Bungacast /547/ What Are the Politics of Stagnation? ft. Dylan Riley
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Apr 28, 2026 Dylan Riley, UC Berkeley sociology professor and author on political capitalism and stagnation. He explores politics-backed asset inflation, why states prop up failing firms, and how Chinese state capitalism and global excess capacity shape stagnation. He also discusses divisions within the working class and what international coordination might mean for escaping the impasse.
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Asset Inflation Replaced Productive Profit
- Political capitalism shifts profits from productivity to asset-price inflation supported by state policy.
- Dylan Riley argues since ~1980 capitalists reap gains via central-bank policies, tax rules and asset appreciation rather than investment in means of production.
Politics Gains Weight As Investment Slows
- Political power is growing in importance while productive investment's role has declined, producing new political constraints.
- Riley concedes recent R&D/AI investment may be large but warns it may not generate durable productivity growth and could create overcapacity.
Tech Rent Is Real But State Role Is Central
- Tech-platform rents and data extraction are real but not wholly novel; state-backed asset-inflation is the core new feature.
- Riley accepts techno-feudalist descriptions but sees the distinctive feature since 1980 as state-enabled asset appreciation.