Another possibility is the Economic supercycle which has a period of around a century, in which we are now at or near the low-point (basically the maximum inequality point when growth - not just Economic but actually as a progression of quality of life - is at a minimum whilst non-productive rentierism is at a maximum).

It makes sense that the people with the most power - which in Capitalism are the moneyed classes - at this point would be investing heavilly in political forces which blame outsider for the pain and loss of faith in the future that most people are feeling, in order to avoid being punished by the public for their misuse of power for maximum self-enrichement which is causing the hurt on everybody else.

This shit isn’t just Economic, but also Social and the elites managing the last part would explain all manner of things done in the last decade or two, from the rise of the Far-Right to increasing political corruption and authoritarianism (starting with widespread civil society surveillance, which is now increasing, as well as increasing cracking down on demonstration) in supposedly Democratic nations.