100+ year old term actually. It's a term created by fascist dipshit Oswald Spengler in his book Decline of the West. He outlined there are nine cultures, one of which is Western or 'Faustian'. Spengler proposed that western white people have an insatiable urge to discover, create, and explore regardless of other concerns. Hence like Faust, who made a pact with the devil in the pursuit of knowledge. Also the Nazis loved this book.

Also Spengler believed that western countries should stop building so many factories because eventually non-white people would also figure out how to build factories and then weaponize their economies against the west.

lol