I largely agree, and it may be a necessary result of a transition to an increasingly financialized stage of capitalism in the west. Back when industrial capitalists ran things, they had a fairly well developed understanding of how things like supply chains and factories worked. They knew what it takes to spin up production for a product, do design, testing, and so on. Now, things are run by people who predominantly deal with abstract numbers on spreadsheets, and they have little understanding of what’s involved in material production.
Yes you can definitely see this in the (lack of) forceful response to Trump damaging industrial capital via tariffs and violence on immigrants. That group is hoping to be paid off or are at monopoly phase and are hoping to buy off failing companies. But they clearly have minimal influence compared to finance capital, which is making a bundle.
I largely agree, and it may be a necessary result of a transition to an increasingly financialized stage of capitalism in the west. Back when industrial capitalists ran things, they had a fairly well developed understanding of how things like supply chains and factories worked. They knew what it takes to spin up production for a product, do design, testing, and so on. Now, things are run by people who predominantly deal with abstract numbers on spreadsheets, and they have little understanding of what’s involved in material production.
Yes you can definitely see this in the (lack of) forceful response to Trump damaging industrial capital via tariffs and violence on immigrants. That group is hoping to be paid off or are at monopoly phase and are hoping to buy off failing companies. But they clearly have minimal influence compared to finance capital, which is making a bundle.