At the heart of the new age are novel configurations of fear, certainty, and power
The big reveal: Google and Facebook are marketing companies. That is how they make money. What is more extraordinary is how much the two companies have thus far dominated their markets. Zuboff reports that between 2012 and 2016 Google and Facebook together accounted for 90 percent of the growth in global advertising expenditures. But there is nothing much “unprecedented” about advertising.
The populist revolt is not against the crash, or even its immediate aftermath, but against the nature of the recovery.
This is the economic backdrop of the populist revolt. To the extent that it is driven by economics, it is a revolt not so much against the crash, or even its immediate aftermath—as Tooze seems to suggest—but against the nature of the recovery. This recovery, sustained by historically unprecedented “accommodative” monetary policies, is now nearly the longest on record. But it has proved to be yet another iteration of a now forty-year macroeconomic pattern for which centrist liberals bear much responsibility. It is the economy whose pre-crisis development they happily facilitated and which, during the 2008 crisis, they brought back to life, if moderately reformed. But since 2008, this same old asset-led global capitalism has slowly but steadily worn down the political establishment’s reserves of legitimacy.