“In an age of abundance, the easiest way to deal with social conflict is to buy off the disaffected. That’s how industrial societies over the last century came to provide welfare for the poor, mortgage guarantees and college grants for the middle class, subsidies for farmers, tax breaks for businesses – name a group that’s had enough political savvy to organize and raise a ruckus, and you can just as quickly name the arrangements by which they were paid off to minimize the risk of disruptions to the system. That was politically feasible in an expanding economy; even when the shares of the existing pie were grossly unequal, the fact that everyone could have at least a little more each year made those with smaller slices willing to work with the system in order to get their cut.

In an age of scarcity, that easy option no longer exists, and social conflicts heat up rapidly. That’s the unmentioned subtext for much of what’s going on in politics on both sides of the Atlantic just now. The middle class, who shrugged and turned its collective back when the working classes of Europe and America were thrown to the sharks thirty years ago, are now discovering to their horror that they’re next on the list, as the rentier class – the relatively privileged fraction of industrial society that makes its living from investments rather than salaries – struggles to maintain its prosperity at everyone else’s expense. The gutting of social safety nets, the slashing of salaries and benefits, and the impoverishment of millions of previously affluent people are part of that process, and lead to a rising spiral of social conflict that may well push a good many nations into crisis or collapse.”

Read more: How not to play the game. Picture: Oneiros.