thescrum | Peter Thiel made his initial fortune by cofounding (and then selling) the electronic-payments service PayPal. Since that time, Thiel has created various other enterprises, ranging from venture-capital firms such as Founders Fund to a data-analysis firm named Palantir. In addition to his success as a venture capitalist, Thiel is member of the steering committee of the Bilderberg Meeting, an annual conference where European and American elites discuss how to maintain and promote free-market capitalism. He supported Donald Trump’s presidential campaign, a highlight of which was Thiel’s delivery of a pro–Trump speech at the Republican National Convention in July 2016. In that speech, Thiel explained Trump’s rise as a response to national decline resulting from the damaging consequences of free trade, out-of-control militarism, increasingly expensive health care, rising student debt, and stagnant wages. Jamie Galbraith, as noted in Part 1 of this essay, shares many of these concerns.
Thiel’s explanation for our national decline has been delivered, with much more detail, in various other formats over recent years. An essay Thiel wrote for the National Review (2011) elaborates his declinist viewpoint. In that essay, “The End of the Future,” Thiel argues that technological and scientific progress, the basis for economic growth, has stalled out. The lack of innovation in energy, agriculture, medicine, and science in general, he contends, has cut into standards of living that can no longer be attenuated by accumulation of consumer debt and cheap goods from free-trade partners, particularly China. Even gains in the digital tech sector, where Thiel made his initial fortune, he explains as having stalled out and now amount to illusory productivity.
So far, Galbraith and Thiel seem to be traversing similar paths, especially as regards the impediments to growth of rising resource costs and increased digitization. However, Thiel diverges from the progressive Galbraith and speculates that the decline in technological innovation has been concealed by battles over identity politics. It is here Thiel begins to bring questions of culture and psychology into his inquiry. As he puts it:
Today’s aged hippies no longer understand that there is a difference between the election of a black president and the creation of cheap solar energy; in their minds, the movement towards greater civil rights parallels general progress everywhere.
Thiel fleshed out his proposal for dealing with this decline in a speech delivered at the first National Conservativism Conference, in July 2019. In “The Star Trek Computer Is Not Enough,” he retraces the ground covered in his earlier National Review essay while also exploring new themes. He assails Silicon Valley for its lack of innovation and its too-close-for-comfort relationship with China, while also attacking China for its unfair trade practices.
Later in the speech, Thiel also delivers a jeremiad against higher education for handing out overrated, grade-inflated educations and saddling students with debt. He claims that, as mentioned in the National Review piece, the American left ignores national decline by obsessing about identity politics, while the right is in a state of denial about national decline as it insists that the U.S. is “exceptional” and immune to such decay. This is Thiel’s argument for registering a psychological component in any effort to achieve the national solidarity necessary to channel government resources into reversing decline. Indeed, Thiel, who is known for his adherence to libertarian philosophy, acknowledges that government in the past was capable of achieving amazing feats, such the Manhattan Project and the Interstate Highway System. Its shambolic response to the Covid–19 pandemic stands as tragic testimony to the lapse of “can-do” America.
What, then, is this psychological factor that can reverse our national decline, so overcoming the hurdles on right and left? This is Thiel’s question. His reply appears to be the use of René Girard’s famous scapegoat mechanism to break a societal bottleneck.
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