Silicon Valley’s woke, feelgood brand of capitalism was always built on sand.
The new capitalists were supposed to be different. Unlike those corrupt titans of Wall Street or the money-grubbing oil men, the 21st-century tech gurus were meant to be a more ‘enlightened’ class of entrepreneur. They were going to transform our world, with their dazzling technology and their superior social values. Last week’s collapse of the Silicon Valley Bank (SVB) ought to shatter these illusions, once and for all.
