Ibn Khaldun documented this cycle in the 14th century. Acemoglu and Robinson formalized it as "extractive institutions" (and won a Nobel prize for it). It's not new.
And then I started thinking about...
Wealth extraction is a recurring institutional failure mode that predates capitalism by millennia. Hell, it looks like it predates humanity. Capitalism is just the current operating system running old malware. (And I have a neat chapter show how both Libertarianism and Communism make the same error in their "fix" for our woes).
This matters because if enshittification is only a capitalism problem, replacing capitalism fixes it. 6/8
This matters because if enshittification is only a capitalism problem, replacing capitalism fixes it. 6/8
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