New Political Reckoning?

Mamdani’s election has reignited the question of whether capitalism and democracy can still coexist, as rising inequality and democratic decline push young generations to drive an unavoidable political shift

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Mamdani's mayoral victory reflects a generational revolt against systems that no longer promise mobility, dignity or security

Democratic socialist Zoran Mamdani’s election as New York City’s mayor has reignited the debate about the future of capitalism as practised in the USA today.

Reacting to Mamdani’s victory, PayPal cofounder and Silicon Valley venture capitalist Peter Thiel, who is accepted as the head of the PayPal Mafia group (the term was coined in a 2007 Fortune cover story by Jeffrey M. O’Brien), who still rules Silicon Valley, commented, “Capitalism is not working for a lot of people in New York City. Its not working for young people.” Thiel expanded this concern in a recent interview with the Free Press, saying strict zoning laws and construction limits have been terrible for millennials, who are having an extremely hard time buying homes. Significantly, in January 2020, in an email to top new-age business czars, including CEO Mark Zuckerberg, President of Global Affairs Nick Clegg, and venture capitalist Marc Andreessen, among others, Thiel cautioned, “When 70 per cent of Millennials say they are pro-socialist, we need to do better than simply dismiss them by saying that they are stupid or entitled or brainwashed; we should try and understand why” Other prominent members of the PayPal Mafia group close to President Donald Trump are David Sacks (crypto czar) and Elon Musk.