The shift in the locus of sovereignty is only a symbol of the shift in basic social relations, the shift from the rule of the capitalists to the rule of the managers. As has happened in the other comparable historical transitions, managerial society does away with the representative political institution of the old society, not merely because a new type of institution is technically better for the new society, but precisely because the old institution represents the old society; it becomes despised and hated, and the resentment of the masses is turned against it (look at France in the early
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