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Barack Obama and Bernie Sanders, on the other hand, share a perspective of “skeptical restraint.” They worry about the unintended consequences of regime change. They are more aware of the limits and costs of military force. They don’t believe the United States can or should police the world. They understand that without restraint abroad, we will never be able to focus on rebuilding our country at home.

In the spring of 2013, Obama spoke at the National Defense University on the war on terrorism. He argued that “we must define the nature and scope of this struggle or else it will define us,” invoking James Madison’s warning that “no nation could preserve its freedom in the midst of continual warfare.” He called for new limits on our use of force. “Our systematic effort to dismantle terrorist organizations must continue. But this war, like all wars, must end. That’s what history advises. That’s what our democracy demands.” Clinton would not have delivered those remarks. Sanders would.

After she left office, Clinton criticized Obama’s quip that a central principle of his foreign policy was “don’t do stupid s---,” saying that “Great nations need organizing principles, and ‘Don’t do stupid stuff’ is not an organizing principle.” Maybe so, but it reflects a common sense that Sanders and Obama exhibit, and Clinton consistently does not.

the deeper problem was spiritual. Many people around the world rejected democratic capitalism’s vision of a secular life built around materialism and individual happiness. They sought more intense forms of meaning. Some of them sought meaning in the fanaticisms of sect, tribe, nation, or some stronger and more brutal ideology

In case after case, “reasonableness” has been trampled by behavior and creed that is stronger, darker and less temperate.

The uncertain Republican establishment cannot govern its own marginal members, while those on the edge burn with conviction. Jeb Bush looks wan but Donald Trump radiates confidence.

The Democratic establishment no longer determines party positions; it is pulled along by formerly marginal players like Bernie Sanders.

Republicans blame Obama for hesitant and halting policies, but it’s not clear the foreign policy and defense apparatus believes anymore in its own abilities to establish order, or that the American public has any confidence in U.S. effectiveness as a global actor.

the primary problem is mental and spiritual. Some leader has to be able to digest the lessons of the last 15 years and offer a revised charismatic and persuasive sense of America’s historic mission.

This mission, both nationalist and universal, would be less individualistic than the gospel of the 1990s, and more realistic about depravity and the way barbarism can spread. It would offer a goal more profound than material comfort.

The upshot is that we now have two political parties — one pro-Trump and one anti-. Some celebrated Republicans — George F. Will, for instance — have already declared their apostasy. Will is now “unaffiliated,” but no one runs for president as that. In this country, if you’re anti-Trump, realism says you’ve got to vote Democratic.

it’s clear that something beyond economics — and certainly not foreign policy — motivates Trump’s people. My guess is that it’s a low-boil rage against a vague and threatening liberalism — urbane, educated, affluent, secular, diverse and sexually tolerant. It is, in other words, some of the same sentiment that once fueled European fascism.

Those of us who write newspaper columns know that sheer brilliance, should it happen, gets a silent nod of the head, but affirmation — saying what readers already think — gets loud hurrahs. This is Trump’s appeal as well. He validates the thinking — some of it ugly — of many Americans. To them, Helsinki doesn’t matter and even Putin doesn’t matter. Only Trump does. To them, he hates the right people.

I think that was something the right had failed to wrestle with. They hadn’t had those conversations.”

right-of-center magazines have been debating and reassessing the soul of their political philosophy. Trumpism has torn down the conservative house and broken it up for parts. Conservative magazines are working to bring a plausible intellectual order to this new reality — and figure out what comes next.

“I’ve been a big critic of mainstream-media ideological blinders and biases, and I still am,” he said. “But we also have a president who lies aggressively, who lies casually, who lies about things that matter in huge ways and about things that don’t matter at all.”

Goldberg and writers Jay Nordlinger and Kevin D. Williamson are perhaps the most conspicuous members of National Review’s anti-Trump camp.

Hayes hopes that when a reader of the liberal magazine the Nation or a watcher of MSNBC seeks out an “intellectually honest conservative take,” that person will go to the Weekly Standard.

Kristol said he was reluctant to assess the present-day magazine as a whole, but he agreed that such a change was possible. “I feel now like I was unconsciously constraining the ways I was thinking,” he said. “You had friends. You had allies. You didn’t want to look too closely at the less savory parts of them.”

While the Weekly Standard has generally reflected a conventionally hawkish Republican worldview, it has also been willing to entertain varying political outlooks, with its writers landing in different places on Trump and many other matters. Labash, for instance, never hid his opposition to the war in Iraq. “It’s a magazine, not a cult,” he says. “You’re free to think freely.”

Goldberg told me that he had been spared any pressure from his employers to line up with the White House — “not a peep from a soul” at AEI or National Review — but that other employers were less tolerant. “One of the things I have much less respect for is Conservatism Inc.,” he said. “When the real histories of this period are done, one of the more important points is that institutions, both in the media and the think- tank universe, that are dependent on really large donor bases, they were among the first to give way.”

In response, Hayes has increased the magazine’s focus on reporting, he said, less for the purpose of winning debates than to rescue a sense of shared premises. “We thought it was important to focus on reporting and facts and try to determine what the facts are, so that we can have a big debate about policies we should pursue as a country based on a common understanding of those facts,”

Krein seemed more sanguine than most conservative intellectuals I met, viewing the changed policy discourse as a good in itself. “We have an honest question — what the role of the nation-state is,” Krein said. “This is a world of nation-states, but we no longer have any positive rationale for them. Those questions need to be worked out.”

Most of the magazine’s writers are somewhere in between. “We have a number of writers who are vehemently anti-Trump; I’m one of them,” says National Review Online editor Charles C.W. Cooke. “That doesn’t mean he can’t do anything right. That would be to throw my brain away.”

“One of the giant ironies of this whole phenomenon for us is that Trump represents a cartoonish, often exaggerated, version of the direction we wanted to see the party go in,” Lowry said. “Trump was in a very different place on regulation and trade, but we had been widening the lens of mainstream conservatism and arguing that the party needed to be more populist.”

“National Review has absolutely become more interesting,” says Helen Andrews, an essayist who has written for nearly all of the publications mentioned in this article. “When Trump won, I thought that’s it. National Review is done. There’s no way they can bounce back. But it turns out that all the folks over there that I thought were peacetime consiglieres were actually ready to seize the moment.”

Other contributors, like Dennis Prager and Victor Davis Hanson, reliably line up behind Trump, arguing he’s the only defense against an overpowering left.

Merry’s hope, in the face of what he feels are increasingly unfavorable odds, is that Trump will fulfill some of his promises. Assessing that will be one of the main goals of the magazine in the coming years. “We’re interested in the Trump constituency,” Merry says. “The question for us is whether Trump is proving worthy of his voters.”

One curse of the American Conservative, starting with Iraq, has been to serve as an unheeded voice in the face of indifferent or hostile elite opinion. In 2011, Larison was sounding repeated warnings against intervening in Libya, and for several years, before more famous names took notice, he was a lonely voice against the Saudi war in Yemen.

Back in June 2016, the magazine ran a cover story by McConnell, “Why Trump Wins,” which argued that globalism vs. nationalism was the new defining issue in our politics and that GOP elites would be unable to “put the lid on the aspirations Trump has unleashed.”

A sense of the political power of cultural conversations likewise inspired former Senate staffer Ben Domenech, now 36, to launch the Federalist in the fall of 2013

Each of them is playing a distinct role on the right.

Modern Age, founded by conservative luminary Russell Kirk in 1957 and operated by the Intercollegiate Studies Institute, takes what may be the most high-toned approach to politics, with many academic contributors, and McCarthy hopes to see its pages synthesizing ideas from different strains of conservatism.

The National Interest, co-founded in 1985 by the late Irving Kristol, father of Bill, remains devoted to foreign-policy realism, offering thoughtful articles on what role the United States should play on a changed world stage.

National Affairs, founded by former George W. Bush policy staffer Yuval Levin in 2009 as a venue in which conservative policy could be considered more deeply, spent the Obama years offering broad philosophical articles along with wonkier explorations of policymaking, from housing to public broadcasting. This continues, but after the rise of Trump, the journal has become even more introspective, running articles with titles like “Redeeming Ourselves” and “Is the Party Over?”

These publications are highly unlikely to affect the course of Trump, but, by making plausible sense of this moment sooner rather than later, they may affect the course of his successors.

Two surprising stars of the Trump era have been the Claremont Review of Books and the religious journal First Things. It was in the normally restrained Claremont Review of Books that someone going by the name “Publius Decius Mus” (later revealed to be Michael Anton) published “The Flight 93 Election,” an influential essay arguing that the election of Trump, however extreme the risks, was the only hope of preventing a complete surrender to the cultural left.

The trajectory of First Things, a journal of religion and public life founded in 1990, has been even more striking. Its editor, R.R. Reno, contributed to the “Against Trump” issue of National Review but became increasingly frustrated by what he felt was the failure of his fellow conservatives to understand the nature of the rebellion taking place. Eventually, Reno wound up signing on to a “Statement of Unity” in support of Trump by a group called Scholars & Writers for America. First Things is now devoting itself to understanding the altered political and cultural landscape. “The conservative intellectual infrastructure is like a city after the neutron bomb goes off,” says Reno. “There’s a whole network of ideas, and it turns out there are no voters for those ideas.”

The monthly conservative magazine the New Criterion, edited by Roger Kimball, may devote the bulk of its pages to reviews of things like symphonies or art exhibits, but it was also among the first journals to take Trump seriously and understand, as contributor James Bowman put it in October 2015, that Trump spoke for “those whom the progressives have sought to shut out of decent society, which encompasses a much larger universe than that of the movement conservatives.”

Commentary, founded in 1945 by the American Jewish Committee — from which it separated in 2007, becoming a stand-alone nonprofit — has always balanced its forays into politics with grander musings on Western civilization, Judaism and high culture. This seems to be a successful combination in the Trump era, because the circulation, according to Podhoretz, has risen by over 20 percent since the 2016 election. Podhoretz, who has edited the magazine since 2009 (his father, Norman Podhoretz, edited it from 1960 to 1995), is known for a prickly and combative approach to public life

“It may be that Commentary is uniquely suited to the weirdness of this position because it has been a countercultural publication for close to 50 years. It is a Jewish publication on the right. It is a conservative publication in a liberal Jewish community. It remains a journal with literary, cultural and intellectual interests, which makes it a minority in the world of conservative opinion, which tends not to focus on the life of the cultural mind.”

Commentary has had several high-profile articles in the past year. In February 2017, it published “Our Miserable 21st Century,” by Nicholas N. Eberstadt, who argued that the economic insecurity of Americans spiked after 2000 and never recovered.

Many of the smallest conservative journals are unadorned and low in circulation. But, in keeping with the rule that what’s in the wilderness today can be most influential tomorrow, they too are awash in fresh ideas. “There’s still a pretty substantial community that relies on these publications as a channel of communications within the conservative neural network,” observes Daniel McCarthy, editor of one such journal, Modern Age. “They’re even more relevant today than they were in 2012.”

Domenech told me he started to envision a new kind of conservative opinion site after observing that more and more areas of our culture — movies, talk shows, sports — were becoming politicized.

The staff of the Federalist is majority female, half millennial, and a quarter minority, according to Domenech, and youthfulness was reflected in the publication’s design

By engaging in pop-culture debates, going on television, and focusing on engagement with writers and voices outside the conservative sphere, the Federalist hopes to reach audiences that might normally be dismissive

Conservative magazines, Domenech said, had been mistaken to think they spoke for voters on the right. “This battle was not over whether we’re going to have a Chamber of Commerce agenda or a constitutionalist agenda,” Domenech said. “It left out this huge swath of people who weren’t interested in either of those things.”

As much as their contributors may differ in opinion or even dislike one another, what unites these magazines — and distinguishes them from right-wing outlets like Breitbart — is an almost quaint belief in debate as an instrument of enlightenment rather than as a mere tool of political warfare.

“There’s an argument on part of the right that the left is utterly remorseless and we need to be like that,” says Lowry. “That’s the way you lose your soul and you have no standards.”

“You want to be a revolutionary on the right?” asks Labash. “Tell the truth. Call honest balls and strikes. That’s become pretty revolutionary behavior in these hopelessly tribal times.”

With so many Americans today engaged in partisan war, any publication with a commitment to honesty in argument becomes a potential peacemaker. It also becomes an indispensable forum for working out which ideas merit a fight in the first place. This is what, in their best moments, the conservative magazines are now doing.

cultural strife and political divides eventually led to the shogunate rulership's downfall and a new imperial rule took over in 1333.

This system would endure under the leadership of different clans for almost 700 years until the Meiji Restoration of 1868.

The revolution in politics during the Kamakura Period was matched by changes in Japanese society and culture. One important change was the increasing popularity of Buddhism, which had previously been limited primarily to the elites in the emperors' court.

During the Kamakura, ordinary Japanese people began to practice new types of Buddhism, including Zen (Chan), which was imported from China in 1191, and the Nichiren Sect, founded in 1253, which emphasized the Lotus Sutra and could almost be described as "fundamentalist Buddhism."

The greatest crisis of the Kamakura Era came with a threat from overseas. In 1271, the Mongol ruler Kublai Khan  — grandson of Genghis Khan — established the Yuan Dynasty in China. After consolidating power over all of China, Kublai sent emissaries to Japan demanding tribute; the shikken's government flatly refused on behalf of the shogun and emperor.  

Kublai Khan responded by sending two massive armadas to invade Japan in 1274 and 1281. Almost unbelievably, both armadas were destroyed by typhoons, known as the "kamikaze" or "divine winds" in Japan.

They also ordered two different lines of the Japanese imperial family to alternate rulers, in an attempt to keep either branch from becoming too powerful. 

He was the “most Christian King” who entered into an alliance with the enemy of Christendom. He was the destroyer of the integrity and tradition of the Gallican Church. He was the voluptuary who allowed his court to be divided into factions

His father, Charles of Angouleme, resembled his namesake and uncle, the graceful lyric poet, Charles of Orleans

The group accepted the easy guardianship at Amboise of Louis, Duke of Orléans, who two years later became King as Louis XII.

The adulation of his mother and sister shielded him from the hatred of Anne of Brittany. The Queen had borne Louise XII an only child, the Princess Claude, who was heiress of Brittany in her mother’s right

Francis was heir-presumptive to the French Crown. A marriage between Francis and Claude seemed a natural arrangement, which would prevent the alienation of the Duchy of Brittany from the French royal house. But the Queen was firmly opposed to it, and the marriage took place only after her death in 1514

the future of the heir-presumptive remained in doubt. In October 1514, Louis XII

married Mary of England, the sister of Henry VIII. Francis was less distressed than his mother

Bonnivet was made Admiral of France, and the long-vacant title of Constable was bestowed upon his cousin, Charles of Bourbon

Political responsibilities were not neglected in the flush of military success.

In February 1516, the grandson of the Emperor, Charles of Austria, inherited the thrones of Aragon and Castile. Six months later, he recognized the French conquest of Milan. At this time there was no hostility between him and Francis I.

The election of Charles V marked the beginning of a two-hundred-year conflict between the French monarchy and the Hapsburgs

opposed to a rival whose encircling dominions included Spain, the Netherlands, Germany and southern Italy, and whose strength was augmented by the wealth of the New World

The contrast between the ebullient King of the Renaissance and the melancholic Emperor has always attracted the attention of historians

The one reliving the ancient myths of the universal monarchy and the crusade against the infidel: the other replacing the symbolic attitudes of the past with the realistic values of the nation state

The two Kings were too much alike in age and temperament to allow common interests to still the spirit of mutual competition

Henry VIII, reading through the terms of a declaration, obligingly omitted his title of King of France

When hostilities began in the following year, the Tudor King, after making some show of mediation, aligned himself with the Emperor. The war went badly

For a year Francis I remained the captive of the Emperor in Madrid, while Louise of Savoy rallied national sentiment for the continuation of the war

The great-grandfather of the Emperor was Charles the Bold of Burgundy. It was as a Burgundian that Charles V claimed the lands that had been seized by Louis XI. The release of the King was not secured until a pledge had been given for the cession of Burgundy

The King had never intended to observe the terms of the Treaty of Madrid. Fresh allies were found in Italy, notably Pope Clement VII

In the course of the war, Bourbon was killed during the ferocious assault of his mutinous forces on Rome in May 1527

In the sack of Rome Henry VIII saw an opportunity to win the favour of Clement VII and obtain the annulment of his marriage with Catherine of Aragon. For several years he remained the ally of France

Even after the revelation of the marriage with Anne Boleyn, Francis pleaded the English case during his meeting with the Pope at Marseilles in October 1533

The subsequent death of Catherine of Aragon removed the cause of English disagreement with the Emperor. In the last two wars of the reign Henry VIII reverted to the imperial alliance

Turkish armies were threatening the eastern imperial marches. In his league with the Sultan Sulaiman he inaugurated one of the most enduring of French policies

a vast Turkish army had erupted into Hungary and overwhelmed the Emperor’s Hungarian allies

The infidel was regarded with mingled curiosity and horror

The Ottoman alliance appalled the conscience of Europe; but the King found it difficult to resist the temptation offered by the expeditions of Charles V to North Africa and the campaigns of his brother, Ferdinand, upon the Bohemian border

Although the King’s diplomacy with the Papacy, the Turk, England and the Princes of the Empire, contained many failures and much duplicity, it was pursued with a realism and a flexibility that offset his lack of strategic ability in war

By June 1538, when Paul III personally negotiated the truce of Nice, it appeared possible to achieve a genuine reconciliation

The significant campaigns of the future were not to be fought in Italy, but on the frontiers of France

The altered texture of French society in the first half of the sixteenth century was, in part, a response to the demands of the monarchy

Francis I never summoned a full Estates-General

In July 1527, in the presence of the King, the Parlement heard from the lips of secretary Robertet a statement so imperious and unequivocal that it represented an unprecedented declaration of monarchical absolutism. The King, like Louis XII before him, was called the father of his people; but, whereas Louis earned his patriarchal status through his benevolence, Francis claimed it as his right

His sister, Marguerite, now Queen of Navarre, was scarcely less influential

Factions long concealed within the court became more apparent after the death of the Dauphin in 1536

The plain and modest Queen Eleonore, sister of Charles V, whom the King had married five years after the death of Claude in 1525, became the centre of the pro-Hapsburg party at the court

He held the office once occupied by de Boisy and, finally, that which the traitor Bourbon had forfeited

the King’s death in 1547

In the last years of the reign the glories of the new monarchy seemed tarnished and outworn

bowed to the zealots of the Sorbonne and aped the gallant ways of his youth

“If the world is to cope with climate change, policymakers will need to pull every lever at their disposal,” he writes. “Faced with this threat, to indulge in the idea that central banks, as key agencies of the state, can limit themselves to worrying about financial stability … is its own form of denial.”

In England, by contrast, Carney has convened 33 central banks to investigate how to “green the financial system.” According to Axios, every powerful central bank is working with him—except for Banco do Brasil and the Fed.

Mark Carney, the governor of the Bank of England, in 2015, in a speech which has subsequently received massive coverage—and he is a man, after all, absolutely of the global financial establishment—coined the idea of a climate Minsky moment. [Editor’s note: A Minsky moment is when an asset’s price suddenly collapses after a long period of growth.]

We would need [fossil-fuel assets] to be on the balance sheet of actors who were under huge pressure in a fire-sale situation and who couldn’t deal with a sudden revaluation. We would need an entire network of causation to be there, which is what produced the unique crisis of 2007 to 2008.

So imagine that we stay on our current path, and we’re headed toward 3 or 4 degrees’ [Celsius] temperature change. And then imagine some of the nonlinearities kick in, which the climate scientists tell us about, and we face a Fukushima-style event.

What happens next? You then get nervous democratic politicians—and not necessarily those who are known for their populism, but just nervous democratic politicians—suddenly deciding that we have to stop doing one or another part of our carbon-based economy. It has to stop, and it has to stop immediately. And then you get big shocks. Then you get sudden revaluations.

In other words, the success of the delaying tactics of the carbon lobby create a situation in which we’re then faced with the possibility of a sudden regulatory shock

“One-third of equity and fixed income assets issued in global financial markets can be classified as belonging to the natural resource and extraction sectors, as well as carbon-intensive power utilities, chemicals, construction, and industrial goods firms.”

Whether that will, in fact, ease the formation of majorities in Congress is another question. Because, after all, it does somehow have to get through the Senate, you know.

Germany is far, far more exposed. A huge slice of their economy is basically all about internal combustion engines, and so that number includes all of those stocks, for sure.

If we saw a huge shock to, say, European equity [exchange-traded funds], which were heavily in German automotive, that’s the sort of trigger that we might be looking at.

This is not simply a zero-sum game; this is a structural transformation that has many very attractive properties. There’s loads of excellent jobs that could be created in this kind of transition.There’s no reason why, even by conventional GDP-type metrics, it need even be associated with the kind of feel-bad factor of slow GDP growth. Then [you could] also link it to a revival of social democracy for the United States. From a progressive political point of view, that’s obviously extremely attractive.

there’s also a deeper view: that climate change is the situation within which all other politics will happen for the next several generations, at least.

ever since the 1990s that’s been the logjam on any serious American commitment.

When you look at a third of securities tied up in the carbon economy and the evidence for decoupling GDP growth from carbon emissions maybe not being as strong as we’d like, do you think the change that needs to happen is realistic?

Tooze: Realistic? No. I mean, depends what you mean by realism. The scale of the challenge requires a boldness of action for which there is no precedent. That’s the only good purpose that the war analogies serve

Meyer: In your piece, you write: “Those in the United States who call for a Green New Deal or a Green Marshall Plan are, if anything, understating the scale of what is needed.”

Do you think climate action needs to be larger than, say, the U.S. mobilization for World War II?

Tooze: Well, less large in absolute terms. Because even the U.S. was spending almost 40 percent of GDP on World War II. And if you’re the Soviet Union, you’re spending 55 to 60 percent in 1940. We don’t need to do anything like that. It needs to be much bigger than the New Deal, which in fiscal-policy terms was really quite trivial.

Crucially, what makes it totally unlike the war is that there’s no happy end. There’s no moment where you win and then everything goes back to the way it was before, but just better. That’s a misunderstanding

This isn’t crash dieting; this is a permanent change in lifestyle, and we need to love that and we need to live it and we need to own it and we need to reconcile ourselves to the fact that this is for us and for all subsequent generations of humans.

It isn’t just the oil and gas majors, because they wouldn’t get you to 30 percent. Exxon isn’t big enough to get you to that kind of percentage. It’s Exxon, and [the major automakers] Daimler and BMW, and the entire carbon-exposed complex.

all the really hard choices need to be made by people like China and India and Pakistan and Bangladesh and Indonesia

You don’t have that very much in Germany. There isn’t anyone in Germany saying, “Which bit of mid-20th-century history is this most like?,” mercifully. The one analogy that has popped up in Germany is reunification, which I actually think is quite a good one, because that’s still an ongoing problem

in the American case, it would be civil rights and Reconstruction, which isn’t a particularly optimistic comparison to draw. It’s an ongoing problem, it’s a deep historic problem, it only happened once, we still haven’t fixed it, and we’re not at peace.

Meyer: There’s a kind of shallow view of climate change: that it is something we need to avert or stop. And that’s somewhat true

furthermore—and much more fundamentally than any of those things—this isn’t really about America. I mean, America can be an obstacle and get in the way, but none of the really hard choices needs to be made by Americ

like Reconstruction or the civil-rights movement, it needs to be something that people take on like a moral commitment, in the same way they take on genocide prevention as a moral commitment

problems that we thought we’d fixed, like the Green Revolution and the feeding of the world population, for instance—totally not obvious that those fixes cope with the next 20 years of what’s ahead of us. The food problem that was such an oppressive issue globally in the 1970s may resurge in an absolutely dramatic way.

Meyer: Given all that, if Jerome Powell decided that he wanted to intervene on the side of climate action, what could he do? What could the Fed do?

Tooze: What I think the Fed should announce is that it enthusiastically supports the idea of a bipartisan infrastructure push focused on the American electrical network, first and foremost, so that we can actually hook up the renewable-generating capacity—which is now eminently, you know, realistic in economic terms. Setting a backstop to a a fiscal-side-led investment push is the obvious thing.

It is indeed a highly appropriate response to an environment of extremely low interest rates, and [former Treasury Secretary] Larry Summers & Co. would argue that it might help, as it were, to suck us out of the state of secular stagnation that we’re in.

another avenue to go down—for the Fed to take a role in helping develop a classification of green bonds, of green financing, with a view also to rolling out comprehensive demands for disclosure on the part of American firms, for climate risks to be fully declared on balance sheets, and for due recognition to be given to firms that are in the business of proactively preparing themselves for decarbonization.

You could, for instance, declare that the Fed views with disfavor the role of several large American banks in continuing to fund coal investment. Some of the carbon-tracking NGOs have done very good work showing and exposing the way in which some of the largest, the most reputable American banks are still in the business of lending to Big Coal. Banking regulation could be tweaked in a way that would produce a tilt against that.

the classic role of the Fed is to support government-issued debt. Insofar as the Green New Deal is a government-issued business, the Fed has just an absolutely historical warrant for supporting fiscal action.

with regards to the broader economy, the entire federal-government apparatus essentially stood behind the spread of home ownership in the United States and the promotion of suburbanization through the credit system. And kind of what we need is a Fannie Mae and Freddie Mac for the energy transition.

if the question is, Is there historical warrant for the financial agencies of government in the United States biasing the property structure in the economy in a certain way?, the answer is emphatically yes—all the way down to the grotesque role of the New Deal financial apparatus in enshrining the racial segregation of the American urban space, with massive effects from the 1930s onward.

The idea of neutrality should not even be allowed in the room in this argument. It’s a question of where we want to be biased. If you look at QE, especially in the U.K. and the EU, it was effectively fossil-biased.

monetary policy is not neutral with regards to the environment. There’s no safe space here. The only question is whether you’re going to lead in the right way

Meyer: Last question. With any of this, is there a role for interested Americans to play if they are not particularly tied to the financial- or monetary-policy elite?

Tooze: Support your congressperson in doing exactly what AOC did in the hearings with Powell a couple of weeks ago

[Editor’s Note: Representative Alexandria Ocasio-Cortez asked Powell whether inflation and unemployment are still closely connected, as the Fed has long argued.]

Applaud, follow with interest, raise questions. That’s exactly what needs to be happening. The politicization of monetary policy is a fact.

If we don’t raise these questions, the de facto politics is, more often than not, conservative and status quo–oriented. So this, like any other area, is one where citizens—whether they’re educated and informed or not—need to wise up, get involved, and follow the arguments and develop positions.

So applaud your congresspeople when they do exactly what AOC was doing in that situation. In many ways, I thought it was one of the most hopeful scenes I’ve seen in that kind of hearing in a long time.

The government hopes to use the findings to unravel a riddle that will allow Germany to move securely into the next phase of the pandemic: Which of the far-reaching social and economic restrictions that have slowed the virus are most effective and which can be safely lifted?

Other countries like Iceland and South Korea have tested broadly for infections, or combined testing with digital tracking to undercut the spread of the virus. But even the best laid plans can go awry; Singapore attempted to reopen only to have the virus re-emerge.

President Trump is in a hurry to restart the economy in an election year, but experts warn that much wider testing is needed to open societies safely.

Both Britain and the United States, where some of the first tests were flawed, virtually forfeited the notion of widespread testing early in their outbreaks and have since had to ration tests in places as they scramble to catch up

Germany, which produces most of its own high-quality test kits, is already testing on a greater scale than most — 120,000 a day and growing in a nation of 83 million.

Merkel, a trained scientist, said this week that the aim was nothing less than tracing “every infection chain.”

Every 10 people infected with the virus now pass it to seven others — a sharp decline in the infection rate for a virus that has spread exponentially.

The generosity and solidarity on such striking display inside of Europe’s largest and richest economy have been missing in Germany’s response to poorer European nations in the south, which were hit hardest by the virus.

the chancellor’s mixture of calm reassurance and clear-eyed realism — as well as her ability to understand the science and explain it to citizens — has been widely praised and encouraged Germans to follow social distancing rules. Her approval ratings are now higher than 80 percent.

That broad confidence in government has given Germany a tremendous advantage. It is much of the reason a knock on the door by a police officer and strangers dressed like aliens asking for blood can engender good will rather than alarm

Nationally, the Robert Koch Institute, the government’s central scientific institution in the field of biomedicine, is testing 5,000 samples from blood banks across the country every two weeks and 2,000 people in four hot spots who are farther along in the cycle of the disease.

Its most ambitious project, aiming to test a nationwide random sample of 15,000 people across the country, is scheduled to begin next month.

“In the free world, Germany is the first country looking into the future,”

“We are leading the thinking of what to do next.”

In Gangelt, a small town of about 12,000 in northwest Germany, tests of a first group of 500 residents found that 14 percent had antibodies to the virus. Another 2 percent tested positive for the coronavirus, raising hopes that about 15 percent of the local population may already have some degree of immunity.

“The process toward reaching herd immunity has begun,”

t may hold valuable insights for places that lag behind as the pandemic runs its course.

The mortality rate in the town, for example, turned out to be 0.37 percent, much lower than the national rate of 2.9 percent which is calculated based only on detected infections.

“We are at a crossroads,” said Mr. Hoelscher, the professor. “Are we going the route of loosening more and increasing immunity in the summer to slow the spread of this in the winter and gain more freedom to live public life? Or are we going to try to minimize transmissions until we have a vaccine?

“This is a question for politicians, not for scientists,” he added. “But politicians need the data to make an informed risk assessment.”

“I thought to myself if we’re going into lockdown, we need to start working on an exit strategy now,”

The next day, he said he wrote a short pitch to the Bavarian government. Six hours later, he had the green light. It took another three weeks until the test kits had arrived, a new lab was opened and teams of medics started fanning out across the city.

Six days after they first rung his doorbell, a doctor and two medical students came back to Mr. Germann’s apartment, household number 420 out of 3,000.They put on disposable protection suits, gloves and goggles and one of them sat down on a plastic stool they had brought along to take a small vial of his blood. Then they removed and bagged their suits, disinfected the stool and any surface they had touched and left. It took all of 10 minutes.

what happens when an extraordinarily rich society can’t find enough new ideas that justify investing all its stockpiled wealth. We inflate bubbles and then pop them, invest in Theranos and then repent, and the supposed cutting edge of capitalism is increasingly defined by technologies that have almost arrived, business models that are on their way to profitability, by runways that go on and on without the plane achieving takeoff.

what this tells us, unfortunately, is that 21st-century growth and innovation are not at all that we were promised they would be.

slowly compounding growth is not the same as dynamism. American entrepreneurship has been declining since the 1970s: Early in the Jimmy Carter presidency, 17 percent of all United States businesses had been founded in the previous year; by the start of Barack Obama’s second term, that rate was about 10 percent. In the late 1980s, almost half of United States companies were “young,” meaning less than five years old; by the Great Recession, that share was down to only 39 percent, and the share of “old” firms (founded more than 15 years ago) rose from 22 percent to 34 percent over a similar period

From World War II through the 1980s, according to a recent report from Senator Marco Rubio’s office, private domestic investment often approached 10 percent of G.D.P.; in 2019, despite a corporate tax cut intended to get money off the sidelines, the investment-to-G.D.P. ratio was less than half of that.

This suggests that the people with the most experience starting businesses look around at their investment opportunities and see many more start-ups that resemble Theranos than resemble Amazon, let alone the behemoths of the old economy.

the dearth of corporate investment also means that the steady climb of the stock market has boosted the wealth of a rentier class — basically, already-rich investors getting richer off dividends — rather than reflecting surging prosperity in general.

In 2017 a group of economists published a paper asking, “Are Ideas Getting Harder to Find?” The answer was a clear yes: “We present a wide range of evidence from various industries, products, and firms showing that research effort is rising substantially while research productivity is declining sharply.”

In his 2011 book “The Great Stagnation,” Tyler Cowen cited an analysis from the Pentagon physicist Jonathan Huebner, who modeled an innovations-to-population ratio for the last 600 years: It shows a slowly ascending arc through the late 19th century, when major inventions were rather easy to conceive and adopt, and a steepening decline ever since, as rich countries spend more and more on research to diminishing returns.

the trends reveal a slowdown, a mounting difficulty in achieving breakthroughs — a bottleneck if you’re optimistic, a ceiling if you aren’t

the relative exception, the internet and all its wonders, highlights the general pattern.

The Northwestern University economist Robert Gordon, one of the most persuasive theorists of stagnation, points out that the period from 1840 to 1970 featured dramatic growth and innovation across multiple arenas — energy and transportation and medicine and agriculture and communication and the built environment.

in the last two generations, progress has become increasingly monodimensional — all tech and nothing else.

Take a single one of the great breakthroughs of the industrial age — planes and trains and automobiles, antibiotics and indoor plumbing — and it still looms larger in our everyday existence than all of the contributions of the tech revolution combined.

We used to travel faster, build bigger, live longer; now we communicate faster, chatter more, snap more selfies.

With this stagnation comes social torpor. America is a more peaceable country than it was in 1970 or 1990, with lower crime rates and safer streets and better-behaved kids

it’s also a country where that supposedly most American of qualities, wanderlust, has markedly declined: Americans no longer “go west” (or east or north or south) in search of opportunity the way they did 50 years ago; the rate at which people move between states has fallen from 3.5 percent in the early 1970s to 1.4 percent in 2010. Nor do Americans change jobs as often as they once did.

Meanwhile, those well-behaved young people are more depressed than prior cohorts, less likely to drive drunk or get pregnant but more tempted toward self-harm

For adults, the increasingly legal drug of choice is marijuana, whose prototypical user is a relaxed and harmless figure — comfortably numb, experiencing stagnation as a chill good time.

then there is the opioid epidemic, whose spread across the unhappiest parts of white America passed almost unnoticed in elite circles for a while because the drug itself quiets rather than inflames, supplying a gentle euphoria that lets its users simply slip away, day by day and bit by bit, without causing anyone any trouble

In the land of the lotus eaters, people are also less likely to invest in the future in the most literal of ways. The United States birthrate was once an outlier among developed countries, but since the Great Recession, it has descended rapidly, converging with the wealthy world’s general below-replacement norm.

This demographic decline worsens economic stagnation; economists reckoning with its impact keep finding stark effects. A 2016 analysis found that a 10 percent increase in the fraction of the population over 60 decreased the growth rate of states’ per capita G.D.P. by 5.5 percent.

This doesn’t excuse the grifting or the rage stoking, especially presidential grifting and rage stoking, and it doesn’t make the mass shootings, when they come, any less horrific. But it’s important context for thinking about whether online politics is really carrying our society downward into civil strife

This feedback loop — in which sterility feeds stagnation, which further discourages childbearing, which sinks society ever-deeper into old age — makes demographic decline a clear example of how decadence overtakes a civilization

Both populism and socialism, Trump and Bernie Sanders, represent expressions of discontent with decadence, rebellions against the technocratic management of stagnation that defined the Obama era.

in practical terms the populist era has mostly delivered a new and deeper stalemate. From Trump’s Washington to the capitals of Europe, Western politics is now polarized between anti-establishment forces that are unprepared to competently govern and an establishment that’s too disliked to effectively rule.

The hysteria with which we’re experiencing them may represent nothing more than the way that a decadent society manages its political passions, by encouraging people to playact extremism, to re-enact the 1930s or 1968 on social media, to approach radical politics as a sport, a hobby, a kick to the body chemistry, that doesn’t put anything in their relatively comfortable late-modern lives at risk.

The terrorist in 21st-century America isn’t the guy who sees more deeply than the rest; he’s the guy who doesn’t get it, who takes the stuff he reads on the internet literally in a way that most of the people posting don’t

once we crossed over into permanent below-replacement territory, the birth dearth began undercutting the very forces (youth, risk -taking, dynamism) necessary for continued growth, meaning that any further gains to individual welfare are coming at the future’s expense.

It suggests that the virtual realm might make our battles more ferocious but also more performative and empty; and that online rage is a steam-venting technology for a society that is misgoverned, stagnant and yet, ultimately, far more stable than it looks on Twitter

in the real world, it’s possible that Western society is leaning back in an easy chair, hooked up to a drip of something soothing, playing and replaying an ideological greatest-hits tape from its wild and crazy youth.

Human beings can still live vigorously amid a general stagnation, be fruitful amid sterility, be creative amid repetition. And the decadent society, unlike the full dystopia, allows those signs of contradictions to exist

The last hundred-odd years of Western history offer plenty of examples of how the attempt to throw off decadence can bring in far worse evils, from the craving for Meaning and Action that piled corpses at Verdun and Passchendaele, to the nostalgic yearning for the Cold War that inspired post-9/11 crusading and led to a military quagmire in the Middle East.

So you can even build a case for decadence, not as a falling-off or disappointing end, but as a healthy balance between the misery of poverty and the dangers of growth for growth’s sake

A sustainable decadence, if you will, in which the crucial task for 21st-century humanity would be making the most of a prosperous stagnation: learning to temper our expectations and live within limits; making sure existing resources are distributed more justly; using education to lift people into the sunlit uplands of the creative class; and doing everything we can to help poorer countries transition successfully into our current position

this argument carries you only so far. Even if the dystopia never quite arrives, the longer a period of stagnation continues, the narrower the space for fecundity and piety, memory and invention, creativity and daring.

So decadence must be critiqued and resisted

by the hope that where there’s stability, there also might eventually be renewal,

The next renaissance will be necessarily different, but realism about our own situation should make us more inclined, not less, to look and hope for one — for the day when our culture feels more fruitful, our politics less futile and the frontiers that seem closed today are opened once again.

Their answer to almost every question of political strategy is to insist that Americans are a profoundly progressive people who haven’t yet been inspired to vote the way they think. The way to win, these progressives claim, is to go left, always.

They are instead committing what the journalist Matthew Yglesias has called “the pundit fallacy.” They are conflating their own opinions with smart political advice. They are choosing to believe what they want to believe.

They often do so by pointing to polls with favorably worded, intricate questions — and by ignoring evidence to the contrary.

By designing campaign strategies for the America they want, rather than the one that exists, progressives have done a favor to their political opponents. They have refused to make tactical retreats, which is why they keep losing.

I think Warren may have been the person most damaged by this dynamic in 2020

she mimicked Sanders, making many Democratic voters who were rooting for her worried that, like him, she couldn’t win a general election.

if progressives aren’t satisfied being influential runners-up, I would suggest three broad principles.

First, don’t become PINOs (progressives in name only). Decide on a few core ways in which you think moderate Democrats are wrong, and stake out different positions.

Second, stop believing your own spin. Analyze public opinion objectively. Acknowledge when a progressive position brings electoral costs.

Finally, start testing some new political strategies. A single break with orthodoxy can send a larger signal. It can make a candidate look flexible, open-minded, less partisan and more respectful of people with different views

Maybe the new approach should involve economic progressivism and cultural moderation, which happens to reflect American public opinion.

“I get chills when I see those young people, especially at Fridays for Future. They are screaming and shouting and they’re generally terrified,” she said in an interview. “They don’t want the world to end.”

Naomi said she does not dispute that greenhouse gas emissions are warming the planet, but she argues that many scientists and activists have overstated their impact.AD“I don’t want to get people to stop believing in man-made climate change, not at all,” she said. “Are manmade CO2 emissions having that much impact on the climate? I think that’s ridiculous to believe.”

The German media have described her as sympathetic to the nationalist Alternative for Germany (AfD), the biggest opposition party in parliament, whose leaders have spoken of fighting “an invasion of foreigners.” Naomi says she is not a member of AfD — she describes herself as libertarian — but acknowledges speaking at a recent AfD event.

Naomi argues that other factors, such as solar energy, play a role — though the amount of solar energy reaching the Earth has actually declined since the 1970s, according to federal measurements

Founded in 1984 and funded largely by anonymous donors, Heartland has increasingly focused on climate change over the past decade. Its staff and researchers enjoy ready access to the Trump administration, and one of its senior fellows, William Happer, served as a senior director on the White House National Security Council between September 2018 and 2019.

An emeritus professor of physics at Princeton University, Happer has repeatedly argued that carbon emissions should be viewed as beneficial to society — not a pollutant that drives global warming. During his time with the Trump administration, he sought to enlist Heartland’s help in promoting his ideas and objected to a U.S. intelligence official’s finding that climate impacts could be “possibly catastrophic,”

Why would an American think tank want to get involved in German politics? Because it worries that Berlin’s strong stance on reducing greenhouse-gas emissions could be contagious, according to a recent investigation aired on German television.

For two decades, Germany has been a leader in pressing other nations to curb carbon output and shift to renewable energy. Though it is falling short of its ambitious goals, Germany has pledged to cut its greenhouse gas emissions this year by 40 percent compared to 1990 — and by up to 95 percent by mid-century.

The proposal described Naomi as “the star” of a “Climate Reality Forum” organized by Heartland during the Madrid talks. With “over 100,000 people viewing her talk on climate realism,” the proposal said, Naomi was well-positioned to fight German climate policies.

Taylor said the tendency to associate Naomi with Greta is “kind of natural” — and benefits Heartland’s message.“To the extent that Naomi is pretty much the same, just with a different perspective, yeah, I think that it’s good that people will look at the two as similar in many ways,” he said.

He tries to break free of narrow specialization and cross the boundaries between scientific disciplines. Expeditions beyond economics’ borders and its connection to history, philosophy, psychology, and ancient myths are not only refreshing, but necessary for understanding the world of the twenty-first century.

Reality is spun from stories, not from material. Zdeněk Neubauer

“The separation between the history of a science, its philosophy, and the science itself dissolves into thin air, and so does the separation between science and non-science; differences between the scientific and unscientific are vanishing.”

The study of the history of a certain field is not, as is commonly held, a useless display of its blind alleys or a collection of the field’s trials and errors (until we got it right), but history is the fullest possible scope of study of a menu that the given field can offer.

History of thought helps us to get rid of the intellectual brainwashing of the age, to see through the intellectual fashion of the day, and to take a couple of steps back.

That is the reason for this book: to look for economic thought in ancient myths and, vice versa, to look for myths in today’s economics.

stories; Adam Smith believed. As he puts it in The Theory of Moral Sentiments, “the desire of being believed, or the desire of persuading, of leading and directing other people, seems to be one of the strongest of all our natural desires.”

“The human mind is built to think in terms of narratives … in turn, much of human motivation comes from living through a story of our lives, a story that we tell to ourselves and that creates a framework of our motivation. Life could be just ‘one damn thing after another’ if it weren’t for such stories. The same is true for confidence in a nation, a company, or an institution. Great leaders are foremost creators of stories.”

contrary to what our textbooks say, economics is predominantly a normative field. Economics not only describes the world but is frequently about how the world should be (it should be effective, we have an ideal of perfect competition, an ideal of high-GDP growth in low inflation, the effort to achieve high competitiveness …). To this end, we create models, modern parables,

I will try to show that mathematics, models, equations, and statistics are just the tip of the iceberg of economics; that the biggest part of the iceberg of economic knowledge consists of everything else; and that disputes in economics are rather a battle of stories and various metanarratives than anything else.

Before it was emancipated as a field, economics lived happily within subsets of philosophy—ethics, for example—miles away from today’s concept of economics as a mathematical-allocative science that views “soft sciences” with a scorn born from positivistic arrogance. But our thousand-year “education” is built on a deeper, broader, and oftentimes more solid base. It is worth knowing about.

is a paradox that a field that primarily studies values wants to be value-free. One more paradox is this: A field that believes in the invisible hand of the market wants to be without mysteries.

mathematics at the core of economics, or is it just the icing of the cake, the tip of the iceberg of our field’s inquiry?

we seek to chart the development of the economic ethos. We ask questions that come before any economic thinking can begin—both philosophically and, to a degree, historically. The area here lies at the very borders of economics—and often beyond. We may refer to this as protoeconomics (to borrow a term from protosociology) or, perhaps more fittingly, metaeconomics (to borrow a term from metaphysics).

The more important elements of a culture or field of inquiry such as economics are found in fundamental assumptions that adherents of all the various systems within the epoch unconsciously presuppose. Such assumptions appear so obvious that people do not know what they are assuming, because no other way of putting things has ever occurred to them, as the philosopher Alfred Whitehead notes in Adventures of Ideas.

I argue that economic questions were with mankind long before Adam Smith. I argue that the search for values in economics did not start with Adam Smith but culminated with him.

We should go beyond economics and study what beliefs are “behind the scenes,” ideas that have often become the dominant yet unspoken assumptions in our theories. Economics is surprisingly full of tautologies that economists are predominantly unaware of. I

argue that economics should seek, discover, and talk about its own values, although we have been taught that economics is a value-free science. I argue that none of this is true and that there is more religion, myth, and archetype in economics than there is mathematics.

In a way, this is a study of the evolution of both homo economicus and, more importantly, the history of the animal spirits within him. This book tries to study the evolution of the rational as well as the emotional and irrational side of human beings.

I argue that his most influential contribution to economics was ethical. His other thoughts had been clearly expressed long before him, whether on specialization, or on the principle of the invisible hand of the market. I try to show that the principle of the invisible hand of the market is much more ancient and developed long before Adam Smith. Traces of it appear even in the Epic of Gilgamesh, Hebrew thought, and in Christianity, and it is expressly stated by Aristophanes and Thomas Aquinas.

This is not a book on the thorough history of economic thought. The author aims instead to supplement certain chapters on the history of economic thought with a broader perspective and analysis of the influences that often escape the notice of economists and the wider public.

Progress (Naturalness and Civilization)

The Economy of Good and Evil

from his beginnings, man has been marked as a naturally unnatural creature, who for unique reasons surrounds himself with external possessions. Insatiability, both material and spiritual, are basic human metacharacteristics, which appear as early as the oldest myths and stories.

the Hebrews, with linear time, and later the Christians gave us the ideal (or amplified the Hebrew ideal) we now embrace. Then the classical economists secularized progress. How did we come to today’s progression of progress, and growth for growth’s sake?

The Need for Greed: The History of Consumption and Labor

Metamathematics From where did economics get the concept of numbers as the very foundation of the world?

All of economics is, in the end, economics of good and evil. It is the telling of stories by people of people to people. Even the most sophisticated mathematical model is, de facto, a story, a parable, our effort to (rationally) grasp the world around us.

idea that we can manage to utilize our natural egoism, and that this evil is good for something, is an ancient philosophical and mythical concept. We will also look into the development of the ethos of homo economicus, the birth of “economic man.”

The History of Animal Spirits: Dreams Never Sleep

Masters of the Truth

Originally, truth was a domain of poems and stories, but today we perceive truth as something much more scientific, mathematical. Where does one go (to shop) for the truth? And who “has the truth” in our epoch?

Our animal spirits (something of a counterpart to rationality) are influenced by the archetype of the hero and our concept of what is good.

The entire history of ethics has been ruled by an effort to create a formula for the ethical rules of behavior. In the final chapter we will show the tautology of Max Utility, and we will discuss the concept of Max Good.

The History of the Invisible Hand of the Market and Homo Economicus

We understand “economics” to mean a broader field than just the production, distribution, and consumption of goods and services. We consider economics to be the study of human relations that are sometimes expressible in numbers, a study that deals with tradables, but one that also deals with nontradables (friendship, freedom, efficiency, growth).

When we mention economics in this book, we mean the mainstream perception of it, perhaps as best represented by Paul Samuelson.

By the term homo economicus, we mean the primary concept of economic anthropology. It comes from the concept of a rational individual, who, led by narrowly egotistical motives, sets out to maximize his benefit.

the Epic of Gilgamesh bears witness to the opposite—despite the fact that the first written clay fragments (such as notes and bookkeeping) of our ancestors may have been about business and war, the first written story is mainly about great friendship and adventure.

Even today we live in Gilgamesh’s vision that human relations—and therefore humanity itself—are a disturbance to work and efficiency; that people would perform better if they did not “waste” their time and energy on nonproductive things.

is a story of nature and civilization, of heroism, defiance, and the battle against the gods, and evil; an epic about wisdom, immortality, and also futility.

But it is in friendship where—often by-the-way, as a side product, an externality—ideas and deeds are frequently performed or created that together can altogether change the face of society.19 Friendship can go against an ingrained system in places where an individual does not have the courage to do so himself or herself.

started with Babylonians—rural nature becomes just a supplier of raw materials, resources (and humans the source of human resources). Nature is not the garden in which humans were created and placed, which they should care for and which they should reside in, but becomes a mere reservoir for natural (re)sources.

To be human seems to be somewhere in between, or both of these two. We

The entire history of culture is dominated by an effort to become as independent as possible from the whims of nature.39 The more developed a civilization is, the more an individual is protected from nature and natural influences and knows how to create around him a constant or controllable environment to his liking.

The epic captures one of the greatest leaps in the development of the division of labor. Uruk itself is one of the oldest cities of all, and in the epic it reflects a historic step forward in specialization—in the direction of a new social city arrangement. Because of the city wall, people in the city can devote themselves to things other than worrying about their own safety, and they can continue to specialize more deeply.

“The chief thing which the common-sense individual wants is not satisfactions for the wants he had, but more, and better wants.”47

If a consumer buys something, theoretically it should rid him of one of his needs—and the aggregate of things they need should be decreased by one item. In reality, though, the aggregate of “I want to have” expands together with the growing aggregate of “I have.”

the Old Testament, this relationship is perceived completely differently. Man (humanity) is created in nature, in a garden. Man was supposed to care for the Garden of Eden and live in harmony with nature and the animals. Soon after creation, man walks naked and is not ashamed, de facto the same as the animals. What is characteristic is that man dresses (the natural state of creation itself is not enough for him), and he (literally and figuratively) covers52 himself—in shame after the fall.53

Nature is where one goes to hunt, collect crops, or gather the harvest. It is perceived as the saturator of our needs and nothing more. One goes back to the city to sleep and be “human.” On the contrary, evil resides in nature. Humbaba lives in the cedar forest, which also happens to be the reason to completely eradicate it.

Symbolically, then, we can view the entire issue from the standpoint of the epic in the following way: Our nature is insufficient, bad, evil, and good (humane) occurs only after emancipation from nature (from naturalness), through culturing and education. Humanity is considered as being in civilization.

The city was frequently (at least in older Jewish writings) a symbol of sin, degeneration, and decadence—nonhumanity. The Hebrews were originally a nomadic nation, one that avoided cities. It is no accident that the first important city57 mentioned in the Bible is proud Babylon,58 which God later turns to dust.

is enough, for example, to read the Book of Revelation to see how the vision of paradise developed from the deep Old Testament period, when paradise was a garden. John describes his vision of heaven as a city—paradise is in New Jerusalem, a city where the dimensions of the walls(!) are described in detail, as are the golden streets and gates of pearl.

Hebrews later also chose a king (despite the unanimous opposition of God’s prophets) and settled in cities, where they eventually founded the Lord’s Tabernacle and built a temple for Him. The city of Jerusalem later gained an illustrious position in all of religion.

this time Christianity (as well as the influence of the Greeks) does not consider human naturalness to be an unambiguous good, and it does not have such an idyllic relationship to nature as the Old Testament prophets.

If a tendency toward good is not naturally endowed in people, it must be imputed from above through violence or at least the threat of violence.

If we were to look at human naturalness as a good, then collective social actions need a much weaker ruling hand. If people themselves have a natural tendency (propensity) toward good, this role does not have to be supplied by the state, ruler, or, if you wish, Leviathan.

How does this affect economics?

us return for the last time to the humanization of the wild Enkidu, which is a process we can perceive with a bit of imagination as the first seed of the principle of the market’s invisible hand, and therefore the parallels with one of the central schematics of economic thinking.

Sometimes it is better to “harness the devil to the plow” than to fight with him. Instead of summoning up enormous energy in the fight against evil, it is better to use its own energy to reach a goal we desire; setting up a mill on the turbulent river instead of futile efforts to remove the current. This is also how Saint Prokop approached it in one of the oldest Czech legends.

Enkidu caused damage and it was impossible to fight against him. But with the help of a trap, trick, this evil was transformed into something that greatly benefited civilization.

By culturing and “domesticating” Enkidu, humanity tamed the uncontrollable wild and chaotic evil

Enkidu devastated the doings (the external, outside-the-walls) of the city. But he was later harnessed and fights at the side of civilization against nature, naturalness, the natural state of things.

A similar story (reforming something animally wild and uncultivated in civilizational achievement) is used by Thomas Aquinas in his teachings. Several centuries later, this idea is fully emancipated in the hands of Bernard Mandeville and his Fable of the Bees: or, Private Vices, Publick Benefits. The economic and political aspects of this idea are—often incorrectly—ascribed to Adam Smith.

Here the individual does not try anymore to maximize his goods or profits, but what is important is writing his name in human memory in the form of heroic acts or deeds.

immortality, one connected with letters and the cult of the word: A name and especially a written name survives the body.”77

After this disappointment, he comes to the edge of the sea, where the innkeeper Siduri lives. As tonic for his sorrow, she offers him the garden of bliss, a sort of hedonistic fortress of carpe diem, where a person comes to terms with his mortality and at least in the course of the end of his life maximizes earthly pleasures, or earthly utility.

In the second stage, after finding his friend Enkidu, Gilgamesh abandons the wall and sets out beyond the city to maximalize heroism. “In his (…) search of immortal life, Gilgamesh

The hero refuses hedonism in the sense of maximizing terrestrial pleasure and throws himself into things that will exceed his life. In the blink of an eye, the epic turns on its head the entire utility maximization role that mainstream economics has tirelessly tried to sew on people as a part of their nature.81

today remember Gilgamesh for his story of heroic friendship with Enkidu, not for his wall, which no longer reaches monumental heights.

the eleventh and final tablet, Gilgamesh again loses what he sought. Like Sisyphus, he misses his goal just before the climax

The very existence of questions similar to today’s economic ones can be considered as the first observation. The first written considerations of the people of that time were not so different from those today. In other words: The epic is understandable for us, and we can identify with it.

We have also been witnesses to the very beginnings of man’s culturing—a great drama based on a liberation and then a distancing from the natural state.

Let us take this as a memento in the direction of our restlessness, our inherited dissatisfaction and the volatility connected to it. Considering that they have lasted five thousand years and to this day we find ourselves in harmony with a certain feeling of futility, perhaps these characteristics are inherent in man.

with the phenomenon of the creation of the city, we have seen how specialization and the accumulation of wealth was born, how holy nature was transformed into a secular supplier of resources, and also how humans’ individualistic ego was emancipated.

For small acts (hunting together, work in a factory), small love is enough: Camaraderie. For great acts, however, great love is necessary, real love: Friendship. Friendship that eludes the economic understanding of quid pro quo. Friendship gives. One friend gives (fully) for the other. That is friendship for life and death,

less a civilized, city person is dependent on nature, the more he or she is dependent on the rest of society. Like Enkidu, we have exchanged nature for society; harmony with (incalculable) nature for harmony with (incalculable) man.

human nature good or evil? To this day these questions are key for economic policy: If we believe that man is evil in his nature, therefore that a person himself is dog eat dog (animal), then the hard hand of a ruler is called for. If we believe that people in and of themselves, in their nature, gravitate toward good, then it is possible to loosen up the reins and live in a society that is more laissez-faire.

For a concept of historical progress, for the undeification of heroes, rulers, and nature, mankind had to wait for the Hebrews.

Because nature is not undeified, it is beyond consideration to explore it, let alone intervene in it (unless a person was a two-thirds god like Gilgamesh). It

As early as the “dark” ages, the Jews commonly used economic tools that were in many ways ahead of their time and that later became key elements of the modern economy:

Gilgamesh’s story ends where it began. There is a consistency in this with Greek myths and fables: At the end of the story, no progress occurs, no essential historic change; the story is set in indefinite time, something of a temporal limbo.

For a nation originally based on nomadism, where did this Jewish business ethos come from? And can the Hebrews truly be considered as the architects of the values that set the direction of our civilization’s economic thought?

PROGRESS: A SECULARIZED RELIGION One of the things the writers of the Old Testament gave to mankind is the idea and notion of progress. The Old Testament stories have their development; they change the history of the Jewish nation and tie in to each other. The Jewish understanding of time is linear—it has a beginning and an end.

The observance of God’s Commandments in Judaism leads not to some ethereal other world, but to an abundance of material goods (Genesis 49:25–26, Leviticus 26:3–13, Deuteronomy 28:1–13) (…) There are no accusing fingers pointed at

There are no echoes of asceticism nor for the cleansing and spiritual effect of poverty. It is fitting therefore, that the founders of Judaism, the Patriarchs Abraham, Isaac and Jacob, were all wealthy men.12

about due to a linear understanding of history. If history has a beginning as well as an end, and they are not the same point, then exploration suddenly makes sense in areas where the fruits are borne only in the next generation.

however, the idea of progress itself underwent major changes, and today we perceive it very differently. As opposed to the original spiritual conceptions, today we perceive progress almost exclusively in an economic or scientific-technological sense.

Because care for the soul has today been replaced by care for external things,

This is why we must constantly grow, because we (deep down and often implicitly) believe that we are headed toward an (economic) paradise on Earth.

Only since the period of scientific-technological revolution (and at a time when economics was born as an independent field) is material progress automatically assumed.

Jewish thought is the most grounded, most realistic school of thought of all those that have influenced our culture.17 An abstract world of ideas was unknown to the Jews. To this day it is still forbidden to even depict God, people, and animals in symbols, paintings, statues, and drawings.

economists have become key figures of great importance in our time (Kacířské eseje o filosofii dějin [Heretical Essays in the Philosophy of History]). They are expected to perform interpretations of reality, give prophetic services (macroeconomic forecasts), reshape reality (mitigate the impacts of the crisis, speed up growth), and, in the long run, provide leadership on the way to the Promised Land—paradise on Earth.

REALISM AND ANTIASCETICISM Aside from ideas of progress, the Hebrews brought another very fundamental contribution to our culture: The desacralization of heroes, nature, and rulers.

Voltaire writes: “It certain fact is, that in his public laws he [Moses] never so much as once made mention of a life to come, limiting all punishments and all rewards to the present life.”21

As opposed to Christianity, the concept of an extraterrestrial paradise or heaven was not developed much in Hebrew thought.19 The paradise of the Israelites—Eden—was originally placed on Earth at a given place in Mesopotamia20 and at a given time,

The Hebrews consider the world to be real—not just a shadow reflection of a better world somewhere in the cloud of ideas, something the usual interpretation of history ascribes to Plato. The soul does not struggle against the body and is not its prisoner, as Augustine would write later.

The land, the world, the body, and material reality are for Jews the paramount setting for divine history, the pinnacle of creation. This idea is the conditio sine qua non of the development of economics, something of an utterly earthly making,

The mythology of the hero-king was strongly developed in that period, which Claire Lalouette summarizes into these basic characteristics: Beauty (a perfect face, on which it is “pleasant to look upon,” but also “beauty,” expressed in the Egyptian word nefer, not only means aesthetics, but contains moral qualities as well),

THE HERO AND HIS UNDEIFICATION: THE DREAM NEVER SLEEPS The concept of the hero is more important than it might appear. It may be the remote origin of Keynes’s animal spirits, or the desire to follow a kind of internal archetype that a given individual accepts as his own and that society values.

This internal animator of ours, our internal mover, this dream, never sleeps and it influences our behavior—including economic behavior—more than we want to realize.

Anthropology knows several archetypes of heroes. The Polish-born American anthropologist Paul Radin examined the myths of North American Indians and, for example, in his most influential book, The Trickster, he describes their four basic archetypes of heroes.

The Torah’s heroes (if that term can be used at all) frequently make mistakes and their mistakes are carefully recorded in the Bible—maybe precisely so that none of them could be deified.32

the Hebrew heroes correspond most to the Tricksters, the Culture Bearers, and the Twins. The divine muscleman, that dominant symbol we think of when we say hero, is absent here.

Undeification, however, does not mean a call to pillage or desecration; man was put here to take care of nature (see the story of the Garden of Eden or the symbolism of the naming of the animals). This protection and care of nature is also related to the idea of progress

For the heroes who moved our civilization to where it is today, the heroic archetypes of the cunning trickster, culture bearer, and sufferer are rather more appropriate.

the Old Testament strongly emphasizes the undeification of nature.37 Nature is God’s creation, which speaks of divinity but is not the domain of moody gods