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First, they examined research going back decades from 60 countries, asking people whether they thought others were less friendly, honest, kind or good than they used to be. The studies included approximately 575,000 participants.

Then they looked at research probing how people behave toward one another. The studies asked people whether, for instance, They had recently been treated with respect, done something nice for someone else or donated to charity. 

A remarkably consistent portion of people over the years—around 60%—have believed that people are less good now than they were in the past. They also have believed that the moral decline began in their lifetime.

Psychologists call this the Fading Affect Bias and say it makes life more tolerable by helping us defang our bad experiences over time and cherish the good ones.

They also consistently said that their own friends and family members behave better than ever. (Don’t be so surprised. “We ignore their flaws to sustain the relationships,” says Waterloo’s Eibach.)

Why do we believe that society is worse than it is? It’s partly the way our brains pay attention. We have a negativity bias. We pay much more attention to bad events or emotions than good ones. This is a survival instinct; we need to detect threats. 

“The strategy that keeps me vigilant on whether the lion is going to get me keeps me seeing threats everywhere,” says Julia DiGangi, a neuropsychologist in Chicago.

Memory might play a part, too. We often remember the past more fondly than is perhaps warranted. That is because the emotional power of a positive experience stays with us longer than the emotional power of a negative one.

“People think the world has gone to hell in a handbasket,” says Adam Mastroianni, an experimental psychologist and lead author on the study. “But as far as we can tell it’s just the same as it always was.” The title of the study: “The Illusion of Moral Decline.”

Getting older might change our perceptions, too. People often see the world as more dangerous and risky during life transitions such as becoming an adult or a parent,

“Being in a role of responsibility makes people hyper-responsive to misconduct,” says Waterloo’s Eibach, who conducted the research. “And we don’t realize that the world didn’t change—we did.”

There’s a danger to believing that people are getting worse when that’s not really true. That belief distracts us from real problems that need to be solved. It makes us susceptible to people in power who want us to believe the worst so they can claim to be the only one who can fix it. And it keeps us from connecting with each other.

“If we believe the worst in people, we treat them in terrible ways,” says Jamil Zaki, a professor of psychology at Stanford University, who has a book coming out on cynicism. “And then we bring out the worst in them.”

His advice: Fact-check your assumptions about others

Talk more about the positive things people do, a practice he calls “positive gossip.”

And take a leap of faith on someone: Ask a neighbor for help, give an employee more responsibility, talk to a stranger.

Brown University professor Claire Wardle said the Observatory had created innovative methodology and trained the next generation of experts.

“Closing down a lab like this would always be a huge loss, but doing so now, during a year of global elections, makes absolutely no sense,” said Wardle, who previously led research at anti-misinformation nonprofit First Draft. “We need universities to use their resources and standing in the community to stand up to criticism and headlines.”

The study of misinformation has become increasingly controversial, and Stamos, DiResta and Starbird have been besieged by lawsuits, document requests and threats of physical harm. Leading the charge has been Rep. Jim Jordan (R-Ohio), whose House subcommittee alleges the Observatory improperly worked with federal officials and social media companies to violate the free-speech rights of conservatives.

In a joint statement, Stamos and DiResta said their work involved much more than elections, and that they had been unfairly maligned.

“The politically motivated attacks against our research on elections and vaccines have no merit, and the attempts by partisan House committee chairs to suppress First Amendment-protected research are a quintessential example of the weaponization of government,” they said.

Stamos founded the Observatory after publicizing that Russia has attempted to influence the 2016 election by sowing division on Facebook, causing a clash with the company’s top executives. Special counsel Robert S. Mueller III later cited the Facebook operation in indicting a Kremlin contractor. At Stanford, Stamos and his team deepened his study of influence operations from around the world, including one it traced to the Pentagon.

Stamos told associates he stepped back from leading the Observatory last year in part because the political pressure had taken a toll. Stamos had raised most of the money for the project, and the remaining faculty have not been able to replicate his success, as many philanthropic groups shift their focus on artificial intelligence and other, fresher topics.

In supporting the project further, the university would have risked alienating conservative donors, Silicon Valley figures, and members of Congress, who have threatened to stop all federal funding for disinformation research or cut back general support.

The Observatory’s non-election work has included developing curriculum for teaching college students about how to handle trust and safety issues on social media platforms and launching the first peer-reviewed journal dedicated to that field. It has also investigated rings publishing child sexual exploitation material online and flaws in the U.S. system for reporting it, helping to prepare platforms to handle an influx of computer-generated material.

think tank, contended that pushing for extreme positions is more effective at changing public opinion. However, there are multiple approaches to shifting the status quo. For example, similar to the foot-in-the-door technique used in sales, one could advocate for small but gradually larger shifts to a policy.

What is A.I. even for?

“A.I. slop”: often uncanny, frequently misleading material, now flooding web browsers and social-media platforms like spam in old inboxes. Years deep into national hysteria over the threat of internet misinformation pushed on us by bad actors, we’ve sleepwalked into a new internet in which meaningless, nonfactual slop is casually mass-produced and force-fed to us by A.I.

It has already helped drive down the cost and drive up the performance of next-gen batteries and solar photovoltaic cells, whose performance can also be improved, even after the panels have been manufactured and installed on your roof, by as much as 25 percent

while the internet was never perfectly trustworthy, one epoch-defining breakthrough of Google was that it got us pretty close. Now the company’s chief executive acknowledges that hallucinations are “inherent” to the technology it has celebrated as a kind of successor for ranked-order search results, which are now often found far below not just the A.I. summary but a whole stack of “sponsored” results as well.

Where not long ago we used to find the very best results for Google searches, we can now find instead potentially plagiarized and often inaccurate paragraph summaries of answers to our queries

Machine learning may help make our electricity grid as much as 40 percent more efficient at delivering power as it is today, when many of its routing decisions are made by individual humans on the basis of experience and intuition

This month, KoBold Metals announced the largest discovery of new copper deposits in a decade — a green-energy gold mine, so to speak, delivered with the help of its own proprietary A.I., which integrated information about subatomic particles detected underground with century-old mining reports and radar imagery to make predictions about where minerals critical for the green transition might be found.

.I. is designing new proteins, rapidly accelerating drug discovery and speeding up clinical trials testing new medicines and therapies.

perhaps that a more optimistic perspective can be drawn by analogy to what economists call the “environmental Kuznets curve,” which suggests that, as nations develop, they tend to first pollute a lot more and then, over time, as they grow richer, they ultimately pollute less.

Even in describing regular old pollution, this framework has its shortcomings, especially because it treats as automatic eventual progress that has always required tooth-and-nail fights against some very stubborn bad actors

A.I. is generating an awful lot of genuine pollution, too — both Google and Microsoft, which each pledged in 2019 to reach zero emissions by 2030, have instead expanded their carbon footprints by nearly 50 percent in the interim.

In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.

In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future

in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.

when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.

A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.

What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?

“If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”

“These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”

Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority

And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.

On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up

All of that is about the relative appeal of investments that would slow climate change

If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.

There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.

“I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”

Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.

But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.

“The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”

a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.

big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”

One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win

And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.

at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.

The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.

“This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,

“Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”

According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.

It was a revolutionary power that wanted to end capitalism everywhere, not just in the Soviet Union but all over Asia and Africa, North America, South America. They were gaining a lot of support in the decolonizing societies of Africa and Asia. America was not confident in the ability of its economy to have a permanent recovery from the Great Depression.

When I teach young people today, it’s hard for them to grasp the magnitude and the seriousness of the Cold War and how it shaped every aspect of American life. And the Soviet Union represented an existential threat to the United States.

What coheres to the New Deal is that the Republicans eventually submit to it. And that happens when Gen. Dwight D. Eisenhower beats Senator Robert A. Taft. So tell me a bit about the counterfactual there that you think almost happened. What led to Taft losing prominence in the Republican Party, and what might have happened if he hadn’t?

he was slow to get on the bandwagon in terms of the threat of China, the threat of Communist expansion, and that opened up an opportunity for another candidate, by the name of Dwight D. Eisenhower, to enter the presidential race in 1952 and to present a very different vision.

He was a Republican in a classical sense — small central government, devolved power to the states, suspicious of foreign entanglements — believing that America was protected by the two vast oceans and thus did not need a strong standing army, did not have to be involved in world affairs. And he was opposed to the New Deal.

He thought it was a form of tyranny. It was going to lead to collectivism, Soviet style. And he was poised in the 1940s to roll back the New Deal, and he was looking forward to the postwar period after the war emergency had passed. Of course, the war emergency would require a very strong state to mobilize armed forces, to mobilize the economy for the sake of fighting a world war.

They needed foreign markets. America wasn’t sure whether it would have them. And the capitalist class in America was scared to death by the Communist threat, and it had to be met everywhere, and America mobilizes for the Cold War to contain Communism everywhere where it appeared. And that required a standing army in quasi-peacetime of a sort that America had never experienced before, and Taft was profoundly uncomfortable with this.

my counterfactual is that, absent the Cold War, the New Deal, which we now regard as such a juggernaut, would be seen as a momentary blip like so many other progressive moments in American politics. And we would see it as a blip and not for what it became, which was a political order that dominated politics for 30 years.

So there’s been this conventional story of the New Deal era, which is that the fear of Communism, the fear of being painted as soft on Communism or soft on socialism, leads progressives to trim their sails, moderates the sort of left flank of New Dealism. You argue that that story misses what’s happening on the right.

the imperative of fighting the Communists caused Republicans to make even larger concessions than the Democrats did.” What were those concessions?

Well, the biggest concession was agreeing to an extraordinary system of progressive taxation.

The highest marginal tax rate in the 1940s during World War II reached 91 percent, a level that is inconceivable in America of the 21st century. Eisenhower wins the election in 1952. He has both houses of Congress. And quite extraordinarily, Eisenhower maintains the 91 percent taxation rate

I think what mattered to him was the Cold War. The Cold War had to be fought on two fronts: It had to be fought militarily — international containment of Communism — and that required enormous expenditures on national defense, which meant not simply a conventional army but the nuclear arms race.

Eisenhower understood that in order to win the ideological struggle of the Cold War — which was not simply an American-Soviet struggle, but it was a global struggle to convince all the peoples of what was then called the Third World to come with the capitalist way, to come with the American way. In order for that to happen, America had to demonstrate that it could give its ordinary citizens a good life.

America had to prove that it had the better system, and that meant you could not return to unrestrained American capitalism — you had to regulate it in the public interest.

And the other aspect of that, which he appreciated, was that in the 1950s, it was not clear whether the Soviet Union or the United States could provide a better life for its average citizen. The Soviet Union was still doing quite well in the 1950s.

And that meant taking money from the rich and redistributing it, narrowing the inequality between rich and poor. It meant supporting powerful labor movement and not trying to roll back the Wagner Act, which the labor movement regarded as its Magna Carta, a very strong piece of federal legislation that gave it unambiguous rights to organize and obligated employers to bargain collectively with them.

He felt that this had to be the way that America went. Maintenance of Social Security — really all the key New Deal reforms — he ended up maintaining because he thought this would be a critically important instrument for convincing not just ordinary Americans but people around the world that this would prove the superiority of the American way.

That is why he acquiesced to the New Deal order.

It’s a pervasive recognition among America’s business class. You say, “The fear of Communism made possible the class compromise between capital and labor that underwrote the New Deal order.”

And you say it wasn’t just here; this was also true in many of the social democracies in Europe after World War II. Tell me a bit about that class compromise and the role the Cold War played in it.

It is often said that socialism was weaker in America than it was elsewhere. And in many respects, that has been true.

The corollary of that is that the American business class historically has been bigger, more powerful, more unencumbered than the business classes of other nations, especially in Western Europe among America’s industrial rivals. There was no shortage of labor protest in America, but rarely could labor achieve what it wanted to achieve because the resistance was extraordinary, the resistance was legal, it was extralegal.

The national security argument is crucial to getting large segments of the Republican Party on board. For them, the greatest threat, both internationally and domestically, was the Communist threat. And thus, they were willing to extend themselves beyond a point where they otherwise would have gone

I argue that it was the fear of the Soviet Union. And what did the fear of the Soviet Union represent? The expropriation of all corporate capital in the world. That was the Communist dream. And that was deeply felt. And it was felt not simply in a global setting. It was felt within the United States itself,

The history of industrial relations in America was very violent. The business class in America had a reputation of being very powerful and aggressive and unwilling to share its power with its antagonists. So what was it that got them to share that power?

it’s really remarkable to look at how closely the R. and D. state was designed and sold, in terms of its ability to keep America ahead for national defense. It has its roots in World War II, and it continues building much off that rhetoric.

so there’s this interesting way, I think we think of the New Deal in terms of Social Security. We think of it in terms of some of these individual programs. But it is this thoroughgoing expansion of the government into all kinds of areas of American life. And the thing that allows the Republican Party to get on board with a lot of that is this idea that if you don’t do that, well, the Soviets are going to do it

And the business class felt that it was in its interests to compromise with organized labor in a way that it had never done before. That was the grand compromise. It was symbolized in a treaty in Detroit between the three automobile makers, then among the biggest corporations in America, and the United Auto Workers — the Treaty of Detroit — purchasing labor peace by granting unions, good wages, good conditions, good pensions, good health care. Absent the threat of Communism, I think that grand compromise either would not have been arrived at or it would have been scuttled much sooner than it was.

they’re going to have the highways, or they’re going to have the technological or scientific superiority, they’re going to make it to the moon, etc., and then America is going to be left behind.

The vast education bills that are going to propel the tremendous growth of American universities in the 1960s and 1970s — which you mentioned about R. and D. — has a similar propulsion

the scale of this would not have reached the point that it did without getting a lot of Republicans on board. And the critical argument for them was national security, and a critical event was Sputnik, when Soviet Union shocks the United States by putting into orbit a satellite before the United States had done it.

that is a shocking moment: Oh, my God, America is falling behind. We must bend every muscle to beating the Soviet Union in every way, and that requires tremendous investments because of satellite technology and R. and D., and also that becomes the foundation of what is going to become the I.T. industry and the I.T. revolution — also a product of the Cold War.

How does that order end?

There are three factors that pull this order apart. The first is race, the second is Vietnam, and the third is the major economic recession of the 1970s.

Every political order has tensions within it in the United States. And the great contradiction in the New Deal Party of Franklin Roosevelt was the treatment of African Americans. In order to have a new political economy of a big state managing private capital in the public interest, Roosevelt had to get the South on board, and the South meant the white South.

And the entire promise of Western Europe prosperity and American university had been premised on the flow of unending supplies of very cheap Middle Eastern oil — most of them controlled by U.S. and British oil companies. And Saudi Arabia and other oil-producing nations in the 1970s say: No, these are our resources. We will determine how much is drawn out of the ground and the prices that they will be charged.

That was then complicated by Vietnam, a vastly unpopular war — inaugurated and presided over by Democratic presidents who were perceived by their own constituents to not be telling the truth about this awful quagmire.

It also inaugurated trade-offs between funding a war and funding Johnson’s beloved Great Society. Inflation began to take off.

the third element was profound changes in the international political economy. One of the reasons why America was able to enter its grand compromise between capital and labor and pay labor very high wages was that America had no serious industrial competition in the world from the ’40s to the ’60s.

Most of the industrialized world had been destroyed. The U.S. is actively helping the recovery of Western European economies, Japan, promoting development in Southeast Asia, and in the 1970s, these economies begin to challenge American supremacy economically. The symbol of that is the rise of Japanese car manufacturers

Roosevelt assented to that. But this was also a time, especially in the 1940s, when African Americans were migrating in huge numbers to the North, and they were becoming a constituency in the Democratic Party. This was the first point of crisis, and the Democratic Party found itself unable to contain the racial conflicts that exploded in the 1960s.

The quadrupling of oil prices leads to a profound economic crisis, along with competition from European nations against the United States. And this plunges the United States into a very unexpected and profound — and long — economic crisis known as stagflation. Inflation and unemployment are going up at the same time

None of the textbooks say this should be happening. The tools are no longer working. And it’s in this moment of crisis, the Democratic Party — this is the third strike against it — opens up an opportunity for alternative politics, an alternative party, an alternative plan for American political economy.

that sort of leaves out something that is happening among Democrats at this time. There’s a movement inside of liberalism. There’s the New Deal Democratic order, but you develop this New Left, and there is a movement of liberals against big government — young liberals for reasons of self-expression, for reasons of civil rights, for reasons of this feeling that they’re being fed into a bureaucracy and giant soulless organizations and eventually into the meat grinder of Vietnam

older liberals who are angry about the sort of reckless growth and the poisoning of streams and the building of highways through their communities and the sort of ticky-tacky rise of these suburbs. And this predates Reagan

Yes, the New Left erupts on university campuses in the 1960s, and the two primary issues in the beginning are race and Vietnam. But they also quite quickly develop a critique of the established order.

What was called at the time the system

what was the system? The system was large American corporations who were no longer under control. And one reason they were no longer under control is they were being aided and abetted by a large federal state that was supposed to manage them in the public interest

the system was meant to identify not just the corporations who were doing ill in America, but it was meant to identify a federal state that was birthed in the optimism of the New Deal and had been corrupted. So you have this fissure within the Democratic Party itself.

The other element of this is this profound search for personal freedom and autonomy that was intensely felt by members of the New Left.

The computers were these enormous machines, mainframes, and they were seen as stultifying to human creativity. The personal computer movement was born on — as part of the New Left. Steve Jobs, Stewart Brand imagined a personal computer that would be free of the IBM mainframe, free of big corporations, big corporate power — that it would be the authentic voice of only every individual who would be using that machine.

It was a profound expression of a desire for personal autonomy, individuality, expressiveness — unconstrained by larger structures. This cry, or cri de coeur, came from the left. It was a very powerful part of the New Lef

ne can see how it might suit the purposes of a rising neoliberal order because the rising neoliberal order was also intent on deregulating, freeing individuals from the grip of large institutions and allowing them to go their own way.

Neoliberals believe that the best economic program is one that frees capitalism from its shackles, that allows people to truck, barter and exchange goods, that gets the government out of economic life. And the only role for government is to ensure that markets can function freely and robustly. So it runs opposite to the New Deal. If the core principle of the New Deal was: Capitalism left to its own devices would destroy itself. The core principle of neoliberalism: Remove the shackles from capitalism. That will bring us the most productive and freest world we can imagine.

I have a shorthand for describing the neoliberal world that was envisioned by neoliberal thinkers and brought by policymakers into existence. It’s what I sometimes call the four freedoms of neoliberalism: freedom of movement, people; freedom of goods to move across national boundaries; the free flow of information; and the free flow of capital across all boundaries.

In a perfect neoliberal world, people, goods, information and capital are moving freely without constraint. If we can imagine a perfect world that The Wall Street Journal wants, this would be pretty close to it.

I do not want to suggest for a moment that the New Left intentionally created neoliberalism. But it turned out that the cries of freedom, personal freedom, personal autonomy that were emanating from them turned out to be very conducive to the economic philosophy of neoliberalism.

Jimmy Carter is an heir to suspicion of excessive federal power. But I also think he’s grasping at this moment a point of transition in the American economy and a sense that government policy as set forth in the New Deal was not working as well as it should have been. I think it mattered that he was an engineer and he was doing a lot of cost-benefit analysis: What kind of yield are we getting for the bucks that we’re investing?

so he’s open to this fertile moment of dissent. He’s channeling new thinkers and imagining a different Democratic Party that you are correct in saying precedes Clinton by 20 years. And the key figure in this movement is a man by the name of Ralph Nader.

I think as I evaluate the Carter presidency, I see a man really caught in the throes of a moment of transition, able to glimpse what is coming but unable to master what is coming

what defines his presidency, for me, is uncertainty, vacillation and, thus, failure. He’s a classical transitional figure, more controlled by than in charge of the moment.

Nader is a man of the left, but he doesn’t fit in the old left or the New Left.

We might call him a man of the consumer left. For him, the key figure in American society was the consumer, and he wanted to champion the consumer. And his contributions — in terms of automobile safety, occupational safety, food safety — were immens

But he also executed a profound shift in ideology, and I’m not even sure how aware he was of the consequences of what he was generating. Because in the process of making the consumer sovereign, he deflected attention, I would say, from what was and what remains the core relationship in a capitalist economy, and that is in the realm of production and the relations between employers and employees

And he was reluctant, in some respects, to challenge corporate power if corporate power was serving the consumer in a good way. He anticipates, in some respects, a profound shift in antitrust policy, and the key figure in this is going to be Robert Bork in the 1980s and 1990s.

It had been an article of faith in American history that no corporation should be allowed to get too large, because they would inevitably exercise power in an undemocratic fashion. So antitrust meant breaking up big corporations. Under Robert Bork, the question changed. Big corporate power was OK as long as it served the consumer with cheap goods.

he and his supporters and his organizations deserve a lot of credit for holding the government accountable and making vast improvements in a whole host of areas — regulating the environment and other matters, regulating food — and compelling government to do the service that it does.

But it also distracts from understanding part of that which powers the rise of large corporations and gives them the ability to control government and capture regulatory agencies. And I think the results of his attacks on government have been ambivalent, in terms of their consequences: in some respects really accelerating the process of delivering goods to the American people and American consumers that they want but, on the other hand, contributing to an atmosphere of thinking the government can’t really do much that’s right.

As you move toward Reagan, certainly part of Ronald Reagan’s appeal is his anti-Communism.So how do you describe the role of the Soviet Union in this period of political time?

The collapse of the Soviet Union between 1989 and 1991 is one of the most stunning events, I think, of the 20th century and arguably much longer.

What were its consequences? First, it opened up the whole globe to capitalist penetration, to a degree that had not been available to capitalism since prior to World War I. And this generates a tremendous amount of belief and excitement and expansion and a good deal of arrogance and hubris within the capitalist citadel, which is the United States. So that’s one major consequence.

The second major consequence is: What does it mean for Communism no longer to exist as a threat? And what we begin to see in the 1990s is capital in America regaining the power, assurance, authority, belief in its unilateral power that it had, across the years of the Cold War, if not sacrificed, then moderated.

hat the Soviet Union had promised, what Communism had promised, was that private enterprise could be superseded by rational planning on the part of an enlightened set of rulers who could manage the economy in a way that benefited the masses in extraordinary ways.

That whole project fails, and it fails in a spectacular fashion.

Ronald Reagan had insisted that there was a continuum between Soviet government tyranny and what he regarded as New Deal government tyranny. They were on the same spectrum. One inevitably led to another. He and other Republicans, George H.W. Bush, the party as a whole take this as a great vindication of their core beliefs: that capitalism, which, under the New Deal, was sharply constrained, should be freed from constraint; its animal spirits allowed to soar; venture capitalists encouraged to go everywhere; investments made easy; lower taxation; let capitalists and capital drive America and the world economy, unconstrained by regulation.

these were the core ideas of neoliberals, which have been incubating for decades. And now suddenly these ideas seem to be vindicated. This is the moment of free market triumph.

it intersects in a very powerful way with the ongoing I.T. revolution, which is also bound up with the Soviet Union’s collapse. Because the Soviet Union was very hostile to the personal computer because it required a degree, at that time, of personal freedom that the Soviet Union wasn’t willing to allow what the I.T. revolution represented in the 1990s. And this is one of the reasons that Democrats get on board with it. What it represented was a belief that market perfection was now within human grasp, that there may have been a need for strong government in the past, because knowledge about markets was imperfect, it was limited, it took time for information about markets to travel, a lot of it was wrong, not enough of it was available instantaneously.

Well, suddenly in the 1990s, you have this dream, this vision of all economic knowledge in the world being available at your fingertips instantaneously and with a degree of depth and a range of statistics and figures that had been unimaginable, and a techno-utopianism takes hold

it’s the intersection of these two vectors — a sense that the collapse of the Soviet Union vindicates free market thinking and the I.T. revolution — that allows people to think market perfection is within our grasp in ways it never has been before, that pours fuel on the fire of neoliberal free market thinking.

You described Bill Clinton as the Dwight D. Eisenhower of neoliberalism. What do you mean by that, and what are some of the, for you, core examples?

When Bill Clinton was elected in 1992, no Democratic U.S. president had been elected since 1976. Sixteen years is an eternity in electoral politics in the United States. And the question becomes: Will he roll back the Reagan revolution of the 1980s — massive efforts at deregulation — or will he follow a path that Dwight Eisenhower followed in the early ’50s?

Clinton, in the beginning, is a little uncertain about what he is going to do. And he has some ambitious proposals in his first two years — most notably a vast program of national health insurance, which crashes spectacularly.

And then he gets punished for that venture severely in the 1994 congressional elections, which bring Newt Gingrich and a very right-wing group of Republicans to power — the first time that Republicans control both houses of Congress since 1952. It’s a huge achievement for the Republicans

Clinton reads that moment as signifying that the older Democratic Party of the New Deal, of Franklin Roosevelt and Lyndon Johnson, really had to be reworked and revamped.

the only way for him to win re-election, and the only way for the Democrats to hold on to national power and to regain it in Congress in 1996, is for him to acquiesce to some core Reaganite beliefs. And at the center of the Reaganite project was deregulation — which is a code word for getting the government out of economic affairs or curtailing government power.

Archived clip of President Bill Clinton: We know big government does not have all the answers. We know there’s not a program for every problem. We know and we have worked to give the American people a smaller, less bureaucratic government in Washington. And we have to give the American people one that lives within its means. The era of big government is over.

so Clinton signs off on the Telecommunications Act of 1996, which effectively deregulates the burgeoning I.T. sector of the economy, makes possible an unregulated internet. He signs off on the repeal of the Glass-Steagall Act in 1999.

The Glass-Steagall Act had divided investment from commercial banking and had imposed a kind of regulation on Wall Street that brought an end to the crazy speculation that had brought about the Great Depression in the first place. It was a core principle of the New Deal

He does not seek to revive the Fairness Doctrine, in terms of regulating public media, which had guided successive Democratic administrations: the idea that if a news outlet put out one side of a debate on a policy matter, they were obligated to give the other side equal access.

He becomes an advocate of deregulation and, in some respects, pushes deregulation further than Reagan himself had been able to do. And in that sense, he acquiesces to some of the core principles of the Reagan revolution rather than seeking to roll them back, and it is in that respect that I think it’s appropriate to think of him as a Democratic Eisenhower.

what one remembers most about those battles is how much Clinton and Newt Gingrich hated each other’s guts. And they were seen as being polar opposites.

Clinton, the representative of a New Left America: cosmopolitan, open to the liberation movements, looking for new ways of creating a new and diverse America, embracing sexual liberations — his embrace of gay rights was somewhat limited but still significant. Newt Gingrich, on the other hand, representing traditional Victorian America, wanting to reassert the patriarchal, heterosexual family, men at work, women in the home, religious.

one of the surprises, to me, in working on this book, because I remember those days very well, was the degree to which they worked together — on telecommunication, on reform of Wall Street, on welfare.

Clinton would claim, and his defenders would claim, that he was triangulating. He was trying to make the best of a bad deal, that popular opinion was running with free markets, was running with the Republicans. And to some extent, that was true.

the lesson that I draw from that moment is that one must refrain from always getting sucked into the daily battles over cultural issues.

“cosmopolitanism.” Something that was fresh, to me, in your book was this argument that in neoliberalism, you’re looking at more than just what we typically think of it as, which is an economic theory. You argue that there is a moral ethic that came alongside it, that is part of it. You talk about it as, at various times, cosmopolitan, individualistic. Tell me about it.

“Neoliberalism” is often defined, as you say, simply as being about markets and freeing them up

And “neoliberalism” is also defined as something that’s profoundly elitist in orientation, and it’s a device and an ideology used by elites to implant market ideology on a society in ways that deepens economic inequality and has the ability to strangle the democratic rights of the masses.

I also say that in America, it had a profound popular base. Reagan was an enormously successful president, and by “success,” I mean he was able to excite the imagination of majorities of American voters, and his core message was freedom.

half the time he meant freedom in terms of a free enterprise economy, but the other half of the time he meant freedom in terms of giving individuals the autonomy to go their own way.

he was not a fan of the liberation movements of the ’60s. But when Clinton becomes president in the 1990s, he has a profound connection to those liberation movements of the 1960s — to feminism, to sexual liberation, to civil rights.

he detects in a world in which everyone can travel to wherever they want to go. He valorizes immigrants. He valorizes diversity. These are all values that are profoundly compatible with the neoliberal vision. The opportunity to travel anywhere, to seek out personal adventure, to seek out different cultures.

This is a world that neoliberalism makes possible, and it’s a thrilling moment for many people who have the opportunity either to mix in the world of American cities, which have filled up with immigrants, or to travel abroad and experience other cultures.

A single global marketplace enables and encourages the kind of cosmopolitanism that people on the left-center side of the political spectrum in America have so deeply valued.

you locate the end of this era in the financial crisis of 2008 and 2009. Why?

The promise of neoliberalism was that it would lift all boats. There was an acknowledgment about those who were freeing the energies of the market economy that it would probably increase inequality, the distance between the rich and the poor, but that the increase in inequality wouldn’t matter because the forces of production that would be unleashed on a global scale would be so powerful and so profound that everybody would have more and everybody would have a better life.

And what the 2008-9 financial crisis exposed was first a lot of the market freedom that neoliberalism had unleashed had led to corrupt banking and financial practices that had brought the world to the edge of financial abyss of unimaginable proportions. We ended up skirting that abyss — but not by a lot.

on the other hand, it brought into view a sense of how profoundly unequal the access to power was under the neoliberal regime. And here it’s not so much the financial crash itself but the nature of what governments did to promote recovery from the financial crash.

The object in the U.S. and also in Europe became to save the banks first. The culprits of this financial crisis were the ones who were bailed out first. If you were an American in 2009, 2010, 2011, who had assets in the stock market, you had pretty much recovered your position by 2011, 2012. If you were not one of those fortunate Americans and you were living week to week on a paycheck, your recovery did not occur.

You didn’t reach pre-2008 levels until 2016, 2017, 2018, and people understood, profoundly, the inequality of recovery, and it caused them to look with a much more scrutinizing gaze at the inequalities that neoliberalism had generated and how those inequalities have become so embedded in government policy toward the rich and the poor.

one of the identity crises in the Republican Party — one reason the Republican Party is not held together better — is that the Soviet Union was fundamental to what made its various factions stay in place. And it was also, I think, fundamental to what kept the Republican Party, which at its core has a real anti-government streak, committed in any way to real government.

hen I think there’s a sort of casting about for another enemy. I think they end up finding it after 9/11, or think they have, in what they try to turn into global jihadism, and then it falls apart — both as the antagonist and as a project and just feels to me like another part of the sort of wreckage of this period that opens a way for something new.

That new thing, I think, is more Donald Trump than it is anything else.

I think it discredits what had been a core project of the Republican Party, which was to spread market freedom everywhere. When I teach the Iraq war, I tell my 20-year-old students that this is the worst foreign policy mistake in U.S. history, that it’s going to take the U.S. and the world 50 years to recover from. And it’s imbued with a neoliberal hubris that everyone in the world is simply waiting for the wonders of a market economy to unleash, to be unleashed upon them.

OK, if that era ended, what is being born?

there’s also new zones of agreement that have emerged. When I think about the way I covered politics in 2010, the legitimacy of elections could be taken for granted, and the legitimacy of the Affordable Care Act could not.

I think it’s useful in this moment of acute polarization to look at some of what lies beneath the polarization.

you’re right: On a series of issues there are intriguing conversations going on between Democrats and Republicans. China and tariffs are one area of agreement.

Ironically, immigration is becoming another area of agreement, regardless of who wins the election. One can imagine that the bill agreed to in the Senate late in 2023 could easily be implemented in some form.

here is an area of convergence on antitrust. Josh Hawley and Lena Khan seem to like each other and are finding some common ground on that. And the national security hawks in the G.O.P., people like Marco Rubio and Mitch McConnell, have converged with what we might call the industrial policy doves in the Democratic Party — people like Bernie Sanders — on the importance of reshoring critical sectors of manufacturing and on improving in dramatic ways the nation’s infrastructure.

we can see here a new political economy taking shape, one that breaks with the central principle of neoliberalism, which is that markets must lead and the only role for a state is to facilitate markets.

another element of that, which has been crucial to the ideological reorientation, is a new understanding of the relationship of free markets to democracy.

for the longest period of time, Americans and Europeans were willing to give China a blank check on their democracy, or on their violations of democracy, because of the belief that if market freedom and capitalist practices set down deep enough roots in China that people with economic freedom would want to add to that political freedom and that democracy would begin to flourish and that the Communist Party that rules China would either have to profoundly reform itself or see itself ushered from the political stage.

It’s hard to convince people now of how deeply rooted that belief was. No one in the Democratic or Republican Parties believes that anymore, and that has intensified the fear along with this “Oh, my God” sense that China is not simply producing ordinary goods. It’s producing very sophisticated goods. It’s cornering markets on electrical vehicles and batteries and solar panels that seemed unimaginable 15 or 20 years ago. And it has had the effect of profoundly shocking both parties.

that has completely transformed and the word “protectionism” is not being used because it’s such a negative term, but the sentiments that lie behind protectionism, which might be described more positively as fair trade, are profoundly with us and shape conversation about U.S. economic relations with China every day of the week.

So the change has been profound in both parties, and one of the surprises of the Biden administration, although in retrospect, it’s not so surprising, given the Biden administration’s commitment to industrial policy, is the continuity we see between Trump tariffs and Biden tariffs.

hey’ve also come, in many cases, to the view that we should have much more industrial policy: the sense that if you leave it to the market, China might, by using the government to foster and supercharge certain kinds of market pursuits in China, just lap us. I think it’s become the dominant view in both parties.

I would agree with that, although I think the Republican Party is probably more deeply split on this than the Democratic Party is. The Democratic Party arranged another kind of grand compromise between the left, represented by Bernie Sanders, and the center, represented by Joe Biden, which led to a profound commitment symbolized by Build Back Better, a $5 trillion project that was going to insert industrial policy into the heart of government economic relations in a way that marks the Biden administration as profoundly different from his Democratic predecessors, both Obama and Clinton.

I think the Republican Party does not have agreement on that to the same degree. And one of the interesting things to watch if Trump wins is how that internal fight in the Republican Party works itself out.

So the sort of ideological strain in the Republican Party that JD Vance is part of, this sort of more populist dimension of it: What they see markets and, particularly, free trade and trade with China and immigration as having violated is the strength of communities and families. They look around, and they see broken communities, hollowed-out communities.They see families where the male breadwinners have lost their jobs and lost their earning power, and so they’re not getting married, and there are divorces, and there are too many single-parent families

on the Democratic side, I think there’s some of the same views. There’s a lot of broken communities.

a huge part participant in this ideologically is climate change: the sense that markets would happily make people rich by cooking the planet. The market doesn’t know if the money is coming from, the profit is coming from, burning oil or laying down solar panels. And so once again, that some goal actually does need to be set. Markets can maybe serve our goals. They can serve our vision, but they can’t be assumed to get what we want right in the world.

And so the sense on both parties that you actually do need to define goals and define vision and that, ultimately, that is going to have to happen through government setting policy and making decisions — the primacy of that kind of dialogue now, the degree to which the first conversation is: What are we trying to achieve? That does feel different.

that speaks to the decisive nature of the election of 2016, which we will see the longer we get from it as a decisive inflection point, as really marking the end of the neoliberal order

It doesn’t mean that suddenly there are no more advocates of strong free markets. I think one of the questions now and one of the key questions for the Republican Party is: Can they get serious about this?

It requires them to have a serious program of political economy in a party that has lacked direction on political economy for quite some time.

You describe the sort of neoliberal era as bringing this much more cosmopolitan view of ethics, of morals and of America’s relationship with the world — a more sort of urbanist view. There’s a lot of connections between what it means to live in New York and to live in London and to live in Tokyo and to live in Hong Kong.

JD Vance is a good example of this — are much more skeptical of the individualistic moral structure that dominated here and that Republicans, for all the influence of the Christian right, largely left untouched.

it’s actually very complicated in both parties because Donald Trump is himself such a poor vehicle for a return of traditionalist virtue. But there is something happening here, a sort of questioning of not just government policy and industrial policy but: Did all this individualism work? Is a world where kids are on their smartphones all the time and families are having this much trouble — and did we get something more fundamental, almost spiritual, wrong?

he concern about the moral fiber of the American people is not new in the Republican Party. That goes back to Jerry Falwell, to some of the ministers who became popular in the 1990s and calling America back to moral virtue and identifying enemies of God.

The new element is a sense that one has to connect that concern for this kind of morality to a serious program of political economy, that it’s not enough simply to call on people to be virtuous.

t serious conservatives have to find a way to rebuild the economic foundation that lies at the root of so much immorality and so much despair in American life.

If that develops enough of a base in the Republican Party, then there becomes an opportunity to talk with Democrats about that, about family welfare, about the welfare of children, about creating institutions, both economic and social, that have the capacity to sustain communities in ways in which they have not been sustained.

There are some issues that run so deeply on questions of morality between Republicans and Democrats, it’s hard to see how they can find common ground. And probably the most important of these is on the question of abortion and reproductive rights. And to the extent to which JD Vance and his associates take their stand on this issue, the possibilities for developing a conversation about morality with liberals and Democrats are going to be very, very slim, indeed.

the things that I think would have once been framed in terms of Christianity are now framed in terms of classical virtue. There’s a sort of rediscovery of the Stoics, not the early Christians.

there’s something here where — obviously, efforts to remoralize America are not new — but this idea that we have gone wrong in modernity by becoming so individualistic seems to be gathering a fair amount of force.

My read of it is that the Christian right is just too weak and not sufficiently appealing to be the vehicle for it. And so these other aesthetic and ancient containers are being searched for, but there is some kind of pushback happening

I think you see a lot of interest among people in both parties around some of these tech regulations. But I think of that as sort of fundamentally moralistic.

he Christian right has become somewhat contaminated by its blind adherence to Trump and by its too great a willingness to plunge into politics with any messenger, no matter what moral qualities they’re exhibiting.

That there is a movement among conservatives to step back from that and to ground their morality in something deeper, more widespread, something that can appeal to a greater cross-section of Americans, regardless of whether they go to church or not

If there is a moral awakening underway that is not tied to instrumentalizing churches for strictly partisan purposes, which is one way of describing evangelicalism in the last 20, 25 years, then that would be new.

Sarah Igo, “The Known Citizen” — very different kind of book — “A History of Privacy in Modern America.” We’re talking about morality, we’re talking about community, and of course, social media has put the question of privacy and what constitutes privacy and what’s private and what’s public — such an urgent question in understanding America. And she gives us a wonderful hundred-year overview of how Americans in almost every generation have redefined the boundary between private and public, and I found that extremely useful in thinking about where America is at in the 21st century.