Daily reminder we live in an absurd parody
(media.kotakuinaction2.win)
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I'm not sure exactly when it started but participation trophies definitely lead to this.
Arguably. Things have gotten much worse since then. However, I think the problem of decadence existed among the elites since forever. The Industrial Revolution only made our surpluses so extreme that decadence could become a societal feature, rather than an upper class one.