In a heated argument during Industry Season 4, a single word exposes the deep cracks in a marriage built on money and misery. The term “proletariat” becomes a weapon for Henry Muck (Kit Harington) as he spirals into depression on his 40th birthday. This moment in Episode 2, titled “The Commander and the Grey Lady,” is more than just a fight; it is a raw look at class, power, and the emptiness of a life defined only by privilege.
What “Proletariat” Really Means
The word proletariat comes from Marxist theory. It describes the working classโpeople who do not own property or capital and must sell their labor to earn a living. It is directly opposed to the bourgeoisie, the class that controls wealth and the means of production. In simpler terms, the proletariat are the workers, while the bourgeoisie are the owners. The show uses this loaded term to highlight the vast economic divide that its characters navigate, even as they pretend it does not apply to them.
The Argument That Started It All
The word surfaces during a private, explosive fight between Henry and his wife, Yasmin (Marisa Abela). She finds him hiding in their bedroom, intoxicated and snorting drugs, having abandoned the lavish 18th-century costume party she planned for his birthday. Frustrated, Yasmin tries to shake him out of his despair, reminding him of a job offer from tech financier Whitney Halberstram (Max Minghella).
Henry, feeling useless after losing a political election, fires back. He asks why she did not vote for him. Yasmin dismissively replies, “I’ve never voted. What difference would my vote make?” Henry’s sarcastic retort cuts to the core:
“What, for the proletariat? Oh I’m sorry, too close to home?”
Here, Henry uses “proletariat” as a bitter jab. He is accusing Yasmin, who comes from enormous wealth but not the same historic aristocratic lineage, of having sympathies for the common working people. He twists the term to suggest her background might make her identify with them, using it as an insult in their world of extreme privilege. The irony is thick: they are both dressed in extravagant period costumes, playing at being aristocracy while their modern marriage falls apart.
Henry’s Mental State and Family History
To understand why this argument is so intense, you need to know what Henry is going through. Episode 2 reveals he is severely depressed. He recently lost a race to become a Conservative MP, a crushing blow to his identity and purpose. More hauntingly, he is terrified of turning 40 because his father died by sucide on his own 40th birthday. Henry found the body as a child.
He refuses proper medication and instead uses a dangerous mix of illegal drugs, which worsens his mental state. His uncle, Lord Norton (Andrew Havill), tries to give him advice, suggesting he must “integrate” his sorrow into his life instead of trying to drown it out. However, Henry feels his circumstances are “fixed” and “cast iron,” leading him to a dark conclusion about his own fate.
Yasmin, in her powerful monologue, rejects his romantic view of self-destruction. She tells him his death would not be poetic or grand; it would be “proceduralโฆ boring.” She is fighting against his use of the language of the powerless to justify his own collapse, even as he lives a life of immense material power.
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A Show About More Than Finance Bros
This episode, and the use of a term like “proletariat,” shows how Industry has evolved. It started as a show about young bankers but has grown into a broader examination of capitalism, class, and the people trapped in its systems. The creators, Mickey Down and Konrad Kay, have said that some in the finance world misunderstand the show. They only see the glamorous first actโthe drugs, sex, and moneyโand miss the third act where those pursuits destroy the characters.
Episode 2 functions like a gothic horror story, set in a vast estate where the past haunts the present. Henry is literally visited by a ghost from his pastโa hallucination of his father, known as “The Commander” (Jack Farthing). This supernatural turn pushes Henry to a crisis point, leading to a nearly fatal moment in the garage before a vision of Yasmin brings him back.
The episode ends with a temporary reprieve. Henry and Yasmin reconcile, and he decides to take the CEO job at Whitney’s company, Tender. He even suggests they try for a baby. However, the rapid swing from deep depression to sudden optimism feels unstable. Yasmin’s silent, wary reaction makes it clear she knows this is not a true recovery, but another phase in a difficult cycle.
Industry Season 4 Episode 2 is streaming now on HBO Max. New episodes are released weekly.
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