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While there are many explanations, one that stands out is the growth of inequality, a problem stemming from modern neoliberal capitalism, which can also be linked in many ways to the erosion of democracy. Economic inequality inevitably leads to political inequality, albeit to varying degrees across countries. In a country like the US, which has virtually no constraints on campaign contributions, “one person, one vote” has morphed into “one dollar, one vote”.
This political inequality is self-reinforcing, leading to policies that further entrench economic inequality. Tax policies favour the rich, the education system favours the already privileged, and inadequately designed and enforced antitrust regulation tends to give corporations free rein to amass and exploit market power. Moreover, since the media is dominated by private companies owned by plutocrats like Rupert Murdoch, much of the mainstream discourse tends to entrench the same trends. News consumers thus have long been told that taxing the rich harms economic growth, that inheritance taxes are levies on death, and so forth.
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More recently, traditional media controlled by the super-rich have been joined by social media companies controlled by the super-rich, except that the latter are even less constrained in spreading misinformation. Thanks to section 230 of the 1996 Communications Decency Act, US-based companies cannot be held liable for third-party content hosted on their platforms – or for most of the other social harms they cause (not least to teenage girls).
In this context of capitalism without accountability, should we be surprised that so many people view the growing concentration of wealth with suspicion, or that they believe the system is rigged? The pervasive feeling that democracy has delivered unfair outcomes has undermined confidence in democracy and led some to conclude that alternative systems might produce better results.
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