This isn't much of a new phenomenon. There are many examples in European history at least where a monarch puts all of his time and energy into patronizing the arts, causing his kingdom to fall into ruin. Charles V's reign of Spain was plagued with uprisings of disgruntled peasants. Certainly worth looking into for your full write-up. "There is nothing new under the sun" is a great idiom to call upon to back up an argument.