Postmodernism rather did it in. Part of a long and wonderful conversation between Scott Timberg and Rick Moody. Timberg notes:
Postmodernism cut the foundation out from under us—killed the idea that the arts and literary were something holy or transcendent—leaving culture entirely exposed to the logic of the marketplace. I used to love those thinkers and their audacity—it reminded me of punk rock. But I realize now that postmodernism is just another word for neoliberalism. Reagan and Warhol were secret lovers, and Jeff Koons and Lady Gaga are their nasty little millionaire children.