FLASHBACK: How ‘elite overproduction’ and ‘lawyer glut’ could ruin the U.S. “The problem with the elites is they’re not that elite, and growing numbers spur intense rivalries that spark ideological polarization and bitter political divisions. . . . Elite overproduction generally leads to more intra-elite competition that gradually undermines the spirit of cooperation, which is followed by ideological polarization and fragmentation of the political class. This happens because the more contenders there are, the more of them end up on the losing side. A large class of disgruntled elite-wannabes, often well-educated and highly capable, has been denied access to elite positions. Consider the antebellum U.S.”

A friend on Facebook points out the connection with Pareto’s theory of revolutions as elite turnover.

Possibly related: Obama orchestrated a massive transfer of wealth to the 1 percent.