Graduates have multiplied faster than the room at the top:

The result is a stock of nearly-men and women whose relationship with their own class sours from peripheral membership to vicious resentment. If this coincides with a bad time for the general standard of living, there is an alliance to be formed between these snubbed insiders and the more legitimately aggrieved masses.

Turchin notes that this marginalisation of certain segments of the elite class has a heavy hand in many of our modern problems, from Brexit to far-right populism to the most problematic aspects of ‘woke culture’. Seems increasingly interesting as the years since its publication grow. You’ll need a paywall avoider.