Peter Turchin explains the social-economic roots of UK and US crisis by violation of the existing social contract by rise of neoliberalism. This is pretty much what happened... but it's only half of the picture.
http://peterturchin.com/cliodynamica/the-structural-demographic-roots-of-the-uk-crisis/
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So, when discussing the social contract, it should be always remembered that there are *two* sides to it.
If you build your career on blaming the "elites" for abusing their political power, and then you effectively turn into a rentier, living no longer off your work but off your political power then you become nothing else than the "elites" you blamed before.
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