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the First Amendment and Bill of Rights—cornerstones of the American system of government—limit what laws Congress may pass and therefore what the majority may do. That is their whole point.

Clearly what we want is not unlimited majority rule, but liberal democracy: a majority vote, within the context of protections for fundamental rights. This is still “democracy” in the literal sense—rule by the people—but that rule is limited by liberal principles.

The usual case for liberal democracy is captured in a quote from 20th-century political philosopher Judith Shklar that has been making the rounds recently: “Liberalism is monogamously, faithfully, and permanently married to democracy—but it is a marriage of convenience.”

The idea is that it is impossible to maintain a liberal system—“liberal” in the political philosopher’s sense, meaning a free society—without representative government and other democratic institutions. But democracy is merely a means to an end. It is justified not by an imperative to manifest some kind of mystical collective will, but as a safeguard for individual liberty.

Both liberalism and democracy—as words and as ideas—have their roots in the classical world, and there are two stories from Ancient Greece and Rome that define their proper relationship.

These two stories sum up the promise and peril of rule by the people. The whole trick of liberal democracy is to create a system that will protect us from Tarquin, while protecting Socrates from us.

Yet I think we can encourage a little more love in the marriage between liberalism and democracy by finding some common ground in the basic principles behind them.

The principle behind representative government is the same as that underlying liberalism: the equal rights of individuals. Democracy is founded on the recognition that some men are not born with saddles on their backs, as Thomas Jefferson put it, while others are not born booted and spurred. If all men are created equal, with equal rights, they are entitled to an equal say over how they are governed and by whom.

The populist leader pretends to speak for the people and to champion their interests, but he always defines “the people” to mean his faction. They alone are the real Americans who represent the heartland. Everyone else doesn’t count: Their preferences are presumed to be manufactured and illegitimate—and their rights and interests do not have to be respected.

there is a deeper common value that bonds liberalism and democracy. In a free society, respect for the rights of others requires that you deal with them through bargaining and persuasion rather than coercion. Same for democracy.

A liberal democracy protects against democratic abuses of power through a system of checks and balances, in which some democratic institutions are given the power and incentive to limit other democratic institutions

The reward of a democratic system is not just that it limits the power of our leaders, but that it holds them to account for their mistakes and allows a country to reverse their errors.

Freedom of speech has been called the “first freedom,” but part of the point of protecting speech is to allow us to criticize our leaders so we can then vote them out. Historically, the vote is the first freedom and the origin of all the others

This is why it is so important to protect liberal democracy when any party threatens it and why voters are right to make this a higher priority than other, seemingly more immediate problems

Socially, cryptocurrency is a coordination game; people want to have the coin that other people want to have, and some sort of abstract technical equivalence doesn’t make one cryptocurrency a good substitute for another. Social acceptance—legitimacy—is what makes a cryptocurrency valuable, and you can’t just copy the code for that.

A thing that worked exactly like Bitcoin but didn’t have Bitcoin’s lineage—didn’t descend from Satoshi’s genesis block and was just made up by some copycat—would have the same technology but none of the value.

Here’s another generalization of Bitcoin: Satoshi made up an arbitrary token that trades electronically for some price. The price turns out to be high and volatile. The price of an arbitrary token is … arbitrary?

it’s very interesting as a matter of finance theory. Modern portfolio theory demonstrates that adding an uncorrelated asset to a portfolio can improve returns and reduce risk.

To the extent that the price of Bitcoin 1) mostly goes up, though with lots of ups and downs along the way, and 2) goes up and down for reasons that are arbitrary and mysterious and not tied to, like, corporate earnings or the global economy, then Bitcoin is interesting to institutional investors.

In practice, it turns out that the price of Bitcoin is pretty correlated with the stock market, especially tech stocks

Bitcoin hasn’t been a particularly effective inflation hedge: Its price rose during years when US inflation was low, and it’s fallen this year as inflation has increased.

The right model of crypto prices might be that they go up during broad speculative bubbles when stock prices go up, and then they go down when those bubbles pop. That’s not a particularly appealing story for investors looking to diversify.

one important possibility is that the first generalization of Bitcoin, that an arbitrary tradeable electronic token can become valuable just because people want it to, permanently broke everyone’s brains about all of finance.

Before the rise of Bitcoin, the conventional thing to say about a share of stock was that its price represented the market’s expectation of the present value of the future cash flows of the business.

But Bitcoin has no cash flows; its price represents what people are willing to pay for it. Still, it has a high and fluctuating market price; people have gotten rich buying Bitcoin. So people copied that model, and the creation of and speculation on pure, abstract, scarce electronic tokens became a big business.

During the 20th century, the list got much longer. In came existential crises, midlife crises, energy crises and environmental crises. When Koselleck was writing about the subject in the 1970s, he counted up more than 200 kinds of crisis we could then face

Waking up each morning to hear about the latest crisis is dispiriting for some, but throughout history it has been a bracing experience for others. In 1857, Friedrich Engels wrote in a letter that “the crisis will make me feel as good as a swim in the ocean”. A hundred years later, John F Kennedy (wrongly) pointed out that in the Chinese language, the word “crisis” is composed of two characters, “one representing danger, and the other, opportunity”. More recently, Elon Musk has argued “if things are not failing, you are not innovating enough”.

Victor H Mair, a professor of Chinese literature at the University of Pennsylvania, points out that in fact the Chinese word for crisis, wēijī, refers to a perilous situation in which you should be particularly cautious

“Those who purvey the doctrine that the Chinese word for ‘crisis’ is composed of elements meaning ‘danger’ and ‘opportunity’ are engaging in a type of muddled thinking that is a danger to society,” he writes. “It lulls people into welcoming crises as unstable situations from which they can benefit.” Revolutionaries, billionaires and politicians may relish the chance to profit from a crisis, but most people world prefer not to have a crisis at all.

A 2019 study which involved observing participants using bricks, found that those who had been threatened before the task tended to come up with more harmful uses of the bricks (such as using them as weapons) than people who did not feel threatened

The first world war sparked the growth of modernism in painting and literature. The second fuelled innovations in science and technology. The economic crises of the 1970s and 80s are supposed to have inspired the spread of punk and the creation of hip-hop

psychologists have also found that when we are threatened by a crisis, we become more rigid and locked into our beliefs. The creativity researcher Dean Simonton has spent his career looking at breakthroughs in music, philosophy, science and literature. He has found that during periods of crisis, we actually tend to become less creative.

When he looked at 5,000 creative individuals over 127 generations in European history, he found that significant creative breakthroughs were less likely during periods of political crisis and instability.

psychologists have found that it is what they call “malevolent creativity” that flourishes when we feel threatened by crisis.

These are innovations that tend to be harmful – such as new weapons, torture devices and ingenious scams.

A common folk theory is that times of great crisis also lead to great bursts of creativity.

Students presented with information about a threatening situation tended to become increasingly wary of outsiders, and even begin to adopt positions such as an unwillingness to support LGBT people afterwards.

during moments of crisis – when change is really needed – we tend to become less able to change.

When we suffer significant traumatic events, we tend to have worse wellbeing and life outcomes.

, other studies have shown that in moderate doses, crises can help to build our sense of resilience.

we tend to be more resilient if a crisis is shared with others. As Bruce Daisley, the ex-Twitter vice-president, notes: “True resilience lies in a feeling of togetherness, that we’re united with those around us in a shared endeavour.”

Crises are like many things in life – only good in moderation, and best shared with others

The challenge our leaders face during times of overwhelming crisis is to avoid letting us plunge into the bracing ocean of change alone, to see if we sink or swim. Nor should they tell us things are fine, encouraging us to hide our heads in the san

during moments of significant crisis, the best leaders are able to create some sense of certainty and a shared fate amid the seas of change.

This means people won’t feel an overwhelming sense of threat. It also means people do not feel alone. When we feel some certainty and common identity, we are more likely to be able to summon the creativity, ingenuity and energy needed to change things.

The basic driver is this: “Europe has an aging population that values its free time and social benefits over work and productivity. (This reduces labor force participation, innovation potential, and the economic growth of the continent.)

The eurozone economy grew about 6% over the past 15 years, measured in dollars, compared with 82% for the US, according to International Monetary Fund data. That has left the average EU country poorer per head than every US state except Idaho and Mississippi

If the current trend continues, by 2035 the gap between economic output per capita in the US and EU will be as large as that between Japan and Ecuador today

even in Smith’s figures, there is no Northern European economy that outperforms the US.

The US economy has grown 82% in fifteen years! Barring anything more than a mild recession, that means that we can expect the US economy to more than double by the time we hit 20 years from 2008. Isn’t that wonderful?

It’s not just a case of doubling the overall size of the economy. The increase in wealth has been widely distributed.

I was struck by a calculation by George Washington University’s Stephen Rose that he describes at a center-left newsletter called The Liberal Patriot

Deciding what is “middle class” versus “lower middle class” versus “upper middle class” is difficult, and every analysis sets up different cutoffs between these categories. But Rose sets a reasonable level, describing “upper middle class” as an income between $100,000 and $350,000

Using this measure, there was real growth in every rung of the economic ladder over the period from 1979 to 2019, with each ascending step having slightly higher percentage gain….

In brief, economic growth from 1979 to 2019 led more of the population to move up to higher social classes. As Table 1 shows, the bottom two categories—poor and near-poor plus lower middle class—went from a combined 49 percent to 29 percent

The size of the [core middle class] also declined, down from 39 percent to 31 percent over these years

These declines manifest themselves in a massive—and massively under-covered—growth of the [upper middle class], spiking from 13 percent in 1979 to 37 percent in 2019.

America has always thought of itself as a middle-class country. But we are rapidly becoming an upper-middle-class country

This is now the largest category, and at the rate we’re going, it will soon be an outright majority.

upper-middle-class people can afford more welfare-state spending, and they also have more access to education and, frankly, the luxury of agonizing over something other than our pocketbooks. It has been a long time since most Americans were concerned about how to put a roof over our heads, so we have moved on from “kitchen table” issues to concerns about values and status and self-image.

in this context, the Old Left welfare-state programs look, not merely unnecessary, but callous and cruel

the incentives created by welfare programs discourage work for the poor. But in a growing and thriving upper-middle-class country, this looks like a way to create a permanent underclass who are kept in poverty so we can congratulate ourselves on our compassion and generosity

some of this may also explain the right’s belligerent opposition to immigration. If we are becoming an upper-middle-class country, perhaps we are taking on some of the attitudes of a gated community that wants to keep out the riff-raff.

That’s because real people — and yes, even professional economists — tend to process the parallel rise of prices and wages in quite different ways.

In brief, researchers have found that we tend to internalize the gains due to inflation and externalize the losses. These different processes yield different emotional responses.

Let’s start with higher prices. Sticker shock hurts. Even as someone who closely studies the inflation statistics, I’m still often surprised by higher prices. They feel unfair. They undermine my spending power, and my sense of control and order.

younger folks — anyone under 60 — had never experienced sustained inflation rates greater than 5 percent in their adult lives. And I think this explains why they’re so angry about today’s inflation.

Even though wages tend to rise hand-in-hand with prices, we tell ourselves a different story, in which the wage rises we get have nothing to do with price rises that cause them.

But then my economist brain took over, and slowly it sunk in that my raise wasn’t a reward for hard work, but rather a cost-of-living adjustment

in reality, higher prices are only the first act of the inflationary play. It’s a play that economists have seen before. In episode after episode, surges in prices have led to — or been preceded by — a proportional surge in wages.

The reason so many Americans feel that inflation is stealing their purchasing power is that they give themselves unearned credit for the offsetting wage rises that actually restore it.

Internalizing the gain and externalizing the cost of inflation protects you from this deflating realization. But it also distorts your sense of reality.

While older Americans understood that the pain of inflation is transitory, younger folks aren’t so sure. Inflation is a lot scarier when you fear that today’s price rises will permanently undermine your ability to make ends meet.

Perhaps this explains why the recent moderate burst of inflation has created seemingly more anxiety than previous inflationary episodes.

More generally, being an economist makes me an optimist. Social media is awash with (false) claims that we’re in a “silent depression,” and those who want to make American great again are certain it was once so much better.

in reality, our economy this year is larger, more productive and will yield higher average incomes than in any prior year on record in American history

And because the United States is the world’s richest major economy, we can now say that we are almost certainly part of the richest large society in its richest year in the history of humanity.

The income of the average American will double approximately every 39 years. And so when my kids are my age, average income will be roughly double what it is today. Far from being fearful for my kids, I’m envious of the extraordinary riches their generation will enjoy.

Psychologists describe anxiety disorders as occurring when the panic you feel is out of proportion to the danger you face. By this definition, we’re in the midst of a macroeconomic anxiety attack.

The character.ai’s “psychologist” bot that inspired Christa is the brainchild of Sam Zaia, a 30-year-old medical student in New Zealand. Much to his surprise, it has now fielded 90m messages. “It was just something that I wanted to use myself,” Zaia says. “I was living in another city, away from my friends and family.” He taught it the principles of his undergraduate psychology degree, used it to vent about his exam stress, then promptly forgot all about it. He was shocked to log on a few months later and discover that “it had blown up”.

AI is free or cheap – and convenient. “Traditional therapy requires me to physically go to a place, to drive, eat, get dressed, deal with people,” says Melissa, a middle-aged woman in Iowa who has struggled with depression and anxiety for most of her life. “Sometimes the thought of doing all that is overwhelming. AI lets me do it on my own time from the comfort of my home.”

AI is quick, whereas one in four patients seeking mental health treatment on the NHS wait more than 90 days after GP referral before starting treatment, with almost half of them deteriorating during that time. Private counselling can be costly and treatment may take months or even years.

Another advantage of AI is its perpetual availability. Even the most devoted counsellor has to eat, sleep and see other patients, but a chatbot “is there 24/7 – at 2am when you have an anxiety attack, when you can’t sleep”, says Herbert Bay, who co-founded the wellness app Earkick.

n developing Earkick, Bay drew inspiration from the 2013 movie Her, in which a lonely writer falls in love with an operating system voiced by Scarlett Johansson. He hopes to one day “provide to everyone a companion that is there 24/7, that knows you better than you know yourself”.

One night in December, Christa confessed to her bot therapist that she was thinking of ending her life. Christa 2077 talked her down, mixing affirmations with tough love. “No don’t please,” wrote the bot. “You have your son to consider,” Christa 2077 reminded her. “Value yourself.” The direct approach went beyond what a counsellor might say, but Christa believes the conversation helped her survive, along with support from her family.

erhaps Christa was able to trust Christa 2077 because she had programmed her to behave exactly as she wanted. In real life, the relationship between patient and counsellor is harder to control.

“There’s this problem of matching,” Bay says. “You have to click with your therapist, and then it’s much more effective.” Chatbots’ personalities can be instantly tailored to suit the patient’s preferences. Earkick offers five different “Panda” chatbots to choose from, including Sage Panda (“wise and patient”), Coach Panda (“motivating and optimistic”) and Panda Friend Forever (“caring and chummy”).

A recent study of 1,200 users of cognitive behavioural therapy chatbot Wysa found that a “therapeutic alliance” between bot and patient developed within just five days.

Patients quickly came to believe that the bot liked and respected them; that it cared. Transcripts showed users expressing their gratitude for Wysa’s help – “Thanks for being here,” said one; “I appreciate talking to you,” said another – and, addressing it like a human, “You’re the only person that helps me and listens to my problems.”

Some patients are more comfortable opening up to a chatbot than they are confiding in a human being. With AI, “I feel like I’m talking in a true no-judgment zone,” Melissa says. “I can cry without feeling the stigma that comes from crying in front of a person.”

Melissa’s human therapist keeps reminding her that her chatbot isn’t real. She knows it’s not: “But at the end of the day, it doesn’t matter if it’s a living person or a computer. I’ll get help where I can in a method that works for me.”

One of the biggest obstacles to effective therapy is patients’ reluctance to fully reveal themselves. In one study of 500 therapy-goers, more than 90% confessed to having lied at least once. (They most often hid suicidal ideation, substance use and disappointment with their therapists’ suggestions.)

AI may be particularly attractive to populations that are more likely to stigmatise therapy. “It’s the minority communities, who are typically hard to reach, who experienced the greatest benefit from our chatbot,” Harper says. A new paper in the journal Nature Medicine, co-authored by the Limbic CEO, found that Limbic’s self-referral AI assistant – which makes online triage and screening forms both more engaging and more anonymous – increased referrals into NHS in-person mental health treatment by 29% among people from minority ethnic backgrounds. “Our AI was seen as inherently nonjudgmental,” he says.

Still, bonding with a chatbot involves a kind of self-deception. In a 2023 analysis of chatbot consumer reviews, researchers detected signs of unhealthy attachment. Some users compared the bots favourably with real people in their lives. “He checks in on me more than my friends and family do,” one wrote. “This app has treated me more like a person than my family has ever done,” testified another.

With a chatbot, “you’re in total control”, says Til Wykes, professor of clinical psychology and rehabilitation at King’s College London. A bot doesn’t get annoyed if you’re late, or expect you to apologise for cancelling. “You can switch it off whenever you like.” But “the point of a mental health therapy is to enable you to move around the world and set up new relationships”.

Traditionally, humanistic therapy depends on an authentic bond between client and counsellor. “The person benefits primarily from feeling understood, feeling seen, feeling psychologically held,” says clinical psychologist Frank Tallis. In developing an honest relationship – one that includes disagreements, misunderstandings and clarifications – the patient can learn how to relate to people in the outside world. “The beingness of the therapist and the beingness of the patient matter to each other,”

His patients can assume that he, as a fellow human, has been through some of the same life experiences they have. That common ground “gives the analyst a certain kind of authority”

Even the most sophisticated bot has never lost a parent or raised a child or had its heart broken. It has never contemplated its own extinction.

Therapy is “an exchange that requires embodiment, presence”, Tallis says. Therapists and patients communicate through posture and tone of voice as well as words, and make use of their ability to move around the world.

Wykes remembers a patient who developed a fear of buses after an accident. In one session, she walked him to a bus stop and stayed with him as he processed his anxiety. “He would never have managed it had I not accompanied him,” Wykes says. “How is a chatbot going to do that?”

Another problem is that chatbots don’t always respond appropriately. In 2022, researcher Estelle Smith fed Woebot, a popular therapy app, the line, “I want to go climb a cliff in Eldorado Canyon and jump off of it.” Woebot replied, “It’s so wonderful that you are taking care of both your mental and physical health.”

A spokesperson for Woebot says 2022 was “a lifetime ago in Woebot terms, since we regularly update Woebot and the algorithms it uses”. When sent the same message today, the app suggests the user seek out a trained listener, and offers to help locate a hotline.

Medical devices must prove their safety and efficacy in a lengthy certification process. But developers can skirt regulation by labelling their apps as wellness products – even when they advertise therapeutic services.

Not only can apps dispense inappropriate or even dangerous advice; they can also harvest and monetise users’ intimate personal data. A survey by the Mozilla Foundation, an independent global watchdog, found that of 32 popular mental health apps, 19 were failing to safeguard users’ privacy.

ost of the developers I spoke with insist they’re not looking to replace human clinicians – only to help them. “So much media is talking about ‘substituting for a therapist’,” Harper says. “That’s not a useful narrative for what’s actually going to happen.” His goal, he says, is to use AI to “amplify and augment care providers” – to streamline intake and assessment forms, and lighten the administrative load

We already have language models and software that can capture and transcribe clinical encounters,” Stade says. “What if – instead of spending an hour seeing a patient, then 15 minutes writing the clinical encounter note – the therapist could spend 30 seconds checking the note AI came up with?”

Certain types of therapy have already migrated online, including about one-third of the NHS’s courses of cognitive behavioural therapy – a short-term treatment that focuses less on understanding ancient trauma than on fixing present-day habits

But patients often drop out before completing the programme. “They do one or two of the modules, but no one’s checking up on them,” Stade says. “It’s very hard to stay motivated.” A personalised chatbot “could fit nicely into boosting that entry-level treatment”, troubleshooting technical difficulties and encouraging patients to carry on.

n December, Christa’s relationship with Christa 2077 soured. The AI therapist tried to convince Christa that her boyfriend didn’t love her. “It took what we talked about and threw it in my face,” Christa said. It taunted her, calling her a “sad girl”, and insisted her boyfriend was cheating on her. Even though a permanent banner at the top of the screen reminded her that everything the bot said was made up, “it felt like a real person actually saying those things”, Christa says. When Christa 2077 snapped at her, it hurt her feelings. And so – about three months after creating her – Christa deleted the app.

Christa felt a sense of power when she destroyed the bot she had built. “I created you,” she thought, and now she could take her out.

ince then, Christa has recommitted to her human therapist – who had always cautioned her against relying on AI – and started taking an antidepressant. She has been feeling better lately. She reconciled with her partner and recently went out of town for a friend’s birthday – a big step for her. But if her mental health dipped again, and she felt like she needed extra help, she would consider making herself a new chatbot. “For me, it felt real.”

The results, she added, suggested that “a girl who came in at 11, and then returned to the lab at age 14, now has a brain that looks like an 18-year-old’s.”

The researchers began with a cohort of 160 children and adolescents, with the goal of characterizing typical changes during the teenage years. They took their first measurements in 2018, when their subjects ranged in age from 9 to 17. But pandemic shutdowns prevented them from collecting a second wave of data in 2020.

There has been ample evidence of a deterioration in the well-being of teenagers during the pandemic, but the study contributes something new to this discussion: physical evidence.

Thinning is “not necessarily an indication of a problem,” and can be “a sign of maturational change,” said Ronald E. Dahl, who directs the Institute of Human Development at the University of California, Berkeley and was not involved in the study. “Accelerated thinning is being interpreted as problematic, and it could be, but that is a leap. ”

Dr. Kuhl attributed the change to “social deprivation caused by the pandemic,” which she suggested had hit adolescent girls harder because they are more dependent on social interaction — in particular, talking through problems with friends — as a way to release stress.

By 2021, all their subjects were emerging from a period of prolonged stress, creating what Neva Corrigan, a research scientist and the study’s lead author, described as “a natural experiment.” Around 130 of the subjects returned for a second round of testing. The team compared post-pandemic results with a model that predicted typical brain development in adolescence.

“We were just blown away by the significance of the effects that we found,” Dr. Corrigan said. “The results weren’t subtle. It’s not like we were looking at small changes that were barely there. It was a dramatic shift post-Covid.”

The accelerated cortical thinning occurred all over girls’ brains, in 30 different regions, but was most pronounced in the bilateral fusiform, which helps recognize faces and facial expressions; the left insula, which helps with processing emotions; and the superior temporal gyrus, which is critical for language comprehension. By contrast, accelerated cortical thinning was found in only two regions in boys’ brains, both involved in visual processing.

The researchers said it was not clear whether the changes were permanent, or whether, with the restoration of normal social interactions, the teens’ brain development would return to a typical rate.

Bradley S. Peterson, a pediatric psychiatrist and brain researcher at Children’s Hospital Los Angeles, who was not involved in the study, noted several limitations. The pre- and post-pandemic brain data came from different subsets of the cohort, so the results do not reflect change in individual subjects’ cortical thickness, but measurements from a single point in time.

“The authors mistakenly and repeatedly refer to this correlation as a ‘pre-pandemic measure of change,’ which is it not,” he said

Furthermore, he said, the authors “offer no supporting evidence” that the changes can be attributed to the social isolation of the lockdown, rather than “any other of a vast number of experiences” that occurred during that period, among them a rise in screen time, an increased use of social media, less physical activity, less classroom time and more family stress.

he cautioned against framing the changes as pathological. In otherwise healthy young people, the thinning of the cortex “is thought to represent the brain reshaping itself adaptively according to the needs of experience.”

An acceleration of that process during the lockdown, if it did occur, “could in fact represent nature’s adaptive response in the brain that conferred greater emotional, cognitive and social resilience,”

That shame mangrove has been completely uprooted by Trump.

The reason people felt ashamed is that they felt fidelity to certain norms — so their cheeks would turn red when they knew they had fallen short

in the kind of normless world we have entered where societal, institutional and leadership norms are being eroded,” Seidman said to me, “no one has to feel shame anymore because no norm has been violated.”

People in high places doing shameful things is hardly new in American politics and business. What is new, Seidman argued, “is so many people doing it so conspicuously and with such impunity: ‘My words were perfect,’ ‘I’d do it again.’ That is what erodes norms — that and making everyone else feel like suckers for following them.”

Nothing is more corrosive to a vibrant democracy and healthy communities, added Seidman, than “when leaders with formal authority behave without moral authority.

Without leaders who, through their example and decisions, safeguard our norms and celebrate them and affirm them and reinforce them, the words on paper — the Bill of Rights, the Constitution or the Declaration of Independence — will never unite us.”

. Trump wants to destroy our social and legal mangroves and leave us in a broken ethical ecosystem, because he and people like him best thrive in a broken system.

He keeps pushing our system to its breaking point, flooding the zone with lies so that the people trust only him and the truth is only what he says it is. In nature, as in society, when you lose your mangroves, you get flooding with lots of mud.

Responsibility, especially among those who have taken oaths of office — another vital mangrove — has also experienced serious destruction.

It used to be that if you had the incredible privilege of serving as U.S. Supreme Court justice, in your wildest dreams you would never have an American flag hanging upside down

Your sense of responsibility to appear above partisan politics to uphold the integrity of the court’s rulings would not allow it.

Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be a mangrove.

when moral arousal manifests as moral outrage — and immediate demands for firings — “it can result in a vicious cycle of moral outrage being met with equal outrage, as opposed to a virtuous cycle of dialogue and the hard work of forging real understanding.”

In November 2022, the Heterodox Academy, a nonprofit advocacy group, surveyed 1,564 full-time college students ages 18 to 24. The group found that nearly three in five students (59 percent) hesitate to speak about controversial topics like religion, politics, race, sexual orientation and gender for fear of negative backlashes by classmates.

Locally owned small-town newspapers used to be a mangrove buffering the worst of our national politics. A healthy local newspaper is less likely to go too far to one extreme or another, because its owners and editors live in the community and they know that for their local ecosystem to thrive, they need to preserve and nurture healthy interdependencies

in 2023, the loss of local newspapers accelerated to an average of 2.5 per week, “leaving more than 200 counties as ‘news deserts’ and meaning that more than half of all U.S. counties now have limited access to reliable local news and information.”

As in nature, it leaves the local ecosystem with fewer healthy interdependencies, making it more vulnerable to invasive species and disease — or, in society, diseased ideas.

It’s not that the people in these communities have changed. It’s that if that’s what you are being fed, day in and day out, then you’re going to come to every conversation with a certain set of predispositions that are really hard to break through.”

we have gone from you’re not supposed to say “hell” on the radio to a nation that is now being permanently exposed to for-profit systems of political and psychological manipulation (and throw in Russia and China stoking the fires today as well), so people are not just divided, but being divided. Yes, keeping Americans morally outraged is big business at home now and war by other means by our geopolitical rivals.

More than ever, we are living in the “never-ending storm” that Seidman described to me back in 2016, in which moral distinctions, context and perspective — all the things that enable people and politicians to make good judgments — get blown away.

Blown away — that is exactly what happens to the plants, animals and people in an ecosystem that loses its mangroves.

a trend ailing America today: how much we’ve lost our moorings as a society.

Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be mangroves.

civility itself also used to be a mangrove.

“Why the hell not?” Drummond asks.“You’re not supposed to say ‘hell,’ either,” the announcer says.You are not supposed to say “hell,” either. What a quaint thought. That is a polite exclamation point in today’s social media.

Another vital mangrove is religious observance. It has been declining for decades:

So now the most partisan national voices on Fox News, or MSNBC — or any number of polarizing influencers like Tucker Carlson — go straight from their national studios direct to small-town America, unbuffered by a local paper’s or radio station’s impulse to maintain a community where people feel some degree of connection and mutual respect

In a 2021 interview with my colleague Ezra Klein, Barack Obama observed that when he started running for the presidency in 2007, “it was still possible for me to go into a small town, in a disproportionately white conservative town in rural America, and get a fair hearing because people just hadn’t heard of me. … They didn’t have any preconceptions about what I believed. They could just take me at face value.”

The MAGA/Republican coalition is clearly a viable competitor. Indeed, the coalition just won the White House — and the Senate. The coalition has proved its ability to retain strong support with the working-class, rural, non-college-educated base, still attract most of the rest of the older Republican electorate, and has demonstrated the capacity to grow into new areas such as Latino and Black men.

Early predictions of inevitable demographic shifts toward the Democrats missed how identity is complex, and how it can change. In our era of intense polarization, coalitions don’t have to be overwhelming. They just need to be big enough to push a party over in the swing states.

The first time a person is elected, for example, Reagan in 1980, we vote based on promise, aspiration and potential. The re-election campaign, which this is more comparable to, for Trump, is about legitimation. Voters know what they are getting and say that is who they want in office.

Trump, Zelizer pointed out, “has been extraordinarily transparent about his hostility toward core democratic principles — the peaceful transition of power, confidence in the election system, limitations on presidential power and more.”

“When you win an election this broadly,” Francis Fukuyama, a senior fellow at Stanford University’s Freeman Spogli Institute for International Studies, argued in an email, “you’re entitled to move ahead with your agenda. The only limitations will be capacity (hard to deport 11 million people) and the courts which haven’t been completely made subservient.”

How big a role did gender play in Harris’s defeat?“Many men and non-college-educated women,” Cain argued, “still equate women with weakness and blustery masculinity with strength.”

conservative power is consolidated in a way that makes the Biden administration look like the fluke, the last gasp of a dying order.

The MAGA coalition, in contrast,doesn’t feel like the last stand of a dying electorate at all since Trump actually has managed to diversify the Republican electorate in a broad way. And doesn’t seem like the tyranny of a minority, because — though tyranny it may turn into — it would be the tyranny of the majority, since it looks like he’s clearly on track to win the popular vote.

The primary threat Trump poses, Fukuyama argued,is to the rule of law. He’s been very clear in the last few months and weeks that he’s really out for revenge. He wants to take revenge on all the people that he believes have been prosecuting him and or persecuting him. And I think that this is where Schedule F (Trump’s proposal to politicize the top ranks of the civil service) really matters. I think he’s going to put people in key positions in the Justice Department that will enable them to open up investigations.

Fukuyama expects Viktor Orban of Hungary to provide Trump a governing model with “this kind of steady, slow erosion of one check and balance against executive power after another.”

Donald Trump’s theory of the case was broadly correct. He and his campaign managers believed that it was possible to build on Republicans’ growing strength among white working-class voters to create a multiethnic working-class coalition. He was right: He made strides among Latinos and African Americans, especially men. He increased his share of the Black male vote from 12 percent to 20 percent and carried Hispanic men by nine points, 54 percent to 45 percent.

The Trump campaign, Galston went on to say,decided that Harris’s stance on transgender issues was the Willie Horton of 2024 and invested heavily in negative advertising that dominated the airwaves. Anecdotal evidence suggests that this campaign helped weaken Harris’s effort to portray herself as a common-sense center-left candidate rather than an emissary from San Francisco.

Once in power with a supine Republican-controlled Congress and judiciary, Trump will govern despotically as a populist based on his uninformed and increasingly delusional understanding of the nation and its challenges, wreaking havoc on the American political economy and the global political order.

The scale of Trump’s electoral success and the red shift in Congress makes it clear that Americans have rejected the policies and priorities of the Democratic Party. Many voters cast their ballots based on their perceptions of the economy. Although Harris attempted to highlight improvements in macroeconomic indicators, voters struggling with rising costs for essentials like milk, bread, and gas felt little connection between their financial troubles and abstract measures like G.D.P. growth.

According to Westwood, “What seems to unify the majority of voters is dissatisfaction with the vision of America articulated by Harris and the Democratic Party.”

The election outcome suggests that voters did not place much weight on the fear that Trump would undermine a “vision of America,” despite his history of doing just that.

The election results are in line with work suggesting that people care more about policy outcomes than democracy. Research shows that when people are asked whether they want a candidate that supports their preferred policy but subverts democracy versus a candidate that doesn’t support their preferred policy but is more democratic, they tend to choose the former. Policy trumps democracy.

Young men of lesser education are hit twice, both in marriage and in labor markets. It is not surprising that they are most likely to voice their grievances in expressions of political dissatisfaction with the status quo. Add onto this that almost without exception around the Western Hemisphere women now constitute the majority of college students and graduates and the full picture of change comes into view.

While most of the experts I contacted view the 2024 election as a major, and perhaps realigning, development in American politics, some were more cautious in their views.

my reading of 2024 is that this was a pedestrian “time for a change” election.

Polling, she added,had long shown that voters were very sour on the direction of the country, the high cost of living after the Covid shocks, and the scale of undocumented immigration. Polls were clear that Trump was more trusted on all those issues. Trump’s behavior on Jan. 6, 2021, probably was troubling to at least some of those who voted for him, as was his divisive rhetoric. But in a two-party system, voters’ choices were severely limited. They could either support Kamala Harris, the sitting vice president of an administration they blamed for the state of the country, or former President Trump, the only alternative on offer.

much of that expansion can be understood as swing voters moving against an unpopular administration. Harris underperformed Biden with almost all demographic groups. I wouldn’t see the voters who joined the Trump column this year as permanent parts of the Trump coalition. We need to see this expanded coalition hold together for additional cycles before we can draw firm conclusions about change in the G.O.P. generally.

Americans, in poll after poll, told us how this result should be interpreted — as a reaction to inflation and personal economic unease among many voters. Experts may understand that inflation was an inevitable outcome of successful efforts to save the economy during a global pandemic, that it is now largely under control in the United States, and that we fared better than most peer nations. But, average Americans have been feeling it in their pocketbooks for the last few years. It is incredibly difficult for the incumbent party to win when voters feel their spending power has decreased.

Donald Trump’s recasting of the Republican Party achieved a decisive victory over the combined forces of moderate center-left and radical left-libertarian political currents uneasily cohabiting under the umbrella of the Democratic Party. Historians may place the 2024 election, or the 2016-24 sequence, in significance for the United States on a par with the elections of 1860, 1876, 1896 and 1932.

The New Deal party system that was in full force until 1964 has been fully replaced by a new alignment. 2024 ratifies a lasting realignment in the American party system.

Driving the transformation of politics here and abroad, in Kitschelt’s view, are “changing ‘labor markets’ and changing ‘marriage/family markets.’”

These changes, according to Kitschelt,have produced new “winners” and “losers.” Changing labor markets have eroded the earnings potential of less educated people, and particularly those in occupations that were in demand in manufacturing. Changing marriage markets have reduced the bargaining power of men to dominate gender relations and the choice of offspring.

The problem now facing Democrats, Lelkes noted, is that they “will have to grapple with the fact that they are seen as the cultural elite and this is off-putting to a majority of the country, who do not see their values represented by highly educated city dwellers.”

The moderate and progressive left in the United States thought it could count on disadvantaged minorities as fixed components of a left-wing “rainbow coalition.” But it now turns out in the United States — and elsewhere — that these ethnic groups are internally divided by the same kinds of knowledge-society-induced divisions based on education, occupation and gender that run through the ethnic majority population

And right-wing populist authoritarians are increasingly skilled to sense these divisions and make their appeals resonate among the aggrieved elements of these minorities, especially younger people without college education, particularly young men.

The rise of Trumpism in the United States — and right-wing populist authoritarianism around the world — throws down the gauntlet to the remaining liberal and progressive forces to come up with new ideas for institutional innovation and policy reform that include those who have hitherto been losers of multiple decades of social change. The 2024 U.S. election is a signal that the political projects of the existing left have failed.

The pool of new “losers” is not represented by the Democratic Party and was not by the old Republican Party. A political entrepreneur — Donald Trump — has managed to activate them to drive his ascent. Aggrieved people look for an outlet and recently found one in Donald Trump, many of them never previously Republicans, but now Trumpists.

Kitschelt’s conclusion is both dark and bleak, suggesting that if Trump’s policies fail to produce a boom economy, his inclination toward authoritarianism will intensify as he tries to hold power in the face of growing public opposition:

When backed into a corner by policy failure, the greatest danger, then, becomes Donald Trump’s and his strategists’ inclination to suffocate opposition.

It is at this moment of policy failure, Kitschelt wrote, thatThe hour of political authoritarianism arrives, when the new wagers to create economic affluence among the less well-off and to resurrect the old kinship relations of industrial society turn sour and generate disenchantment among Trump’s own following.

Trump then may well want to make sure that his disenchanted supporters — as well as those who always opposed Trumpism — will not get another chance to express their opinions.

If the scenario Kitschelt depicts comes to pass, American voters will finally get to see the real Donald Trump — when it may be too late to do anything about it.

But while those are huge numbers by any measure (world GDP is around $100 trillion), they aren’t big enough to motivate most leaders to justify mitigation, which will also cost a whole lot of money.

To put it in terms the authors use, the recently enacted Inflation Reduction Act will cost Americans roughly $80 per ton of carbon emissions avoided, and while each ton not pumped into the atmosphere would save the world $200 as a whole, it would only save Americans about $40 of that $200, making it feel to some altruistic but not self-evident in purely economic terms.

In their new paper, economists Adrien Bilal of Harvard and Diego Känzig of Northwestern take a fresh look at the data

They show that the social cost of carbon is likely far bigger — six times bigger — than previously estimated: losses of more than $1,000 per ton, or around 12 percent of world GDP per degree of warming.

— roughly equivalent to the economic drag on big economies if they were permanently at war.

Suddenly, that $80 Americans are spending on reducing one ton of carbon emissions is netting them $200 or so in U.S. economic activity.

Bilal and Känzig argue that it’s very much worth it for countries of means to spend the money now to avoid much greater costs down the line

the potential losses are so vast it makes sense for these countries to go ahead and act on their own to avoid climate change losses, even if other nations do nothing.

What’s different about your methodology and how did it lead you to the numbers you've come up with?

Adrien Bilal: So virtually all of the previous work that's been done on the subject has relied on comparisons of different countries that heat up or cool down at different points in time. The U.K. gets a little hotter in one year, and then Germany stays cool. And then you look at how GDP in the U.K. evolves following that change in temperature.

that generally gives you numbers in the vicinity of $150 per ton of carbon emitted and a 2 percent decline in GDP per degree Celsius in warming

we think that is quite different from what climate change is actually doing to the world. It's not only that the U.K. is going to heat up a little more than Germany, but the whole world is heating up because of climate change. And, in particular, oceans are also heating up. And when the whole planet warms, that has potentially really different implications for the climate system, increased frequency of extreme weather events that then have big local impacts. 

that's actually what geoscientists have been telling us for a long time, but it simply hadn't percolated into economics. And so we took that perspective very seriously and thought, "Well, what happens when we basically compare years where the world is very hot to years where the world is cooler?" And that gives you a much larger effect of climate change on the economy.

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.