"Elite overproduction can also help explain the malaise gripping the rich world of late. It has become extraordinarily difficult for a young person to achieve elite status, even if she works hard and goes to the best university. House prices are so high that only inheritors stand a chance of emulating the living conditions of their parents. The power of a few "superstar" firms means that there are few genuinely prestigious jobs around. Mr Turchin reckons that each year America produces some 25,000 "surplus" lawyers. Over 30% of British graduates are "overeducated" relative to their jobs.
All this goes some way to explaining an apparently puzzling trend: why apparently well-off people are drawn to radicalism. Under Jeremy Corbyn Britain's Labour Party attracted more upper-middle- and middle-class folk than it used to, even as it moved further left from the Tories; its lead among recent graduates was clear. Joe Biden's lead over Bernie Sanders in opinion polls during the Democratic primaries was far smaller among college-educated Americans than among those who did not finish high school.
Mr Turchin's theories predict that political tremors eventually subside. "Sooner or later most people begin to yearn for the return of stability and an end to fighting," he argues. Already the data show that support for both left- and right-wing populist parties in Europe is waning. Another option for those looking to avoid instability is to reduce the number of aspiring elites. Boris Johnson, Britain's prime minister, has pressed for better vocational education, saying that "We need to recognise that a significant and growing minority of young people leave university and work in a non-graduate job."
Yet enlightened elites can prevent the emergence of political instability in more effective ways. In the early 20th century American reformers raised inheritance taxes to prevent the emergence of a hereditary aristocracy, and engaged in massive trust-busting. Modernising urban-planning systems could lower housing costs, and deregulating labour markets would help create good jobs for "excess" elites. Mr Turchin's analysis of the structural forces governing societies is an intriguing explanation of political unrest. But cliodynamics need not be destiny." [1]
1. "Graduates of the world, unite! Free exchange." The Economist, 24 Oct. 2020, p. 69(US).
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