PolyCrsis

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Economic dimensions include financialization, hyperglobalization, digitization, and “technofeudalism,” each amplifying inequalities, vulnerabilities, and systemic fragility… Brad Delong

Financialization: amplifying inequality and instability by disrupting old cybernetic economic systems-control mechanisms at local, national, and global levels, exacerbating the destructive effects of Schumpeterian creative-destruction…
Hyperglobalization creating significant fragility, prone to collapse under shocks such as pandemics or through the deliberate weaponization of interdependence (e.g., the oil crises starting in the 1970s)…
Digitization has eliminated opportunities for moderate-status but high-paid “unskilled” jobs, which previously offered a bridge to middle-class prosperity through farming, craftwork, or unionized assembly-line positions… The absence of stable, well-paying jobs for those without advanced education has severed pathways to socioeconomic advancement…
“Technofeudalism”: Plutocrats & near plutocrats in today’s Silicon Valley vs. the broad middle-class prosperity seen in previous industrial cycles like those of Kodak in Rochester, NY…