Sumary of Have We Reached “Peak Self-Glorifying Billionaire”?:
- summarized historian Arnold Toynbee’s study of the rise and fall of civilizations thusly: “Civilizations fail when their elites change from an admired dynamic creative class to a despised Establishment of corrupt rentiers, an entrenched governing class unfit to govern.
- From the point of view of how systems fail to maintain dynamic stability, three factors pop out:1. Elites become too successful in sluicing the nation’s income, wealth and political power into their own hands.
- 3. The elites ignore the intangible decay of leadership, the real-world dynamics of scarcity and over-estimate their own capabilities and the resilience of the system.
- These policy extremes only push the system further out of balance in other directions, creating fatal synergies as mutually reinforcing imbalances pile up.
- But the elite is blinded by their confidence and greed to these accelerating imbalances.