Tag Archive for: tech oligarchs

America Has An Oedipus Complex

As in Sophocles’s tragedy Oedipus Rex, we are witnessing a generational drama in which inheritors kill their proverbial father to marry their mother, in this case Mother Earth. The psychology behind this pattern is above my pay grade, but many of the richest people on the planet, and their heirs, now seem anxious to disparage the economic system that created their fortunes. With few exceptions, the new rich, and particularly their children and ex-wives, embrace a racial, gender and environmental agenda that, while undermining merit and economic growth, still leaves them on top of the heap.

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Google’s Most Ambitious Project to Date: Reshaping Your Thinking

By: News
On: Mind Matters

In a column yesterday at Spiked, urban studies specialist Joel Kotkin, author of The Coming of Neo-Feudalism: A Warning to the Global Middle Class (2020), provided depressing evidence that the power of Big Tech is beginning to genuinely resemble the power medieval lords had over their serfs. It’s not just an office joke any more.

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How the Boomers Robbed the Young of All Hope

“Young people do not degenerate; this occurs only after grown men have already become corrupt.”Montesquieu, The Spirit of Laws, 1748.

The great test of a generation is whether it leaves better prospects for its descendants. Yet by virtually every indication, the baby boomers, and even the Gen Xers, are leaving a heritage of economic carnage – as well as a growing social and cultural dissipation that could shape our future and the fate of democratic self-rule, and not for the better. This legacy comes not from outside forces, but the investment bankers, tech oligarchs and their partners in the clerisy who have weakened their national economies and undermined the chances of upward mobility for most young people.

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Do We Need a Capitalist Civil War?

We Americans like to think of ourselves as a thoroughly modern people — living proof of what, with enough toil and grit, the rest of the free world can one day hope to be. And yet for all our progressivism and idealism, America’s political culture finds itself unable to escape the past. We may be living in a 21st century democracy, but that “democracy” increasingly resembles something that could have been plucked out of feudal Europe or, perhaps more accurately, feudal Japan.

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Texas Is The Future

In 1946, the American author John Gunther described Houston as “mostly ugly and barren, without a single good restaurant and hotels with cockroaches”. The only reasons to live in the city, he claimed, were financial; it was a place “where few people think about anything but money”.

This view was widespread at the time, and has lingered well into the 21st century. Forget Houston. New York, Chicago, San Francisco, and Los Angeles are the cities most frequently associated with the urban American dream.

Fast forward to today, however, and a new urban renaissance is taking shape — and this time, it’s in the heart of Texas. Never before in American history have two metros in one state — Houston and Dallas-Ft. Worth — been in the nation’s five largest. So much for its cockroaches; at its current rate of growth, Houston could replace Chicago as the nation’s third largest municipality by 2030.

What’s driving this Texan resurgence? Traditionally, American cities such as Detroit, Cleveland, and St. Louis all tried to copy the model set by New York and, to a lesser extent, Chicago, with high-rise offices crowded into central business districts. But Texas urbanism is different. They may wear cowboy boots, drive pickup trucks, and attend rodeos, but Texans have created a new model of American urbanity rooted in the demands of the consumer market — an idea deeply offensive to many planners and retro-urbanists.

Some observers lament the fact that the vast majority of Texas’s metropolitan growth — nearly 100% — has taken place in the suburbs and exurbs. But this has its benefits, not least the fact that its cities haven’t been turned into rabbit warrens that only provide high living standards to the rich. Over the past decade, Texas has built three times as much housing as California. This has allowed its cities, despite massive demographic and economic growth, to keep housing prices significantly lower than in coastal Californian cities such as San Francisco, San Jose, San Diego and Los Angeles.

But while affordability has been the secret sauce for Texan cities, its urbanism also thrives by embracing the realities of the marketplace. Over the past decade, Austin and Dallas have created jobs two to three times faster than New York, Los Angeles, or Chicago. And this growth is not all at the low end of the job market, as some like the New York Times’s Paul Krugman suggest. Over the past five years, for instance, Austin has displaced San Francisco as the fastest growing tech market. Indeed, Austin is now arguably the strongest rival to Silicon Valley, home to the headquarters of Tesla, and Oracle, as well as Apple’s engineering division and Meta’s latest expansion, 33 floors downtown.

But the most significant expansion has been in professional and business services, the core of the new urban economy. Over the past five years, Austin and Dallas-Ft. Worth have created more than twice as many new business service jobs as San Jose; all four big Texas cities have grown this sector many times the rate of New York, Los Angeles, or Chicago. The Dallas metroplex is now home to 24 Fortune 500 company headquarters, trailing only New York and Chicago by a small number; 40 years ago, the region had fewer than five.

Read the rest of this piece at UnHerd.


Joel Kotkin is the author of The Coming of Neo-Feudalism: A Warning to the Global Middle Class. He is the Roger Hobbs Presidential Fellow in Urban Futures at Chapman University and Executive Director for Urban Reform Institute. Learn more at joelkotkin.com and follow him on Twitter @joelkotkin.

Homepage photo: from PxHere under CC 0.0 Public Domain.

The Tech Breakdown

The record meltdown of Meta stock earlier this month suggests turbulence in the tech world and a difficult period ahead for the company formerly known as Facebook. But even as Meta’s stock has fallen, the record profits being posted by fellow oligarchical tech firms Google, Microsoft, Apple, and Amazon indicates that Silicon Valley’s hegemony is far from over. Read more

The Zaibatsu-ization of America

Enthusiasts of “the new economy” long cherished the notion that it would be different from the unenlightened, sluggish, and piggish older one. Yet our economy seems increasingly to resemble not some hippy capitalist utopia, but the deeply concentrated economy of pre-war Japan.

At the time, Japan had developed an economic model around a handful of large corporate conglomerates called zaibatsu. Organized as a “financial clique,” with a bank at the center, these firms extended their interests into virtually all economic activity. They included Mitsui, Mitsubishi, Sumitomo, and Yasuda. Mitsubishi led the way in shipbuilding, steel, and of course aircraft, being the creator of the famous Zero fighter.

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Kotkin on KFBK Morning News: Haves and Have-Nots in CA

By: Sam Shane

On: The Morning News (iheart radio)

Joel Kotkin, Professor of Urban Studies at Chapman University joins host Sam Shane to discuss California society and how the state has become one of “haves and have-nots”.

Listen to this interview:

California’s Economy is Weaker Than it Looks

Whisper it, but the $45 billion surplus Gavin Newsom has projected for California next year isn’t quite what it seems. In fact, the bulk of that surplus is largely due to the earnings of a few giants such as Google, Apple and Meta (formerly Facebook), as well as a handful of IPOs. Read more

California is a Bastion of Innovation Marred by Deep Inequality. Is That America’s Future?

Everyone seems to be California dreaming these days. Much of America, particularly its red parts, see California as a hopeless dystopia best understood as everything the nation should avoid. Meanwhile, for the progressive Left and many around Joe Biden, California is the Mecca, a great role model being attacked by jealous reactionaries.

As in so many cases, both sides have a piece of the truth.

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