The argument, which built on Joseph Tainter's thesis in The Collapse of Complex Societies, boiled down to its absolute basics, was that modern civilization was getting more complex, by and large in ways that were offering less and less benefit, leaving it more strained and more vulnerable to disruption, all as the costs of protecting it kept going up.
This sounds abstract, but there were fairly concrete ways in which this was the case. The ever-rising volume of trade, travel, communication, information production and processing show our society's increasing complexity. The profound slowdown in economic growth in recent decades, the routinization of colossal deficits, the explosion of debt, testify to a society whose resources are badly strained. And of course, the "tight coupling" of our contemporary systems, the preference for leanness in the name of "efficiency" (at the expense of resiliency) also suggested rising vulnerability. This was evident, too, in the standard deemed necessary for protection--with the old idea of nuclear deterrence giving way to an obsession with not deterring but neutralizing the abilities of "irrational" actors, which entailed such things as preventive wars and missile defense. Meanwhile, way below that threat level there was the burgeoning expenditure on law enforcement, emergency services, private security.
As is often the case with a piece of published research, it was a starting point for me rather than an end to a line of speculation, in particular the first aspect of it--the way society was getting more complex but stagnant and strained, as declining growth and rising deficits and debt suggested. One result was a more thoroughly worked out and heavily updated version of the argument in 2008 which I was releasing just as the mortgage crisis demonstrated the stagnation and frailty of the globalized, financialized, twenty-first century economy, with the paper. (You can find it here on my blog, a PDF version here at SSRN.)
Still, that was not the end of it. I returned to the same theme later, and more recently produced three papers, also published through SSRN--one offering a yet more thorough and more up-to-date version of that argument in early 2018; an accompanying piece which probed deeply into the multiple available data sets regarding post-World War II growth in Gross World Product; and finally one which endeavored to relate our economic stresses to the sharp deterioration of the "liberal international order" that respectable mainstream talking heads remark so much but do so little to help anyone understand.
My new book, Complexity, Stagnation and Frailty: Understanding the Twenty-First Century, brings this later research together in a single, convenient volume, in both Kindle and paperback editions, available at Amazon and other retailers.
Get your copy today.
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