"How the Californian Dream Became a Nightmare"

[Belle]

The consequences of utopian progressive politics, massive debt and its corollary, crime:

https://www.spiked-online.com/2023/01/2 ... nightmare/

California’s poor environment for business, particularly its long delays for business permits and its high energy prices, have meant that even production industries that originated here, like semiconductors and renewables, are now headed elsewhere.

This is what Prof. Ferguson refers to as one of the failures of 'the institutions'; in this case, government, which makes doing business increasingly difficult, particularly in a 'stationary state' which is already the US economy. In previous centuries/periods of growth economies have succeeded because their governments and their rule of law have enabled them to do so; not burdened by labyrinths of red tape and super expensive start-up costs, loaded with government costs and ever-increasing demands about 'social licence' - all of which are typical today.