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The whole increasing concentration of wealth and fall in median quality of life can be traced back to basically each individual of the Owner Class thinking that somebody else will keep the system going by employing people and paying them well enough so that they keep on buying stuff.
The whole think is pretty much a Tragedy Of The Commons as defined in Games Theory, only instead of a shared grazing commons that would be fine if just one person had a few more sheep than they should (but gets overgrazed and then everybody looses if more people have a few more sheep than they should), we have the Economic system.
Historically one of the big reasons for the invariable appearance of some kind of social construct above the individual with the ability to make decisions for the group and force individuals to comply (from the "council of elders" all the way to the modern Democracy) is exactly to stop people from, driven by pure selfishness, "overgraze" in the various "commons" we have and ending up destroying the whole thing for everybody - if you have one or two doing it the "commons" can handle it, but too many and you get a tragedy.
And here we are after 4 decades of Neoliberalism whose entire purpose was to reduce the power of entities making decisions for the good of the group to overseeing the commons and force individuals from overexploiting it, so it's not at all surprising that we are seeing various common systems starting to collapse due to over-exploitation.
I'm pretty certain that whatever societies will be dominant next are not those which embraced Neoliberalism the most as those will be the ones with the most collapsed systems and that stuff takes a lot of time to recover, plus the very people who overexploited them to collapse will do all they can to avoid having stop what they've been doing and that gave them so much personal upside maximization and they've basically bought politics in the West, so there is no actual will to do it in the Power Elites (there's a will to get the upsides of a well functioning society but no will for they themselves to do the concessions needed, only for somebody else to do it, which is exactly the mindset that when not stamped out by some kind of oversight entity causes the problem in the first place).
Norway
Neoliberalism is killing the good parts of Norway (and there were bad ones to begin with).