cycle. I've recently started on Piketty's Capital, and he too alludes to the possibility that the post-industrial-revolution spiral into inequality could have continued uninterrupted into the 20th century and beyond, had it not been for the socioeconomic shock of the world war. Looking at the current trajectory of automation of intellectual labour and surveillance technology, I too am starting to worry that the odds of breaking the current cycle are slim. |
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On one hand wealth is being pooled into a smaller number of people, on the other it's becoming difficult to have anyone invested in working harder - and for good reason, as there's little payoff in that.