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Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.

That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.

So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.

In truth, LBOs are capitalism’s natural undertakers—vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.

Accordingly, Bain’s returns on the overwhelming bulk of the deals—67 out of 77—were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Investor profits amounted to a prosaic 0.7X the original investment on these deals and, based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period.

having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate

Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.

When Romney opened the doors to Bain Capital in 1984, the S&P 500 stood at 160. By the time he answered the call to duty in Salt Lake City in early 1999, it had gone parabolic and reached 1270. This meant that had a modern Rip Van Winkle bought the S&P 500 index and held it through the 15 years in question, the annual return (with dividends) would have been a spectacular 17 percent. Bain did considerably better, of course, but the reason wasn’t business acumen.

The secret was leverage, luck, inside baseball, and the peculiar asymmetrical dynamics of the leveraged gambling carried on by private-equity shops. LBO funds are invested as equity at the bottom of a company’s capital structure, which means that the lenders who provide 80 to 90 percent of the capital have no recourse to the private-equity sponsor if deals go bust. Accordingly, LBO funds can lose 1X (one times) their money on failed deals, but make 10X or even 50X on the occasional “home run.” During a period of rising markets, expanding valuation multiples, and abundant credit, the opportunity to “average up” the home runs with the 1X losses is considerable; it can generate a spectacular portfolio outcome.

The Wall Street Journal examined 77 significant deals completed during that period based on fundraising documents from Bain, and the results are a perfect illustration of bull-market asymmetry. Overall, Bain generated an impressive $2.5 billion in investor gains on $1.1 billion in investments. But 10 of Bain’s deals accounted for 75 percent of the investor profits.

The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.

By contrast, the 10 home runs generated profits of $1.8 billion on investments of only $250 million, yielding a spectacular return of 7X investment. Yet it is this handful of home runs that both make the Romney investment legend and also seal the indictment: they show that Bain Capital was a vehicle for leveraged speculation that was gifted immeasurably by the Greenspan bubble. It was a fortunate place where leverage got lucky, not a higher form of capitalist endeavor or training school for presidential aspirants.

The startling fact is that four of the 10 Bain Capital home runs ended up in bankruptcy, and for an obvious reason: Bain got its money out at the top of the Greenspan boom in the late 1990s and then these companies hit the wall during the 2000-02 downturn, weighed down by the massive load of debt Bain had bequeathed them. In fact, nearly $600 million, or one third of the profits earned by the home-run companies, had been extracted from the hide of these four eventual debt zombies.

The bankruptcy forced the closure of about 250—or 40 percent—of the company’s stores and the loss of about 5,000 jobs. Yet the moral of the Stage Stores saga is not simply that in this instance Bain Capital was a jobs destroyer, not a jobs creator. The larger point is that it is actually a tale of Wall Street speculators toying with Main Street properties in defiance of sound finance—an anti-Schumpeterian project that used state-subsidized debt to milk cash from stores that would not have otherwise survived on the free market.

Ironically, the businesses and jobs that Staples eliminated were the office-supply counterparts of the cracker-box stores selling shoes, shirts, and dresses that Bain kept on artificial life-support at Stage Stores Inc. At length, Wal-Mart eliminated these jobs and replaced them with back-of–the-store automation and front-end part-timers, as did Staples, which now has 40,000 part-time employees out of its approximate 90,000 total head count. The pointless exercise of counting jobs won and lost owing to these epochal shifts on the free market is obviously irrelevant to the job of being president, but the fact that Bain made $15 million from the winner and $175 million from the loser is evidence that it did not make a fortune all on its own. It had considerable help from the Easy Button at the Fed.

The lesson is that LBOs are just another legal (and risky) way for speculators to make money, but they are dangerous because when they fail, they leave needless economic disruption and job losses in their wake. That’s why LBOs would be rare in an honest free market—it’s only cheap debt, interest deductions, and ludicrously low capital-gains taxes that artifically fuel them.

The larger point is that Romney’s personal experience in the nation’s financial casinos is no mark against his character or competence. I’ve made money and lost it and know what it is like to be judged. But that experience doesn’t translate into answers on the great public issues before the nation, either. The Romney campaign’s feckless narrative that private equity generates real economic efficiency and societal wealth is dead wrong.

The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.

In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.

"There's no word for accountability in Finnish," he later told an audience at the Teachers College of Columbia University. "Accountability is something that is left when responsibility has been subtracted."

Only a small number of independent schools exist in Finland, and even they are all publicly financed. None is allowed to charge tuition fees. There are no private universities, either. This means that practically every person in Finland attends public school, whether for pre-K or a Ph.D.

From his point of view, Americans are consistently obsessed with certain questions: How can you keep track of students' performance if you don't test them constantly? How can you improve teaching if you have no accountability for bad teachers or merit pay for good teachers? How do you foster competition and engage the private sector? How do you provide school choice?

Finland has no standardized tests. The only exception is what's called the National Matriculation Exam, which everyone takes at the end of a voluntary upper-secondary school, roughly the equivalent of American high school.

Instead, the public school system's teachers are trained to assess children in classrooms using independent tests they create themselves. All children receive a report card at the end of each semester, but these reports are based on individualized grading by each teacher.

"Oh," he mentioned at one point, "and there are no private schools in Finland."

what matters is that in Finland all teachers and administrators are given prestige, decent pay, and a lot of responsibility. A master's degree is required to enter the profession, and teacher training programs are among the most selective professional schools in the country. If a teacher is bad, it is the principal's responsibility to notice and deal with it.

"Real winners do not compete." It's hard to think of a more un-American idea, but when it comes to education, Finland's success shows that the Finnish attitude might have merits. There are no lists of best schools or teachers in Finland. The main driver of education policy is not competition between teachers and between schools, but cooperation.

the number of foreign-born residents in Finland doubled during the decade leading up to 2010, and the country didn't lose its edge in education. Immigrants tended to concentrate in certain areas, causing some schools to become much more mixed than others, yet there has not been much change in the remarkable lack of variation between Finnish schools in the PISA surveys across the same period.

Decades ago, when the Finnish school system was badly in need of reform, the goal of the program that Finland instituted, resulting in so much success today, was never excellence. It was equity.

Since the 1980s, the main driver of Finnish education policy has been the idea that every child should have exactly the same opportunity to learn, regardless of family background, income, or geographic location. Education has been seen first and foremost not as a way to produce star performers, but as an instrument to even out social inequality.

this means that schools should be healthy, safe environments for children. This starts with the basics. Finland offers all pupils free school meals, easy access to health care, psychological counseling, and individualized student guidance.

In fact, since academic excellence wasn't a particular priority on the Finnish to-do list, when Finland's students scored so high on the first PISA survey in 2001, many Finns thought the results must be a mistake. But subsequent PISA tests confirmed that Finland -- unlike, say, very similar countries such as Norway -- was producing academic excellence through its particular policy focus on equity.

Finally, in Finland, school choice is noticeably not a priority, nor is engaging the private sector at all.

Like Finland, Norway is small and not especially diverse overall, but unlike Finland it has taken an approach to education that is more American than Finnish. The result? Mediocre performance in the PISA survey. Educational policy, Abrams suggests, is probably more important to the success of a country's school system than the nation's size or ethnic makeup.

there were 18 states in the U.S. in 2010 with an identical or significantly smaller percentage of foreign-born residents than Finland

the goal of educational policy in the U.S. -- as articulated by most everyone from President Obama on down -- is to preserve American competitiveness by doing the same thing. Finland's experience suggests that to win at that game, a country has to prepare not just some of its population well, but all of its population well, for the new economy.

Finland's experience shows that it is possible to achieve excellence by focusing not on competition, but on cooperation, and not on choice, but on equity

The problem facing education in America isn't the ethnic diversity of the population but the economic inequality of society, and this is precisely the problem that Finnish education reform addressed. More equity at home might just be what America needs to be more competitive abroad.

A new study by finance professors Aleksandar Andonov of Erasmus University Rotterdam and Joshua Rauh of Stanford University looks at expected returns among more than 230 public pension plans with more than $2.8 trillion in combined assets.

For their portfolios, generally consisting of cash, U.S. and international bonds and stocks, real estate, hedge funds and private-equity or buyout funds, these pension plans report that they will earn an average of 7.6% annually over the long term. (That’s 4.8% after their estimates of inflation.) These funds often define “long term” as between 10 and 30 years.

Based on how they divvy up their money, how much are these pension funds assuming specific assets will earn?

They expect cash to return an average of 3.2% annually over the long run; bonds, 4.9%; such “real assets” as commodities and real estate, 7.7%; hedge funds, 6.9%; publicly traded stocks, 8.7%; private-equity funds, 10.3%.

consider bonds. The simplest reliable indicator of how much you will earn from a portfolio of bonds in the future is their yield to maturity in the present. With 10-year Treasurys yielding 2.6% and investment-grade corporate bonds averaging under 3.7%, it would take a near-miracle today to get anything close to 4% out of a high-quality fixed-income portfolio.

That’s below the U.S. average of 10.2% annually over the past 90 years. But stocks were far cheaper over most of that period than they are today, so their returns were naturally higher.

stocks aren’t likely to earn more than an average of 5.9% annually over the long run from today’s lofty prices.

Among those, the least implausible scenario is higher inflation. So the pension funds could hit their 8.7% stock return that way — but such a surge in the cost of living would crimp their bond returns. What they would gain on their stocks they would lose on their bonds.

the new study of estimated returns finds that the older a pension fund’s holdings of private equity are, the more likely its officials are to extrapolate those returns — as if the good times of the early 2000s, when deals abounded and buyouts were cheaper, were still rolling.

Why do expectations among pension plans run so high? Because they have to, the chief investment officer of a large public pension plan tells me. State laws guarantee generous retirement benefits for millions of current and former government employees. To appear as if they can meet those obligations, the pension plans have no choice but to set their expected returns higher than reality is likely to deliver.

That’s the exact opposite of what the rest of us should do. Sooner or later, investors who build their expectations on hope rather than on arithmetic end up sorry.

Americans are consistently obsessed with certain questions: How can you keep track of students' performance if you don't test them constantly? How can you improve teaching if you have no accountability for bad teachers or merit pay for good teachers? How do you foster competition and engage the private sector? How do you provide school choice?

The answers Finland provides seem to run counter to just about everything America's school reformers are trying to do.

Finland has no standardized tests

Instead, the public school system's teachers are trained to assess children in classrooms using independent tests they create themselves.

As for accountability of teachers and administrators, Sahlberg shrugs. "There's no word for accountability in Finnish," he later told an audience at the Teachers College of Columbia University. "Accountability is something that is left when responsibility has been subtracted."

For Sahlberg what matters is that in Finland all teachers and administrators are given prestige, decent pay, and a lot of responsibility. A master's degree is required to enter the profession, and teacher training programs are among the most selective professional schools in the country. If a teacher is bad, it is the principal's responsibility to notice and deal with it

And while Americans love to talk about competition, Sahlberg points out that nothing makes Finns more uncomfortable.

There are no lists of best schools or teachers in Finland. The main driver of education policy is not competition between teachers and between schools, but cooperation

in Finland, school choice is noticeably not a priority, nor is engaging the private sector at all.

Decades ago, when the Finnish school system was badly in need of reform, the goal of the program that Finland instituted, resulting in so much success today, was never excellence. It was equity.

ince the 1980s, the main driver of Finnish education policy has been the idea that every child should have exactly the same opportunity to learn, regardless of family background, income, or geographic location. Education has been seen first and foremost not as a way to produce star performers, but as an instrument to even out social inequality.

this means that schools should be healthy, safe environments for children. This starts with the basics. Finland offers all pupils free school meals, easy access to health care, psychological counseling, and individualized student guidance.

Samuel Abrams, a visiting scholar at Columbia University's Teachers College, has addressed the effects of size and homogeneity on a nation's education performance by comparing Finland with another Nordic country: Norway. Like Finland, Norway is small and not especially diverse overall, but unlike Finland it has taken an approach to education that is more American than Finnish. The result? Mediocre performance in the PISA survey

the goal of educational policy in the U.S. -- as articulated by most everyone from President Obama on down -- is to preserve American competitiveness by doing the same thing. Finland's experience suggests that to win at that game, a country has to prepare not just some of its population well, but all of its population well, for the new economy. To possess some of the best schools in the world might still not be good enough if there are children being left behind.

Finland's dream was that we want to have a good public education for every child regardless of where they go to school or what kind of families they come from, and many even in Finland said it couldn't be done." Clearly, many were wrong. It is possible to create equality

Finland's experience shows that it is possible to achieve excellence by focusing not on competition, but on cooperation, and not on choice, but on equity.

“I know you don’t want to hear this from me, but the wealthy are getting wealthier, and again, the belly of America is getting hurt,” he said. “Look, I’m a hard-core capitalist. But let’s be fair — capitalism only works if it starts at the top and filters down. If it doesn’t get down, we’re going to lose.”

“Taken together, they are fraying the fabric of our system,” he said.And once again, he pointed the finger at Washington, prompting the crowd to cheer

Mr. Fuld also quickly offered three data points that he suggested made it clear that Lehman could have survived, had the Fed not forced it to fail: “When Lehman was mandated into bankruptcy, we said our equity capital was $28 billion. Second, we had a Tier 1 capital ratio of 11 percent. Third, Lehman had unencumbered collateral of $127 billion.”

“It’s very easy to look back. As they said, hindsight is 20/20. There is no ‘if’ or ‘woulda coulda shoulda,’ ” he said. “You can only make a decision at any specific time with the best information that you think you have.”Going further, Mr. Fuld insisted that he could have saved the firm: “Lehman Brothers at the point of 2008 was not a bankrupt company.”

Asked what he could have done differently, he avoided answering directly, and instead said, “I think I missed the violence of the market and how it spread from one asset class to the next. Did we do everything we could? Did we fall prey to some other agendas? I’ll leave it at that.”

In the end, Mr. Fuld seemed hung up on the fate of his own firm, not the broader crisis that its bankruptcy helped ignite.

But regardless of industry, the families investing the most in presidential politics overwhelmingly lean right, contributing tens of millions of dollars to support Republican candidates who have pledged to pare regulations; cut taxes on income, capital gains and inheritances; and shrink entitlement programs.

In marshaling their financial resources chiefly behind Republican candidates, the donors are also serving as a kind of financial check on demographic forces that have been nudging the electorate toward support for the Democratic Party and its economic policies. Two-thirds of Americans support higher taxes on those earning $1 million or more a year, according to a June New York Times/CBS News poll, while six in 10 favor more government intervention to reduce the gap between the rich and the poor. According to the Pew Research Center, nearly seven in 10 favor preserving Social Security and Medicare benefits as they are.

The donor families’ wealth reflects, in part, the vast growth of the financial-services sector and the boom in oil and gas, which have helped transform the American economy in recent decades. They are also the beneficiaries of political and economic forces that are driving widening inequality: As the share of national wealth and income going to the middle class has shrunk, these families are among those whose share has grown.

Most of the families are clustered around just nine cities. Many are neighbors, living near one another in neighborhoods like Bel Air and Brentwood in Los Angeles; River Oaks, a Houston community popular with energy executives; or Indian Creek Village, a private island near Miami that has a private security force and just 35 homes lining an 18-hole golf course.

More than 50 members of these families have made the Forbes 400 list of the country’s top billionaires, marking a scale of wealth against which even a million-dollar political contribution can seem relatively small. The Chicago hedge fund billionaire Kenneth C. Griffin, for example, earns about $68.5 million a month after taxes, according to court filings made by his wife in their divorce. He has given a total of $300,000 to groups backing Republican presidential candidates. That is a huge sum on its face, yet is the equivalent of only $21.17 for a typical American household, according to Congressional Budget Office data on after-tax income.

“The campaign finance system is now a countervailing force to the way the actual voters of the country are evolving and the policies they want,” said Ruy Teixeira, a political and demographic expert at the left-leaning Center for American Progress.

The accumulation of wealth has been particularly rapid at the elite levels of Wall Street, where financiers who once managed other people’s capital now, increasingly, own it themselves. Since 1979, according to one study, the one-tenth of 1 percent of American taxpayers who work in finance have roughly quintupled their share of the country’s income. Sixty-four of the families made their wealth in finance, the largest single faction among the super-donors of 2016.

instead of working their way up to the executive suite at Goldman Sachs or Exxon, most of these donors set out on their own, establishing privately held firms controlled individually or with partners. In finance, they started hedge funds, or formed private equity and venture capital firms, benefiting from favorable tax treatment of debt and capital gains, and more recently from a rising stock market and low interest rates

In energy, some were latter-day wildcatters, early to capitalize on the new drilling technologies and high energy prices that made it economical to exploit shale formations in North Dakota, Ohio, Pennsylvania and Texas. Others made fortunes supplying those wildcatters with pipelines, trucks and equipment for “fracking.”

The families who give do so, to some extent, because of personal, regional and professional ties to the candidates. Jeb Bush’s father made money in the oil business, while Mr. Bush himself earned millions of dollars on Wall Street. Some of the candidates most popular among ultrawealthy donors have also served in elected office in Florida and Texas, two states that are home to many of the affluent families on the list.

the giving, more broadly, reflects the political stakes this year for the families and businesses that have moved most aggressively to take advantage of Citizens United, particularly in the energy and finance industries.

The Obama administration, Democrats in Congress and even Mr. Bush have argued for tax and regulatory shifts that could subject many venture capital and private equity firms to higher levels of corporate or investment taxation. Hedge funds, which historically were lightly regulated, are bound by new rules with the Dodd-Frank regulations, which several Republican candidates have pledged to roll back and which Mrs. Clinton has pledged to defend.

And while the shale boom has generated new fortunes, it has also produced a glut of oil that is now driving down prices. Most in the industry favor lifting the 40-year-old ban on exporting oi

In 1998 alone, Mr. Romney’s final full year at Bain, The Times was able to identify roughly $90 million in fees collected by the firm across its various funds, a figure that is probably low because most companies in Bain’s portfolio did not have to file financial disclosures. These fees covered Bain’s expenses — like rent, salaries and lawyers — and the bulk of the remaining money was awarded to Bain employees as annual bonuses.

Bonuses were not the main drivers of the immense wealth accumulated by Mr. Romney and other Bain executives. That came from their share of Bain’s “carried interest,” the firm’s cut of its funds’ investment profits, as well as the returns from personal investments in Bain deals.

When I asked a high school senior I know about what was missing in his diversity, equity and inclusion training at his private school, he said that often what was left out was “a basic focus on decency and empathy.” Kids want to know how to talk to their friends openly, he said, and they just don’t want to be jerks.

Private schools find themselves now at an existential moment. Over the past few decades, as they have become dominated by wealthier and wealthier families, they have found themselves more and more beholden to the habits of modern corporate culture, which has had a long love affair with consultants and the outsourcing of difficult problems.

The problem, though, is that consultants often present a blanket approach that fails to recognize the particulars of an institutional culture; the language deployed from one school (or company) to another is scarcely any different. Everything begins to sound as though it has its origins in Oz — inauthentic and alienating.

The roots of all this chaos extend, more or less, to late last summer, as parents from Chilmark to Amagansett laid down their tennis gear, poured their Negronis and banged out angry emails to administrators and trustees, apoplectic that a $55,000 annual tuition might not guarantee that their children would receive in-person daily learning. Once the academic year got underway — with far more live classroom instruction than the city’s public schools — there were new dissatisfactions to nurture.

Over the summer, Black alumni and parents at some of the country’s most prestigious independent schools took to Instagram to document deeply troubling experiences with prejudice at the hands of teachers, students, families. Many stories came not from the long-ago past but from the annals of recent history.

Whether consultants were directly involved or not, it soon became clear that not all parents were on board with the new order

The new programming seemed designed to divide and provoke guilt, they maintained, forcing white children to feel bad about being white.

After the letter became public, Mr. Davison, the head of school, put together a committee to bring voices from all sides of the debate together

Mr. Rossi’s letter argued that students and teachers at Grace did not feel free to challenge a new language or ideology. When he did, he was reprimanded for “acting like an independent agent of a set of principles or ideas or beliefs,”

In a conversation I had with Mr. Davison last weekend, he was very frank about the imperfect nature of the changes at Grace. “We were in the process of developing programming faster than they we ever had before,’’ he told me. “Whenever you build something quickly, you don’t always see all the pieces. The ones who are going to help you build it the most quickly are the true believers,” he said. But the truest believers are not always those in the best position to advance change without fear. “We need to be better at communicating those things. We need to get more opinion.”

he was joined by a math teacher named Paul Rossi, who had composed a letter of his own, seemingly to the nation at large, laying out his objections to the way that his employer, the Grace Church School in Lower Manhattan, was going about the business of changing its culture around race. Mr. Rossi’s note lacked the hysterical tone of Mr. Gutmann’s. It raised valid concerns about the squelching of free thought.

Thanks to Fox News and all the other outlets dedicated to the notion that elite liberal institutions have abandoned any hope of sanity in the name of social revolution, Mr. Gutmann soon became a minor celebrity on the right — which might have been the whole point.

Within a period of roughly 92 hours during the week of April 11, the news coming from the Ivy League training grounds hit observers with the pace of an angry linebacker tearing in from the blindside.

“We’re going to see a whole bunch of college graduates and people finishing graduate programs this summer who are going to really struggle to find work.”

People just starting out now, and those who will begin their adult lives in the years following the pandemic, will be asked to walk a financial tightrope with no practice and, for most, no safety net. Fewer of them will be able to turn to their parents or other family members for significant help

To gauge what’s in store for job-seekers, it might be most useful to look to a different, more recent kind of disaster: the 2008 financial collapse. More than a decade later, its effects are widely understood to have been catastrophic to the financial futures of those who were in their teens and 20s when it hit.

Not only did jobs dry up, but federal relief dollars mostly went to large employers such as banks and insurance companies instead of to workers themselves.

investors picked off dirt-cheap foreclosures to flip them for wealthier buyers or turn them into rentals, which has helped rising housing prices far outpace American wage growth.

Millennials, many of whom spent years twisting in the wind when, under better circumstances, they would have been setting down the professional and social foundations for stable lives, now have less money in savings than previous generations did at the same age. Relatively few of them have bought homes, married, or had children.

Just as the nation’s housing stock moved into the hands of fewer people during the Great Recession, small and medium-size businesses might suffer a similar fate after the pandemic, which could be a nightmare for the country’s labor force.

Schoolwork, it turns out, is hard to focus on during a slow-rolling global disaster.

American restaurants, which employ millions, have been devastated by quarantine restrictions, but national chains such as Papa John’s and Little Caesars are running television ads touting the virus-murdering temperatures of their commercial ovens,

The private-equity behemoth Bain Capital is making plans to gobble up desirable companies weakened by the pandemic. The effect could be a quick consolidation of capital, and the fewer companies that control the economy, the worse the economy generally is for workers and consumers.

Less competition means lower wages, higher prices, and conglomerates with enough political influence to stave off regulation that might force them to improve wages, worker safety, or job security.

as with virtually all problems, grad school is not the answer to whatever the coronavirus might do to your future.

there will be “definitely an increase” in people seeking education post-quarantine, taking advantage of loan availability to acquire expertise that might better position them to build a stable life.

those decisions have since worsened their economic strain, while not significantly improving professional outcomes.

Private universities may suddenly be too expensive, and frequent plane rides to faraway colleges might seem much riskier. Mass delays will affect things like school budgets and admissions for years, but in ways that are difficult to predict.

there is no precedent for a life-interrupting disaster of this scale in America’s current educational and professional structures.

What will become of Generation C?

Many types of classes don’t work particularly well via videochat, such as chemistry and ecology, which in normal times often ask students to participate in lab work or go out into the natural world.

“People with a resource base and finances and so forth, they’re going to get through this a whole lot easier than the families who don’t even have a computer for their children to attend school,”

Disasters, he told me, tend to illuminate and magnify existing disadvantages that are more easily ignored by those outside the affected communities during the course of everyday life.

Disasters also make clear when disadvantages—polluted neighborhoods, scarce local supplies of fresh fruits and vegetables, risky jobs—have accumulated over a lifetime, leaving some people far more vulnerable to catastrophe than others

Children in those communities already have a harder time accessing quality education and getting into college. Their future prospects look dimmer, now that they’re faced with technical and social obstacles and the trauma of watching family members and friends suffer and die during a pandemic.

in moments of great despair, people’s understanding of what’s possible shifts.

For that to translate to real change, though, it’s crucial that the reactions to the new world we live in be codified into policy. Clues to post-pandemic policy shifts lie in the kinds of political agitation that were already happening before the virus. “Things that already had some support are more likely to take seed,

This is where young people might finally be poised to take some control. The 2008 financial crisis appears to have pushed many Millennials leftward

When housing prices soared, wages stagnated, and access to basic health care became more scarce, many young people looked around at the richest nation in the world and wondered who was enjoying all the riches. Policies such as Medicare for All, debt cancellation, environmental protections, wealth taxes, criminal-justice reform, jobs programs, and other broad expansions of the social safety net have become rallying cries for young people who experience American life as a rigged game

the pandemic’s quick, brutal explication of the ways employment-based health care and loose labor laws have long hurt working people might make for a formative disaster all its own.

“There’s a possibility, particularly with who you’re calling Generation C, that their experience of the pandemic against a backdrop of profoundly fragmented politics could lead to some very necessary revolutionary change,”

The seeds of that change might have already been planted in the 2018 midterm elections, when young voters turned up in particularly high numbers and helped elect a group of younger, more progressive candidates both locally and nationally.

Younger people “aren’t saddled with Cold War imagery and rhetoric. It doesn’t have the same power over our imaginations,”

a subset of young voters believes that some American conservatives have cried wolf, deriding everything from public libraries to free doctor visits as creeping socialism until the word lost much of its power to scare.

the one-two punch of the Great Recession and the coronavirus pandemic—if handled poorly by those in power—might be enough to create a future America with free health care, a reformed justice system, and better labor protections for working people.

But winds of change rarely kick up debris of just one type. The Great Recession opened the minds of wide swaths of young Americans to left-leaning social programs, but its effects are also at least partially responsible for the Tea Party and the Trump presidency. The chaos of a pandemic opens the door for a stronger social safety net, but also for expanded authoritarianism.

Beyond politics and policy, the structures that young people have built on their own to endure the pandemic might change life after it, too. Young Americans have responded to the disaster with a wave of volunteerism, including Arora’s internship-information clearinghouse and mutual-aid groups across the country that deliver groceries to those in need.

As strong as people’s reactions are in the middle of a crisis, though, people tend to leave behind the traumatic lessons of a disaster as quickly as they can. “Amnesia sets in until the next crisis,” Schoch-Spana said. “Maybe this is different; maybe it’s big enough and disruptive enough that it changes what we imagine it takes to be safe in the world, so I don’t know

“The sophisticated consumer became a bit disappointed in luxury as it strove for ubiquity,”

“You can’t keep opening stores,” Mr. Hutchings said, “so you have to think about exactly how you are engaging with the consumer.” He added: “The new model is representing something a whole lot deeper and more meaningful to consumers.”

As a result, a new front has opened in the luxury wars, with the names stitched inside handbags now also chiseled on cultural institutions. In Italy alone, Tod’s, the Italian luxury group, is underwriting the restoration of the Colosseum for 25 million euros, or $31.7 million; LVMH’s Fendi is spending €2 million for restoration of the Trevi Fountain; Versace is helping to restore Milan’s Galleria Vittorio Emanuele II; and Salvatore Ferragamo pitched in at the Uffizi Gallery in Florence.

“Consumers buy luxury goods products as a way to ennoble themselves; luxury goods companies and brands can earn more ‘nobility’ by associating their names to art and masterpieces,”

All of this halo-associating behavior is occurring as luxury has become more enticing as a sector. In the depths of the recession, the luxury market grew by 5 percent worldwide

Mr. Arnault sees his role as ensuring the future of brands, but not necessarily the designers behind them — a crucial distinction. As a result, whenever he makes a controversial play for a company, the predator image becomes part of the fight.

the question for a business being courted by several buyers is not so much “Can you afford us?” as “Who do we like best?” In that context, “linking to culture is a very powerful tool,” said Ms. D’Arpizio at Bain. “You are dealing largely with entrepreneurs who want their brand to survive them and last into the future, and culture is all about preserving that for the future.”

“Steve Jobs once asked me for some advice about retail, but I said, ‘I am not sure at all we are in the same business.’ I don’t know if we will still use Apple products in 25 years, but I am sure we will still be drinking Dom Pérignon.”Technology is predicated on change; luxury, however, is predicated on heritage and connection to tradition.

“France has a complicated relationship to success,” said Mr. Burke, who has worked with Mr. Arnault since that time. “Just think about the fact the expression ‘to make money’ does not exist in France. You ‘gagner l’argent’; you win money — the implication being either you are taking it away from someone by beating them, or you didn’t deserve it. And in France, Bernard Arnault epitomizes making money.”

Today, the company vies for brands and creative talent not just with peers like Kering and Richemont, but also with private equity firms like Yucaipa (which has stakes in Barneys and Zac Posen) and players from the Middle East and Asia. The Qatar Investment Authority owns Harrods as well as minority stakes in Tiffany and Porsche. And the Hong Kong-based Fung Group, through its private equity vehicle First Heritage Brands, owns Sonia Rykiel, Robert Clergerie and Delvaux.

The increased prominence of Antoine and Delphine Arnault has also helped promote an image of LVMH — despite being a huge public company with €29.1 billion in revenue — as a family affair.

“It will show everyone who he really is,” Mr. Claverie said, suggesting that the FLV would reveal Mr. Arnault as someone who makes creativity happen, as opposed to a man who merely exploits and commoditizes it.

“I told Mr. Arnault to be prepared for the fact that the French reaction, at least, will not be all positive,” Mr. Burke of Vuitton said. “I think we may get something along the lines of, ‘Who does he think he is to do this? It is not for business people to make these kinds of cultural statements!’ and so on.”

“At some point, though, France will adapt to it,” he continued. “Then they will accept it. And then they will love it.”

Mr. Ramos is also a co-host of Univision’s nightly news program, “Noticiero Univision,” which averages about two million viewers a night, a modest number compared with those of the Big Three English-language networks — but one that dwarfs those of cable news shows like CNN’s “The Situation Room with Wolf Blitzer” or MSNBC’s “Politics Nation.”

the number of eligible Hispanic voters in 2016 will total 27.7 million, a 17 percent increase from 2012. “From the numbers that we have, we see 800,000 Latino kids turning 18 every year,”

The moves are a "welcome step" and go part of the way to addressing structural divides in the housing market that have developed over decades, said Michael Neal, senior research associate at the Urban Institute. He would also like to see downpayment assistance, particularly for the historically disadvantaged.

though it could take years to have an impact. His goal is to increase the share of contracts going to them by 50% by 2026.

Create a $10 billion Community Revitalization Fund: The fund would target economically under-served areas and support community-led civic infrastructure projects that develop neighborhood amenities, revitalize vacant land and buildings, spark new local economic activity, provide services, promote civic engagement and build community wealth.

Invest in transportation infrastructure: The President wants to establish grants totaling $15 billion that would target neighborhoods where people have been cut off from jobs, schools and businesses because of previous transportation investments. The funding would support planning, removing or retrofitting infrastructure that creates barriers to communities.

Increase affordable housing: Biden is calling for the creation of a Neighborhood Homes Tax Credit to attract private investment in the development and rehabilitation of affordable housing for low- and moderate-income buyers and owners.

Expand housing choices: The President is asking lawmakers to establish a $5 billion grant program for jurisdictions that take concrete steps to eliminate land-use and zoning barriers to producing affordable housing and that expand housing choices for people with low or moderate incomes.

Invest $31 billion to support minority-owned small businesses: Biden wants to provide $30 billion to the Small Business Administration to increase access to capital for the smallest companies, develop new loan products to support small manufacturers and businesses that invest in clean energy and launch a Small Business Investment Corporation to make early stage equity investments, placing a priority on small firms owned by socially and economically disadvantaged individuals. It would also establish a $1 billion grant program through the Minority Business Development Agency aimed at helping minority-owned manufacturers access private capital.

One way or another, everyone pays for health care. It accounts for about 18 percent of G.D.P. — nearly $11,000 per person. Individuals directly pay about a quarter, the federal and state governments pay nearly half, and most of the rest is paid by employers.

Many Americans think their health insurance is a gift from their employers — a “benefit” bestowed on lucky workers by benevolent corporations. It would be more accurate to think of employer-provided health insurance as a tax.

Rising health care costs account for much of the half-century decline in the earnings of men without a college degree, and contribute to the decline in the number of less-skilled jobs.

Employer-based health insurance is a wrecking ball, destroying the labor market for less-educated workers and contributing to the rise in “deaths of despair.”

We face a looming trillion-dollar federal deficit caused almost entirely by the rising costs of Medicaid and Medicare, even without the recent coronavirus relief bill.

Rising costs are an untenable burden on our government, too. States’ payments for Medicaid have risen from 20.5 percent of their spending in 2008 to 28.9 percent in 2019. To meet those rising costs, states have cut their financing for roads, bridges and state universities. Without those crucial investments, the path to success for many Americans is cut off

Every year, the United States spends $1 trillion more than is needed for high quality care.

executives at hospitals, medical device makers and pharmaceutical companies, and some physicians, are very well paid.

American doctors control access to their profession through a system that limits medical school admissions and the entry of doctors trained abroad — an imbalance that was clear even before the pandemic

Hospitals, many of them classified as nonprofits, have consolidated, with monopolies over health care in many cities, and they have used that monopoly power to raise prices

These are all strategies that lawmakers and regulators could put a stop to, if they choose.

The health care industry has armored itself, employing five lobbyists for each elected member of Congress. But public anger has been building — over drug prices, co-payments, surprise medical bills — and now, over the fragility of our health care system, which has been laid bare by the pandemic

A single-payer system is just one possibility. There are many systems in wealthy countries to choose from, with and without insurance companies, with and without government-run hospitals. But all have two key characteristics: universal coverage — ideally from birth — and cost control.

In the United States, public funding is likely to play a significant role in any treatments or vaccines that are eventually developed for Covid-19. Americans should demand that they be available at a reasonable price to everyone — not in the sole interest of drug companies.

We are believers in free-market capitalism, but health care is not something it can deliver in a socially tolerable way.

They choose not to. And so we Americans have too few doctors, too few beds and too few ventilators — but lots of income for providers

America is a rich country that can afford a world-class health care system. We should be spending a lot of money on care and on new drugs. But we need to spend to save lives and reduce sickness, not on expensive, income-generating procedures that do little to improve health. Or worst of all, on enriching pharma companies that feed the opioid epidemic.

Medical device manufacturers have also consolidated, in some cases using a “catch and kill” strategy to swallow up nimbler start-ups and keep the prices of their products high.

Ambulance services and emergency departments that don’t accept insurance have become favorites of private equity investors because of their high profits

Britain, for example, has the National Institute for Health and Care Excellence, which vets drugs, devices and procedures for their benefit relative to cost

At the very least, America must stop financing health care through employer-based insurance, which encourages some people to work but it eliminates jobs for less-skilled workers

Our system takes from the poor and working class to generate wealth for the already wealthy.

passed a coronavirus bill including $3.1 billion to develop and produce drugs and vaccines.

The industry might emerge as a superhero of the war against Covid-19, like the Royal Air Force in the Battle of Britain during World War II.

illions have lost their paychecks and their insurance

That may not be true in the future: If market dominance means fewer competitors and less innovation, consumers will be worse off than if those companies had been restrained. “The impact on innovation can be the most important competitive effect” in an antitrust case

Yet Google’s monopoly means some features and prices that competitors offered never made it in front of customers. Yelp Inc., which in 2004 began aggregating detailed information and user reviews of local services, such as restaurants and stores, claims Google altered its search results to hurt Yelp and help its own competing service. While Yelp survived, it has retreated from Europe, and several similar local search services have faded.

In a 2005 paper, Mr. Scherer found that Standard Oil was indeed a prolific generator of patents in its early years, but that slowed once it achieved dominance.

Standard Oil and AT&T used trusts, regulations and patents to keep out or co-opt competitors. They were respected but unloved.

By contrast, Google and Facebook give away their main product, while Amazon undercuts traditional retailers so aggressively it may be holding down inflation. None enjoys a government-sanctioned monopoly; all invest prodigiously in new products.

All are among the public’s most loved brands, according to polls by Morning Consult.

Yet there are also important parallels. The monopolies of old and of today were built on proprietary technology and physical networks that drove down costs while locking in customers, erecting formidable barriers to entry.

. If they’re imposing a cost, it may not be what customers pay but the products they never see.

When the federal government sued to break up Standard Oil, the Supreme Court acknowledged business acumen was important to the company’s early success, but concluded that was eventually supplanted by a single-minded determination to drive others out of the market.

Amazon hasn’t yet reached the same market share as Google or Facebook but its position is arguably even more impregnable because it enjoys both physical and technological barriers to entry. Its roughly 75 fulfillment centers and state-of-the art logistics (including robots) put it closer, in time and space, to customers than any other online retailer.

“Just like people joined Facebook because everyone else was on Facebook, the biggest competitive advantage AT&T had was that it was interconnected,”

Early in the 20th century, AT&T began buying up local competitors and refusing to connect independent exchanges to its long-distance lines, arousing antitrust complaints. By the 1920s, it was allowed to become a monopoly in exchange for universal service in the communities it served. By 1939, the company carried more than 90% of calls.

After AT&T was broken up into separate local and long-distance companies in 1982, telecommunication innovation blossomed, spreading to digital switching, fiber optics, cellphones—and the internet.

“There should be hundreds of Yelps. There’s not. No one is pitching investors to build a service that relies on discovery through Facebook or Google to grow, because venture capitalists think it’s a poor bet.”

At that same hearing Jeffrey Katz, then the chief executive of Nextag, responded, “That is like saying move to Panama if you don’t like the tax rate in America. It’s a fake choice because no one has Google’s scope or capabilities and consumers won’t, don’t, and in fact can’t jump.”

In 2013 the U.S. Federal Trade Commission concluded that even if Google had hurt competitors, it was to serve consumers better, and declined to bring a case. Since then, comparison sites such as Nextag have largely faded.

The different outcomes hinge in part on different approaches. European regulators are more likely to see a shrinking pool of competitors as inherently bad for both competition and consumers. American regulators are more open to the possibility that it could be natural and benign.

Internet platforms have high fixed and minimal operating costs, which favors consolidation into a few deep-pocketed competitors. And the more customers a platform has, the more useful it is to each individual customer—the “network effect.”

But a platform that confers monopoly in one market can be leveraged to dominate another. Facebook’s existing user base enabled it to become the world’s largest photo-sharing site through its purchase of Instagram in 2012 and the largest instant-messaging provider through its purchase of WhatsApp in 2014. It is also muscling into virtual reality through its acquisition of Oculus VR in 2014 and anonymous polling with its purchase of TBH last year.

Once a company like Google or Facebook has critical mass, “the venture capital looks elsewhere,” says Roger McNamee of Elevation Partners, a technology-focused private-equity firm. “There’s no point taking on someone with a three or four years head start.”

when Google launched its own comparison business, Google Shopping, those sites found themselves dropping deeper into Google’s search results. They accused Google of changing its algorithm to favor its own results. The company responded that its algorithm was designed to give customers the results they want.

As the dominant platform for third-party online sales, Amazon also has access to data it can use to decide what products to sell itself. In 2016 Capitol Forum, a news service that investigates anticompetitive behavior, reported that when a shopper views an Amazon private-label clothing brand, the accompanying list of items labeled “Customers Who Bought This Item Also Bought,” is also dominated by Amazon’s private-label brands. This, it says, restricts competing sellers’ access to a prime marketing space

In the face of such accusations, the probability of regulatory action—for now—looks low, largely because U.S. regulators have a relatively high bar to clear: Do consumers suffer?

“We think consumer welfare is the right standard,” Bruce Hoffman, the FTC’s acting director of the bureau of competition, recently told a panel on antitrust law and innovation. “We have tried other standards. They were dismal failures.”

What would remedies look like? Since Big Tech owes its network effects to data, one often-proposed fix is to give users ownership of their own data: the “social graph” of connections on Facebook, or their search history on Google and Amazon. They could then take it to a competitor.

A more drastic remedy would be to block acquisitions of companies that might one day be a competing platform. British regulators let Facebook buy Instagram in part because Instagram didn’t sell ads, which they argued made them different businesses. In fact, Facebook used Instagram to engage users longer and thus sell more ads

Ben Thompson, wrote in his technology newsletter Stratechery. Building a network is “extremely difficult, but, once built, nearly impregnable. The only possible antidote is another network that draws away the one scarce resource: attention.” Thus, maintaining competition on the internet requires keeping “social networks in separate competitive companies.”

How sound are these premises? Google’s and Facebook’s access to that data and network effects might seem like an impregnable barrier, but the same appeared to be true of America Online’s membership, Yahoo ’s search engine and Apple’s iTunes store, note two economists, David Evans and Richard Schmalensee, in a recent paper. All saw their dominance recede in the face of disruptive competition.

It’s possible Microsoft might have become the dominant company in search and mobile without the scrutiny the federal antitrust case brought. Throughout history, entrepreneurs have often needed the government’s help to dislodge a monopolist—and may one day need it again.

The planet has multiple morbidities, some of which will make this coronavirus look, by comparison, easy to treat

how will we feed ourselves?

A large body of evidence is beginning to accumulate showing how climate breakdown is likely to affect our food supply

In his forthcoming book, Our Final Warning, Mark Lynas explains what is likely to happen to our food supply with every extra degree of global heating. He finds that extreme danger kicks in somewhere between 3C and 4C above pre-industrial levels.

At this point, a series of interlocking impacts threatens to send food production into a death spiral. Outdoor temperatures become too high for humans to tolerate, making subsistence farming impossible across Africa and South Asia. Livestock die from heat stress. Temperatures start to exceed the lethal thresholds for crop plants across much of the world, and major food producing regions turn into dust bowls.

Simultaneous global harvest failure – something that has never happened in the modern world – becomes highly likely.

A food deficit could result in billions starving. Hoarding will happen, as it always has, at the global level, as powerful people snatch food from the mouths of the poor.

even if every nation keeps its promises under the Paris agreement, which currently seems unlikely, global heating will amount to between 3C and 4C.

Thanks to our illusion of security, we are doing almost nothing to anticipate this catastrophe, let alone prevent it. This existential issue scarcely seems to impinge on our consciousness

Every food-producing sector claims that its own current practices are sustainable and don’t need to change

But this is just one of our impending crises. Antibiotic resistance is, potentially, as deadly as any new disease. One of the causes is the astonishingly profligate way in which these precious medicines are used on many livestock farms

Pharmaceutical companies are failing to invest sufficiently in the search for new drugs. If antibiotics cease to be effective, surgery becomes almost impossible

Childbirth becomes a mortal hazard once more. Chemotherapy can no longer be safely practised. Infectious diseases we have comfortably forgotten become deadly threats. We should discuss this issue as often as we talk about football. But again, it scarcely registers.

Sunk costs within the fossil fuel industry, farming, banking, private healthcare and other sectors prevent the rapid transformations we need. Money becomes more important than life.

this could be the moment when we begin to see ourselves, once more, as governed by biology and physics, and dependent on a habitable planet. Never again should we listen to the liars and the deniers. Never again should we allow a comforting falsehood to trounce a painful truth. No longer can we afford to be dominated by those who put money ahead of life. This coronavirus reminds us that we belong to the material world.

Missing from the rollout was a plan to cancel student debt, which disproportionately affects Black students, or address the issue of reparations, federal repayments that relatives of Tulsa victims say could restore what was erased. White House officials have said that, as with the broader issue of reparations for Black Americans, the president supports a study of the issue.

Mr. Biden’s visit to Tulsa was a somber one. Before he delivered remarks, Mr. Biden met privately with survivors of the massacre, each between the ages of 101 and 107, whom he mentioned throughout his speech.

The massacre was sparked by the arrest of Dick Rowland, 19, a Black shoe shiner who was accused of assault against Sarah Page, 17, a white elevator operator. As he toured the Greenwood Culture Center, the president was told that within 24 hours of that encounter, the mob that formed in the wake of Mr. Rowland’s arrest destroyed much of Greenwood. The case was later dismissed.

But the political response to the recent killings remains uncertain. Mr. Biden had vowed to secure passage of the George Floyd Justice in Policing Act by May 25, the first anniversary of Mr. Floyd’s death. The bill would ban the use of chokeholds, impose restrictions on deadly force and make it easier to prosecute officers for wrongdoing. He missed that deadline, but lawmakers in both parties have expressed optimism that they will be able to reach a compromise on the legislation in the weeks ahead. Despite investigations, no one was ever convicted of crimes related to the Tulsa massacre. Mr. Biden has promised that his Justice Department will be a more active participant in helping to root out bias and bigotry in American police departments. The department has already begun “pattern or practice” investigations in Louisville, Ky., and Minneapolis, which are intended to examine excessive force, biased policing and other misconduct by officers.

President Biden said on Tuesday that he had directed Vice President Kamala Harris to lead Democrats in a sweeping legislative effort to protect voting rights, an issue that is critical to his legacy but one that sees little hope of success in a divided Senate.

Her foreign policy portfolio comes in addition to a host of other engagements, including, but not limited to: selling the American Rescue Plan, championing Mr. Biden’s infrastructure package, representing women in the work force, highlighting the Black maternal mortality rate, assisting small businesses, assessing water policy, promoting racial equity, combating vaccine hesitancy, and fighting for police reform.

Mr. Biden has focused on issues related to voting rights for much of his career, but he faces especially wrenching decisions when it comes to the voting rights legislation he has asked Ms. Harris to help shepherd through Congress.

Known as the For the People Act, the bill is the professed No. 1 priority of Democrats this year. It would overhaul the nation’s election system, rein in campaign donations and limit partisan gerrymandering. But after passing the House, it hit a wall of Republican opposition in the Senate.

One option for Democrats would be to ram the bill through on a partisan vote by further rolling back one of the foundations of Senate tradition, the filibuster. But at least one Democrat, Senator Joe Manchin III of West Virginia, remains opposed to the idea, potentially scuttling it.

“I hear all the folks on TV saying ‘Why doesn’t Biden get this done?’ ” Mr. Biden said. “Well, because Biden has a majority of effectively four votes in the House and a tie in the Senate, with two members of the Senate who vote more with my Republican friends,” a likely swipe at Mr. Manchin and Senator Kyrsten Sinema of Arizona, another moderate Democrat.

As a result, their student populations are often far less diverse than they should be. And, sometimes, kids who would otherwise be eligible for these schools never get to enjoy them.

The country, he discovered, is home to some 165 of these institutions—"exam schools," as he calls them—or 1 percent of all public high schools.

econdly, selective-enrollment schools "are very sought after by upper-middle class people who might not consider using public schools if it weren’t for the selective-enrollment institutions. Essentially, it’s a way of ensuring greater participation from wealthier families who might otherwise move to the suburbs."

Selective-admissions programs are in part symptomatic of a broader, three-decade-old reform movement that has aimed to overcome the "mediocre educational performance" of the country’s students

They’re also an example of "school choice," the tenet that parents should have options when it comes to their kids’ education, even when it’s free.

"The idea was that, if you wanted to provide an excellent, gifted, and talented education for public school students, one could do a better job of that if in large cities there were specialized schools that would bring academically talented students together,"

These schools, some of which are centuries old, are concentrated in 31 states, including nearly three dozen total in New York City, Chicago, and Boston alone. All but three of these 31 states are located in the eastern half of the country,

"the trick," he said, "is you don’t want the selective-enrollment schools to become enclaves of privilege that are separate and unequal from the rest of the system."

getting into selective-enrollment schools typically requires having proactive parents who know how to navigate the system—a resource many children lack.

The clashes over selective-admissions policies reflect the challenges districts face in reconciling two goals that are often diametrically opposed: academic achievement and equity. How can a school be color blind while simultaneously promoting educational access and diversity?

"How do you recognize excellence on the one hand and promote genuine equal opportunity on the other?"

Can a fair selective-admissions system for public schools even exist?

urban school districts are nowhere near coming up with a model that works well and raises all students. The fact remains that many of these schools look and operate like elite schools exclusive to elite families.

These are schools renowned for their academic prowess and widely seen as conduits to the country’s top colleges. But, as the NAACP complaint demonstrates, they’re also notorious for their lack of racial diversity, enrolling disproportionate numbers of white and, in particular, Asian students, who made up 60 percent of the student bodies at these schools last year despite constituting just 15 percent of the city’s total enrollment.

Blacks and Latinos made up just 7 percent and 5 percent of the student bodies at these elite schools last year, respectively, even though the two groups together account for 70 percent of the public school population citywide.

many of New York City’s specialized high schools are more socioeconomically diverse than critics make them out to be.

"It’s not just a simple picture—there’s no one profile in this city," she said. "Those [test-only] schools are serving some first-generation strivers and working-class strivers that some of these other schools are not taking …

it’s hard to deny arguments that the test-only admissions policy can serve as a form of de facto discrimination. The multiple-choice exam is so rigorous some students devote entire summers to studying for it, often with the help of private tutors or intensive prep courses that cost thousands of dollars

much of the prejudice traces back to the lack of equal educational opportunity in kids’ earlier years, which effectively debunks the notion that a test is the fairest way to assess a student’s eligibility for enrollment.

When it comes to admission to one of the selective schools, most students only compete with their peers in the same tier. A student who lives in a single-parent household and relies on welfare, for example, would in theory rarely contend with a middle-class student for the same seat. Just 30 percent of the seats at each selective school goes to the highest-scoring students, regardless of their tier; the rest, for the most part, are divided among the highest-performing students in each tier. That means the bar is typically set higher for kids in the upper tiers (the fourth tier corresponds with the highest median income) than for those in the lower ones.

"Given the overlap between race and class in American society in cities like Chicago, giving a leg up to economically disadvantaged students will translate into [racial diversity],

Diversity aside, selective-enrollment high schools also raise questions about what the admissions process can do to an adolescent’s psyche, particularly when it places an inordinate emphasis on testing

Forget Halloween, weekend sleepovers with friends, playing outdoors. For many eighth graders in New York City, the fall is synonymous with tutors and exams, while the spring brings intense competition—and often volatile emotions—over placement in coveted spots at the city’s best high schools.

As for the students, "you’re given a cornucopia of beautiful and horrible choices and then held up, feeling like you’re being assessed and placed and feeling like your life is not your own," Szuflita said. "It feels very uncertain, and it feels like there are great triumphs and disasters."

Juul is the logical extension of the Silicon Valley growth-hacking playbook: Design a flawless product, add a dopamine response, stir in some influencers and watch your product, game or app go viral.

Consider the outcry last week when TechCrunch reported that Facebook had been paying people (including teens) $20 a month to download an app that monitors a user’s mobile and web activity. Apple, long a privacy advocate and favored troll of Facebook, reacted swiftly by cutting off “Facebook Research” and the company’s internal apps. Tech Twitter, however, seemed largely perplexed: In the future, won’t we all sell our data rather than give it away for free?

If Silicon Valley was once converging on a moral cohesion of sorts — where progressive values and wokemanship acted as a loose ethical framework — it’s now becoming harder to avoid the varying ethical debates concerning privacy, addiction and growing geopolitical discord.

For the virtuous founders avoiding addictive products and invasive data-gathering, even they have to worry about who’s getting on their equity ownership table.

founders have to wonder whether that seemingly diverse venture capital fund is backed by regimes where women, minorities and dissidents are killed for expressing themselves.

of course, the morality of a company often depends on the morality of the people in charge

Classes will be online-only until further notice. Smart. But at some point parents will surely ask, “Why again are we paying 78 grand a year?” Is the end of universities far behind?

What about mobile and cloud computing, and even the stock market and its trillion-dollar valuations? It’s worth asking, as venture capital and private equity using cheap debt are keeping companies private longer, or forever

No, growth will still rule, but with a different set of leaders. In the bio world, DNA sequencing and Crispr gene editing are starting to ramp up.

Health care will be transformed by new ways to detect and treat cancer and other ways to cure previously incurable diseases like sickle-cell anemia.

Here’s hoping for some knock-your-socks-off new mobile products. Note also that we’re only about a third of the way into the cloudification of enterprises. And we’re only beginning to master machine learning and artificial intelligence, with their ability to find patterns that humans can’t. I think the next tech era will be driven by implementation of AI-infused systems into every business.

the past 30 year’s tech abundance means the developing world’s billions will finally see productivity improvements and attract an increasing share of investment. That’s probably right.