Discussion about this post

User's avatar
Martin Wolf's avatar

I know and like Branko. But I find this screed surprising and, above all, deeply disappointing. In the past, intellectuals have similarly lauded the destruction of bourgeois hypocrisy wrought by communism and fascism. How does that naivety look today? Trump just heralds chaos. Chaos never breeds more than more chaos or an autocratic reaction. No decent person should, in my view, welcome his ascent to power.

Expand full comment
Sanjeev's avatar

Capitalism has always been an evolving system. From old industrial capitalism and self regulating markets (up late 19th century until 1920s) to dirigistic state controlled capitalism (1930s to late 60s) to Neoliberalism & financialization (1970s to 2008) to Technofeudalism (2010s to present). Yes, Technofeudalism is the more accurate depiction of current form of capitalism. It entails rise of Tech Bros & plutocrats, dissolution of Democratic norms, rise of Pathocracy & Kakistocracy, rise of fanatics like Elon Musk and more generally the rise of rentierism. The tangible productive powers of capitalism are declining and rent seeking tendencies are ever increasing. This translates automatically into massive inequality of wealth & income and accumulation of economic as well as political power in hands of few.

Trump is partly an endogenous variable of this transformation. I do not ascribe any ideology to Donald Trump. He's highly unstable, erratic and opportunistic chameleon who can take any position which gives him power & money. Trump is a vehicle for oligarchs to implement their mad policies. A typical bourgeois politician, even an intellectually bankrupt one, won't approve the insane policies of fanatic oligarchs. Like mass reduction of government, mass firing of government employees, cutting social safety net, $2 trillion budget cut, mass deregulation including of parasitical funny money Crypto.

It's mocked in America that De-facto President of US is now Elon Musk but Musk has now global outreach. He's meddling in politics of many nations & with his toxic algorithms. Some people who were frustrated with old Neoliberal system & dysfunctional global order do not oppose Tech Bros political interference in the world. But if history tells us anything, a dysfunctional and broken status quo system may be far better than what comes after when system is completely destroyed by fanatics. Weimer Republic was better than 3rd Reich.

My own analysis of Trump era is here.

https://3rdworldecon.substack.com/p/what-drives-trump

Expand full comment
83 more comments...

No posts