Economics/Class Relations

Are We in the New Roaring Twenties?

The general point the meme makes is valid enough but it’s over-simplistic. Classical bourgeois capitalism that developed during the industrial revolution more or less collapsed during the Great Depression, and for the reasons Marx said it would, i.e. the growing concentration of wealth would result in underconsumption to the point that capitalism was no longer sustainable. There are some right-libertarians who blame all that on monetary and credit policy as if those are not part of capitalism. When classical capitalism collapsed, it was replaced by managerial capitalism (James Burnham’s “managerial revolution” thesis is a much-overlooked examination of this). The managerial revolution was a worldwide occurrence in industrial countries although its assumed different forms in different places. The New Deal and WW2 occurred simultaneously with the managerial revolution.
The postwar economic boom I think had less to do with the New Deal and more to do with the fact that America’s global competitors had all been destroyed in the war. The USA controlled half the world’s economy in the late 1940s. That along with the technological expansion of the period allowed the working class to live like an upper middle class for roughly half a century. Suddenly, you had working-class people living in suburbs and subdivisions in two-story and split level houses on multiacre tracks of land, with multiple automobiles, household appliances, television, the ability to purchase stocks or get credit cards, and things that would have been inconceivable a generation or two earlier.
Capitalism has since undergone another transformation in the form of digital capitalism, along with globalization, automation, and many other features that have hollowed out the postwar industrial proletariat. Now, we’re developing a two-tier class system with tech, education, healthcare, and administrative workers along with traditional professionals comprising the new upper-middle-class, and service workers comprising the new proletariat and a lot of people sinking into the chronically unemployed lumpenproletariat. Wealth disparities are now what they were in the Roaring Twenties.

May be an image of text that says 'Tweet Lana Dragonfly Boss made a dollar Grandad made a dime But that was a poem From a simpler time Boss made a thousand Gave my pa a cent But that penny bought a mortgage mort Or at least it paid the rent Now boss makes a million And gives us jack Smugly blames his workers For the labor that he lacks 1:54 180ct21 Twitter for Android 2,841 Retweets 28 Quote weets 6,742'

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