The battle of the oligarchs
Money and power have rarely been strangers; often nations are made to shudder when the ruling elites battle each other. Britain’s late empire was divided between liberal manufacturers and aristocratic interests, whose conflicts hastened the rise of the Labour Party and the end of empire. In the United States, opposition to powerful trusts defined progressive politics for decades, ultimately laying the basis for the New Deal and a greater scope for government. In the West today we are witnessing a similar divide among the uber-rich class — epitomized by Elon Musk’s embrace of Donald Trump — that is already reshaping politics. Until 2016 the US establishment, both Republican and Democratic, embraced similar views on national security, global trade and multilateral institutions.
