https://www.theatlantic.com/ideas/archive/2023/06/us-societal-trends-institutional-trust-economy/674260/
"All human societies experience recurrent waves of political crisis, such as the one we face today. My research team built a database of hundreds of societies across 10,000 years to try to find out what causes them. We examined dozens of variables,
including population numbers, measures of well-being, forms of governance, and the frequency with which rulers are overthrown. We found that the precise mix of events that leads to crisis varies, but two drivers of instability loom large. The first is
popular immiseration—when the economic fortunes of broad swaths of a population decline. The second, and more significant, is elite overproduction—when a society produces too many superrich and ultra-educated people, and not enough elite positions to
satisfy their ambitions.

These forces have played a key role in our current crisis. In the past 50 years, despite overall economic growth, the quality of life for most Americans has declined. The wealthy have become wealthier, while the incomes and wages of the median American
family have stagnated. As a result, our social pyramid has become top-heavy. At the same time, the U.S. began overproducing graduates with advanced degrees. More and more people aspiring to positions of power began fighting over a relatively fixed number
of spots. The competition among them has corroded the social norms and institutions that govern society.

The U.S. has gone through this twice before. The first time ended in civil war. But the second led to a period of unusually broad-based prosperity. Both offer lessons about today’s dysfunction and, more important, how to fix it.

To understand the root causes of the current crisis, let’s start by looking at how the number of über-wealthy Americans has grown. Back in 1983, 66,000 American households were worth at least $10 million. That may sound like a lot, but by 2019,
controlling for inflation, the number had increased tenfold. A similar, if smaller, upsurge happened lower on the food chain. The number of households worth $5 million or more increased sevenfold, and the number of mere millionaires went up fourfold.

On its surface, having more wealthy people doesn’t sound like such a bad thing. But at whose expense did elites’ wealth swell in recent years?

Starting in the 1970s, although the overall economy continued to grow, the share of that growth going to average workers began to shrink, and real wages leveled off. (It’s no coincidence that Americans’ average height—a useful proxy for well-being,
economic and otherwise—stopped increasing around then too, even as average heights in much of Europe continued climbing.) By 2010, the relative wage (wage divided by GDP per capita) of an unskilled worker had nearly halved compared with mid-century.
For the 64 percent of Americans who didn’t have a four-year college degree, real wages shrank in the 40 years before 2016.

As wages diminished, the costs of owning a home and going to college soared. To afford an average house, a worker earning the median wage in 2016 had to log 40 percent more hours than she would have in 1976. And parents without a college degree had to
work four times longer to pay for their children’s college.

Even college-educated Americans aren’t doing well across the board.
...
Competition is healthy for society, in moderation. But the competition we are witnessing among America’s elites has been anything but moderate. It has created very few winners and masses of resentful losers. It has brought out the dark side of
meritocracy, encouraging rule-breaking instead of hard work."

All of this has left us with a large and growing class of frustrated elite aspirants, and a large and growing class of workers who can’t make better lives for themselves."

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