The Collapse of the Progressive Economy
5th January 2023
In recent decades, progressive politics has been underwritten by the ascendant economic titans of capital, technology, and communication. Big Tech and financial firms have long financed Democratic causes, led by those such as George Soros and the now-disgraced crypto-master Sam Bankman-Fried, who was released last month on a $250 million bail deal.
Yet for all its claims to represent the future, this ephemeral economy is starting to unravel, as the world begins to wake up to the fundamental realities underlying daily life. It turns out that, while they may seem old-fashioned in today’s digital world, material goods actually matter when they are hard to procure. Over the past year, traditional industries such as manufacturing, agriculture and energy have thrived, while media companies have lost $500 billion in value and tech firms have suffered a reversal of an astounding $4 trillion. Today, it’s not steel companies or gas plants that are experiencing mass layoffs, but firms such as Goldman Sachs, Meta, Amazon and Google.