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A disturbance in a remote corner of the world market leads to chaos and panic at the very center of the system (and these symptoms are given a multiplier effect when the pangs begin at the center itself), and John Micklethwait and Adrian Wooldridge, doughty champions of capitalism at The Economist, admit straightforwardly in their book on the advantages of globalization that Marx, “as a prophet of the ‘universal interdependence of nations,’ as he called globalization … can still seem startlingly relevant … His description of globalization remains as sharp today as it was 150 years ago.

The falling rate of profit, the tendency to monopoly … how wrong could that old reading-room attendant have been?

Marx is so embedded in our Western cast of thought that few people are even aware of their debt to him. Everybody I know now believes that their attitudes are to an extent a creation of their material circumstances … “that, on the contrary, their social being determines their consciousness”, as Marx wrote—and that changes in the way things are produced profoundly affect the affairs of humanity even outside the workshop or factory.

“It’s the economy, stupid.”

What he postulated, and what made him different from any previous theorist of materialism whether historical or dialectical, was a sharp distinction between the forces and the relations of production. Within the integument of one system of exploitation, in other words, was contained a systemic conflict that, if not resolved, would lead to stagnation and decline but, if properly confronted, might lead to a higher synthesis of abundance and equality.

there was an underlying love-hate relationship between Marx and capitalism. As early as the Manifesto, he had written of capitalism’s operations with a sort of awe, describing how the bourgeoisie had revolutionized all human and social and economic relations, and had released productive capacities of a sort undreamed-of in feudal times.

In my opinion, therefore, the most powerful Marxist book of the past four decades was Rudolf Bahro’s The Alternative, which showed how and why the East German state and economy were certain to implode. Communism, said Bahro—one of its former functionaries—was compelled to educate and train people up to a certain level. But beyond that level, it forbade them to think, or to inquire, or to use their initiative. Thus, while it created a vast amount of “surplus consciousness,” it could find no way of employing this energy except by squandering and dissipating and ultimately repressing it. The conflict between the forces and relations of production in the eastern part of the homeland of Karl Marx thus became a locus classicus of the sort of contradiction he had originally identified.

Marx was a keen admirer of that other great Victorian Charles Darwin, and according to Engels he wanted to do for the economic system what the author of The Origin of Species had done for the natural order: lay bare its objective laws of motion and thus make it possible at last to dispense with subjective and idealist interpretations.

The term exploitation, for example, should be not a moralizing one but a cold measure of the difference between use value and exchange value, or between the wages earned at the coal face and the real worth of that labor to the mine owner

(War between competitive capitalist states, for example, would be an instance of the negative. Seizure of power by an educated working class that understood and could transcend the logic of private ownership would be an example of human progress.

it does not quite explain Marx’s later failure, in Capital, to grasp quite how revolutionary capitalist innovation really was. (The chapter on new industrial machinery opens with a snobbish quotation from John Stuart Mill’s Principles of Political Economy: “It is questionable if all the mechanical inventions yet made have lightened the day’s toil of any human being.” This must have seemed absurd even at the time, and it appears preposterous after the third wave of technological revolution and rationalization that modern capitalism has brought in its train.

There’s also the not-inconsiderable question of capitalism’s ability to decide, if not on the value of a commodity, at least on some sort of price for the damn thing. Eugen von Böhm-Bawerk and the other members of the Austrian school were able to point out this critical shortcoming of Capital—no pricing policy—during Marx’s lifetime

John Cassidy wrote of Marx, “His books will be worth reading as long as capitalism endures.” That would appear to mean that Marxism and capitalism are symbiotic, and that neither can expect to outlive the other,

he Russian military has denied reports that it had lost helicopters at the base as a result of an IS attack.

"Burning of four Russian attack helicopters and 20 trucks loaded with missiles inside T4 airport in eastern Homs [province] as a result of a nearby fire," it said in an urgent report, leading to speculation that it could have been accidental.

'Not an accident'

"What the imagery tells us is that first of all this was not an accidental explosion, as some of the rumours kept saying,

"It shows very clearly that there are several different sources of explosions across the airport, and it shows that the Russians took a quite a bad hit.

"An entire combat helicopter unit was wiped out - four helicopters in total

Mr Tack described Amaq's account as "very accurate", and suggested the helicopters and depot were destroyed by IS attacks.

In this case, we haven't seen any of those materials come out yet. One possibility is that by making the statement they were intending to claim it while not necessarily phrasing it that way."

The province of Homs stretches out into the Syrian desert towards Raqqa, the capital of the "caliphate" proclaimed by IS in 2014, and Deir al-Zour, on the way to the border with Iraq, he notes.

A Kurdish-Arab alliance has announced the launch of a military campaign against IS north of Raqaa.

The assault will be supported by air strikes from the US-led coalition bombing IS in Iraq and Syria, it added.

"The regime and the Russians are facing notable challenges in trying to disconnect those two.

“I have no sense of failure or regret in taking that decision.”

The announcement came one day after intense talks between Erdoğan and Davutoğlu, during which they did not manage to smooth out their differences. Tension had been simmering since shortly after Davutoğlu replaced Erdoğan as prime minister in August 2014 but recently intensified. Analysis Turkey-EU refugees deal may be biggest casualty of Erdoğan supremacy Forced departure of pro-EU PM comes at particularly bad time for Syria and will add to EU unease with strongman president Read more

The author, thought to be a journalist with close ties to Erdoğan, accused Davutoğlu of conspiring with Turkey’s enemies and western powers to sideline the president.

Erdoğan’s honour is my honour,” he said. “I will not accept any speculation concerning my relationship with President Erdoğan. We have always stood shoulder to shoulder.”

“This is a catastrophic situation,” said Levent Gültekin, a writer and columnist. “This is a decisive step towards one-man rule in Turkey. From now on the only Turkey we will be able to see is the Turkey of Recep Tayyip Erdoğan.”

“Erdoğan does not want anyone in the party who does not fully agree with him, or anyone who would have their own opinion on any topic,” Gültekin explained. “Davutoğlu was one of the last AK party politicians who would make suggestions of change to Erdoğan’s policies.”

Roberts said his decision to embrace Marshall’s vision was a reaction to “the personalization of judicial politics.”

Roberts praised justices who were willing to put the good of the Court above their own ideological agendas. “A justice is not like a law professor, who might say, ‘This is my theory … and this is what I’m going to be faithful to and consistent with,’ and in twenty years will look back and say, ‘I had a consistent theory of the First Amendment as applied to a particular area,’”

I think it’s bad, long-term, if people identify the rule of law with how individual justices vote.”

Instead of nine justices moving in nine separate directions, Roberts said, “it would be good to have a commitment on the part of the Court to acting as a Court, rather than being more concerned about the consistency and coherency of an individual judicial record.”

n Roberts’s view, the most successful chief justices help their colleagues speak with one voice. Unanimous, or nearly unanimous, decisions are hard to overturn and contribute to the stability of the law and the continuity of the Court; by contrast, closely divided, 5–4 decisions make it harder for the public to respect the Court as an impartial institution that transcends partisan politics.

“It’s sobering to think of the seventeen chief justices; certainly a solid majority of them have to be characterized as failures,” Roberts said with a rueful smile. “The successful ones are hard to number.”

“the chief’s ability to get the Court to do something is really quite restrained.

As the Internet goes about its work making the economy more efficient, it is reducing the need for travel agents, post office employees, and dozens of other jobs in corporate America. The increased interconnectivity created by the Internet forces many middle and lower class workers to compete for jobs with low-paid workers in developing countries. Even skilled technical workers are finding that their jobs can be outsourced to trained engineers and technicians in India and Eastern Europe.

The new news is that Internet-based companies may well be the businesses of the future, but they create opportunities for only a select few. Google has a little over 54,000 employees and generated revenues of around $50 billion in sales or about $1.0 million per employee.

in order to justify hiring an employee, a highly productive Internet company must create five to ten times the dollars in sales as the average domestic company.

will the Internet also create the greatest economic inequality the global economy has ever known?

One reason we are failing to create a vibrant middle class is that the Internet affects the economy differently than the new businesses of the past did., forcing businesses and their workers to face increased global competition. It reduces the barriers for moving jobs overseas. It has a smaller economic trickle-down effect.

Doing some of the obvious things like raising the minimum wage to fight the effects of the Internet will probably worsen the problem. For example, it will make it more difficult for bricks-and-mortar retailers to compete with online retailers.

Surprisingly, the much-vilified Walmart probably does more to help middle class families raise their median income than the more productive Amazon. Walmart hires about one employee for every $200,000 in sales, which translates to roughly three times more jobs per dollar of sales than Amazon

two things are certain: the Internet is creating many of those in the ultra-wealthy 1%; and it forces businesses to compete with capable international competitors while providing the tools so that businessmen can squeeze inefficiency out of the system in order to remain competitive.

If the government is going to be in the business of redistributing wealth, a better approach would be to raise the earned income tax credit and increase taxes to pay for it. Not only would this raise the income of low paid workers, but also it would subsidize businesses so they would be more competitive in world markets and encourage them to create jobs

Some opposition figures speculated darkly that the president was removing himself from the scene in preparation for declaring a state of emergency, a last-ditch measure that the protesters have been warning against for weeks, saying it could ignite an all-out civil war.

Other opposition leaders took a less alarmist view. Arseniy P. Yatsenyuk, a leader of the Fatherland party, who was offered the position of prime minister over the weekend but declined, said Thursday in an interview that the government seemed to have adopted a policy of dragging its feet, hoping the momentum on the streets would wane.

The president, though, is facing pressure from Russia to take a harder line with protesters, rather than continue negotiations. The loans were suspended, the Kremlin said, until it became clear what sort of government would emerge from the current negotiations.

On Wednesday, Germany’s chancellor, Angela Merkel, opened a speech to Parliament with a renewed appeal to Ukrainians to stick to peaceful resolutions and demanded that the Ukrainian government not ignore the “many people who have shown in courageous demonstrations that they are not willing to turn away from Europe.”

Under the Constitution, if the president is incapacitated or dies, the prime minister serves as acting head of state. After Mr. Azarov resigned, Serhei Arbuzov became acting prime minister; both men are allies of Mr. Yanukovych

It is possible, Dr. Akey speculated, that the genes developed to help Neanderthal skin adapt to the cold climate of Europe and Asia.

Both teams of scientists also found long stretches of the living human genomes where Neanderthal DNA was glaringly absent. This pattern could be produced if modern humans with certain Neanderthal genes could not have as many children on average as people without them. For example, living humans have very few genes from Neanderthals involved in making sperm. That suggests that male human-Neanderthal hybrids might have had lower fertility or were even sterile.

Overall, said Dr. Reich, “most of the Neanderthal genetic material was more bad than good.”

I used to say of investment banking that it was good one day a year: the day you got your bonus. The kicker: that bonus was nothing more than the present value of an inevitable pink slip. Being well paid but expendable was a fact of life.

my abiding memory is the drudgery of it all — none of which has ever been captured on film or in print. With good reason: much of what happens on Wall Street is terrifically boring.

The change Wall Street needs is about what people get rewarded to do, which is to take risks with other people’s money.

We saw how corrosive bad incentives were in the years leading up the financial crisis, when huge bonuses were paid to those who bundled up millions of faulty mortgages into securities and sold them as safe investments to people all over the world. Many of them knew better, but they did it anyway.

Speculating without any concern about being held accountable is exactly what the army of Wall Street bankers and traders will continue to do. Regardless of the fact that this very behavior was a key cause of the recent financial mess, that is what they are still being rewarded to do. Wall Streeters like to extol the complexity of their work, but in reality, it’s that simple.

For regulators, the headache comes with finding practical ways to distinguish proprietary trading from the more legitimate practices. If they wrote the exemptions for market making and hedging too loosely, the banks might find loopholes. If they made them too strict, banks might not be able to engage in activities that Congress had said were permissible.

The final version is expected to contain a provision that requires bank chief executives to attest that they are not doing proprietary trading, officials say,  a victory for the rule’s supporters. The tougher version of this provision would have a chief executive make this certification in the bank’s public securities filings, which are audited and are expected to have a high degree of accuracy. A more modest version would have the executive attest to a bank’s board of directors.

The Volcker Rule also addresses traders’ compensation. The final wording is likely to require that traders engaged in market making and hedging not be paid on the basis of simply how much money their units made. Instead, the risks involved in taking positions would also have to be considered.

ince the Volcker Rule was first proposed in 2011, regulators have had to contend with a fierce lobbying campaign by the banks. But that effort lost momentum last year, after JPMorgan’s trading debacle revealed that its traders were placing enormous speculative bets under the guise of hedging.

“For the first time that Greece is negotiating with its lenders without its back against the wall, you’re pushing for the government to fall,” Mr. Samaras said, describing the leftists as “irresponsible” and “confused.” He said there would be “no more horizontal measures,”

“You have destroyed society and society will no longer allow you to continue this destruction,

“a social holocaust” and noting that “thousands of Greeks are looking through the garbage for food.”

They're young (for politicians), moderate, blue-state Republicans who have worked with Democratic legislators on some issues (while clashing on others). They're both former prosecutors, too. Whether that makes Martinez good vice-presidential material is a somewhat different question.

New Mexico press hasn't failed to notice Martinez's rising star. In fact, the Democrats with whom the governor has supposedly had such a good working relationship unloaded to the Santa Fe New Mexican in a piece Sunday. Their message: She's not the reasonable, pragmatic, moderate figure you might imagine. Now where have we heard that before?

the financial industry has grown much faster than either the flow of savings it channels or the assets it manages.

Defenders of modern finance like to argue that it does the economy a great service by allocating capital to its most productive uses — but that’s a hard argument to sustain after a decade in which Wall Street’s crowning achievement involved directing hundreds of billions of dollars into subprime mortgages.

Wall Street’s friends also used to claim that the proliferation of complex financial instruments was reducing risk and increasing the system’s stability, so that financial crises were a thing of the past. No, really.

if our supersized financial sector isn’t making us either safer or more productive, what is it doing? One answer is that it’s playing small investors for suckers, causing them to waste huge sums in a vain effort to beat the market.

Another answer is that a lot of money is going to speculative activities that are privately profitable but socially unproductive.

n short, we’re giving huge sums to the financial industry while receiving little or nothing — maybe less than nothing — in return. Mr. Philippon puts the waste at 2 percent of G.D.P.

et even that figure, I’d argue, understates the true cost of our bloated financial industry. For there is a clear correlation between the rise of modern finance and America’s return to Gilded Age levels of inequality.

the rollout of one-stop search tools is "really intentionally trying to change the way people do research,"

Mr. Asher believes that "it’s a logical impossibility to create a querying tool that doesn’t have any form of bias." He speculates that discovery vendors may have better information about their own content, boosting certain articles higher in results.

"That’s bound to change what people find."

Mr. Asher’s experiment discovered that default settings of the tools had a major effect on what resources students chose. Working with Google Scholar, which is integrated with Google Books, students used more books. With Summon, they used a lot of shorter newspaper and magazine articles. With ­Ebsco Discovery Service, they used more journals, which meant they scored highest under the study’s rating rubric.

Vendors of discovery tools will make deals with providers that sell content to libraries, he says, so that content can be represented in the discovery tools’ indexes and made available for search. (Beyond products from Ebsco and ProQuest, other major tools in this genre, known as "web scale" or "index based" discovery, include Primo, from Ex Libris, and WorldCat Discovery Services, from OCLC.)

the competition for student and faculty attention has only intensified since 2004, when Google’s "simple way to broadly search for scholarly literature" made its debut. That free service, called Google Scholar, has many fans in academe.

Mr. Asher is familiar with the criticisms of Google Scholar. After all, his own study listed them: "limited advanced search functionality, incomplete or inaccurate metadata, inflated citation counts, lack of usage statistics, and inconsistent coverage across disciplines."

"I kind of hate to say it, since I am a librarian," he says. "We pay a lot of money for discovery tools. And then I go off and just use Google Scholar."

The cotton kingdom that arose in the Deep South was incredibly brutal. Violence against Native Americans who originally owned the land, competing imperial powers like Spain and Britain and slave rebels solidified American control of the Gulf states. Violence, Baptist contends, explains the remarkable increase of labor productivity on cotton plantations. Without any technological innovations in cotton picking, output per hand rose dramatically between 1800 and 1860. Some economic historians have attributed this to incentives like money payments for good work and the opportunity to rise to skilled positions. Baptist rejects this explanation.

After the legal importation of slaves from outside the country ended in 1808, the spread of slavery into the states bordering the Gulf of Mexico would not have been possible without the enormous uprooting of people from Maryland and Virginia. Almost one million slaves, Baptist estimates, were transported to the cotton fields from the Upper South in the decades before the Civil War.The domestic slave trade was highly organized and economically efficient, relying on such modern technologies as the steamboat, railroad and telegraph. For African-Americans, its results were devastating. Since buyers preferred young workers “with no attachments,” the separation of husbands from wives and parents from children was intrinsic to its operation, not, as many historians have claimed, a regrettable side effect.

The sellers of slaves, Baptist insists, were not generally paternalistic owners who fell on hard times and parted reluctantly with members of their metaphorical plantation “families,” but entrepreneurs who knew an opportunity for gain when they saw one. As for the slave traders — the middlemen — they excelled at maximizing profits. They not only emphasized the labor abilities of those for sale (reinforced by humiliating public inspections of their bodies), but appealed to buyers’ salacious fantasies. In the 1830s, the term “fancy girl” began to appear in slave-trade notices to describe young women who fetched high prices because of their physical attractiveness. “Slavery’s frontier,” Baptist writes, “was a white man’s sexual playground.”

Where Baptist breaks new ground is in his emphasis on the centrality of the interstate trade in slaves to the regional and national economies and his treatment of the role of extreme violence in the workings of the slave system.

Planters called their method of labor control the “pushing system.” Each slave was assigned a daily picking quota, which increased steadily over time. Baptist, who feels that historians too often employ circumlocutions that obscure the horrors of slavery, prefers to call it “the ‘whipping-machine’ system.” In fact, the word we should really use, he insists, is “torture.” To make slaves work harder and harder, planters utilized not only incessant beating but forms of discipline familiar in our own time — sexual humiliation, bodily mutilation, even waterboarding. In the cotton kingdom, “white people inflicted torture far more often than in almost any human society that ever existed.”

in the 1830s Southern banks developed new financial instruments, bonds with slaves as collateral, that enabled planters to borrow enormous amounts of money to acquire new land, and how lawmakers backed these bonds with the state’s credit. A speculative bubble ensued, and when it collapsed, taxpayers were left to foot the bill. But rather than bailing out Northern and European bondholders, several states simply defaulted on their debts. Many planters fled with their slaves to Texas, until 1845 an independent republic, to avoid creditors. “Honor,” a key element in Southern notions of masculinity, went only so far.

As the railroad opened new areas to cultivation and cotton output soared, slave owners saw themselves as a modern, successful part of the world capitalist economy. They claimed the right to bring their slaves into all the nation’s territories, and indeed into free states. These demands aroused intense opposition in the North, leading to Lincoln’s election, secession and civil war.

It is hardly a secret that slavery is deeply embedded in our nation’s history. But many Americans still see it as essentially a footnote, an exception to a dominant narrative of the expansion of liberty on this continent.

Slavery was essential to American development and, indeed, to the violent construction of the capitalist world in which we live.

ArtsBeat Book Review Podcast: Walter Isaacson’s ‘The Innovators’

a close look at the rich list supports the thesis made famous by Thomas Piketty in his book “Capital in the Twenty-First Century” — namely, that we’re on our way toward a society dominated by wealth, much of it inherited, rather than work.

these days a lot of top money managers’ income comes not from investing other people’s money but from returns on their own accumulated wealth

Over time, extreme inequality in income leads to extreme inequality of wealth; indeed, the wealth share of America’s top 0.1 percent is back at Gilded Age levels. This, in turn, means that high incomes increasingly come from investment income, not salaries. And it’s only a matter of time before inheritance becomes the biggest source of great wealth.

why does all of this matter? Basically, it’s about taxes.America has a long tradition of imposing high taxes on big incomes and large fortunes, designed to limit the concentration of economic power as well as raising revenue. These days, however, suggestions that we revive that tradition face angry claims that taxing the rich is destructive and immoral

the new studies were “a major game-changer. To me, it marks a new phase in ancient DNA research.”

Until about 9,000 years ago, Europe was home to a genetically distinct population of hunter-gatherers, the researchers found. Then, between 9,000 and 7,000 years ago, the genetic profiles of the inhabitants in some parts of Europe abruptly changed, acquiring DNA from Near Eastern populations.

Archaeologists have long known that farming practices spread into Europe at the time from Turkey. But the new evidence shows that it wasn’t just the ideas that spread — the farmers did, too.

the Yamnaya, who left behind artifacts on the steppes of western Russia and Ukraine dating from 5,300 to 4,600 years ago. The Yamnaya used horses to manage huge herds of sheep, and followed their livestock across the steppes with wagons full of food and water.

“You have groups which are as genetically distinct as Europeans and East Asians. And they’re living side by side for thousands of years.”

Between 7,000 and 5,000 years ago, however, hunter-gatherer DNA began turning up in the genes of European farmers. “There’s a breakdown of these cultural barriers, and they mix,”

About 4,500 years ago, the final piece of Europe’s genetic puzzle fell into place. A new infusion of DNA arrived — one that is still very common in living Europeans, especially in central and northern Europe.

The closest match to this new DNA, both teams of scientists found, comes from skeletons found in Yamnaya graves in western Russia and Ukraine.

The hunter-gatherers didn’t disappear, however. They managed to survive in pockets across Europe between the farming communities.

it was likely that the expansion of Yamnaya into Europe was relatively peaceful. “It wasn’t Attila the Hun coming in and killing everybody,”

the most likely scenario was that the Yamnaya “entered into some kind of stable opposition” with the resident Europeans that lasted for a few centuries. But then gradually the barriers between the cultures eroded.

the Yamnaya didn’t just expand west into Europe, however. The scientists examined DNA from 4,700-year-old skeletons from a Siberian culture called the Afanasievo. It turns out that they inherited Yamnaya DNA, too.

was surprised by the possibility that Yamnaya pushed out over a range of about 4,000 miles. “

For decades, linguists have debated how Indo-European got to Europe. Some favor the idea that the original farmers brought Indo-European into Europe from Turkey. Others think the language came from the Russian steppes thousands of years later.

he did think the results were consistent with the idea that the Yamnaya brought Indo-European from the steppes to Europe.

The eastward expansion of Yamnaya, evident in the genetic findings, also supports the theory, Dr. Willerslev said. Linguists have long puzzled over an Indo-European language once spoken in western China called Tocharian. It is only known from 1,200-year-old manuscripts discovered in ancient desert towns. It is possible that Tocharian was a vestige of the eastern spread of the Yamnaya.

the new studies were important, but were still too limited to settle the debate over the origins of Indo-European. “I don’t think we’re there yet,” he said.

Dr. Heggarty speculated instead that early European farmers, the second wave of immigrants, may have brought Indo-European to Europe from the Near East. Then, thousands of years later, the Yamnaya brought the language again to Central Europe.

The bank, according to Mr. Picard’s lawsuit, generated handsome sums by allowing Mr. Madoff’s brokerage firm to “funnel billions of dollars” through its account with JPMorgan, “disregarding its own anti-money laundering duties.”

On June 15, 2007, when a JPMorgan committee met to ponder the proposal, new suspicions emerged about Mr. Madoff. A senior risk management officer at the bank e-mailed colleagues to report that another bank executive “just told me that there is a well-known cloud over the head of Madoff and that his returns are speculated to be part of a Ponzi scheme.” The senior officer added that “I think we owe it to ourselves to investigate further.”

But according to Mr. Picard, the bank’s further research amounted to a phone call with Mr. Madoff and “a Google search with no follow-up.”

Similar concerns were enough to deter JPMorgan’s own private bank from doing business with Mr. Madoff. In an e-mail, a JPMorgan wealth management executive remarked that Mr. Madoff’s “Oz-like signals” were “too difficult to ignore.”

After Mr. Madoff’s arrest in December 2008, Mr. Picard said, a flurry of JPMorgan e-mails captured the lack of surprise at the bank. One employee, referring to the agenda for the June 2007 meeting, wrote, “Perhaps best this never sees the light of day again!!”

the companies in which people most want to invest, technology stars like Facebook and Twitter, are managing to avoid the public markets entirely by raising hundreds of millions or even billions of dollars privately. You and I can’t buy into these companies; only very select institutions and well-connected individuals can. And companies prefer it that way.

A private company’s stock isn’t affected by the unpredictable waves of the stock market as a whole. Its chief executive can concentrate on running the company rather than answering endless questions from investors, analysts and the press.

That burden comes largely from the Securities and Exchange Commission, which was created in the wake of the 1929 stock-market crash to protect small investors. But if the move to private markets continues, small investors aren’t going to need much protection any more: they’ll be able to invest in only a relative handful of companies anyway.

Only the biggest and oldest companies are happy being listed on public markets today. As a result, the stock market as a whole increasingly fails to reflect the vibrancy and heterogeneity of the broader economy. To invest in younger, smaller companies, you increasingly need to be a member of the ultra-rich elite.

At risk, then, is the shareholder democracy that America forged, slowly, over the past 50 years.