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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Postolnikov has been under increasing scrutiny in the criminal investigation into the Trump Media merger. Most recently, he has been listed on search warrant affidavits alongside several associates – one of whom was indicted last month for money laundering on top of earlier insider-trading charges.

Trump Media then received the loans from ES Family Trust: $2m on 23 December 2021, and $6m on 17 February 2022.

Part of the problem was that Trump Media struggled to get financing because traditional banks were reluctant to lend millions to Trump’s social media company in the wake of the January 6 Capitol attack, Wilkerson said.Trump Media eventually found some lenders, including ES Family Trust, but the sequence of events was curious.

S Family Trust was established on 18 May 2021, its creation papers show. Postolnikov’s “user” access to the account was “verified” on 30 November 2021 by a Paxum Bank manager in Dominica. The trust was funded for the first time on 2 December 2021

In late 2021, Trump Media was facing financial trouble after the original planned merger with Digital World was delayed indefinitely when the Securities and Exchange Commission opened an investigation into the merger, Trump Media’s since-ousted co-founder-turned-whistleblower Will Wilkerson recounted in an interview.

The loans came in the form of convertible promissory notes, meaning ES Family Trust would gain a major stake in Trump Media because it was offering the money in exchange for Trump Media agreeing to convert the loan principal into “shares of Company Stock”.

Oddly, the notes were never signed. But the investment in Trump Media proved to be huge: while precise figures can only be known by Trump Media, ES Family Trust’s stake in Trump Media is worth between $20m and $40m even after the sharp decline of the company’s share price in the wake of a poor earnings report

The ES Family Trust account also appears to have benefited Postolnikov personally. As the criminal investigation into the Trump Media deal intensified towards the end of last year, the trust recorded several transfers to Postolnikov with the subject line “Partial Loan Return”.In total, the documents showed that the trust transferred $4.8m to Postolnikov’s account, although $3m was inexplicably “reversed”.

The reason for the trust’s creation remains unknown. Aside from the money that went to Trump Media, the trust’s statements show the trust has directly invested money with only two other companies: $10.8m to Eleven Ventures LLC, a venture capital firm, and $1m to Wedbush Securities, a wealth management firm.

The creation papers also contained something notable: a declaration that, if the original trustee – a Paxum employee named Angel Pacheco – stepped down from the role, his successor would be a certain individual named Michael Shvartsman.

Last month, federal prosecutors charged Michael Shvartsman, a close associate of Postolnikov, with money laundering in a superseding indictment after previously charging him and two others in July with insider-trading Digital World shares. Shvartsman and his co-defendants pleaded not guilty.

nformant for the DHS, court filings show: in one March 2023 meeting with the informant and an associate, Shvartsman mentioned a friend who owned a bank in Dominica and made bridge loans to Trump Media.

“[Shvartsman’s associate] told the [confidential informant] that he does not think the SEC would be able to go after [Shvartsman] for his part in the investment but mentioned that [Shvartsman] essentially provided ‘bridge financing’ for the firm behind the Truth Social media platform,” it said.

The investigation into potential money laundering appears to have started after Wilkerson’s lawyers Phil Brewster, Stephen Bell and Patrick Mincey alerted the US attorney’s office in the southern district of New York to the ES Family Trust loans in October 2022.

Months later, in June 2023, the FBI expanded its investigation to work jointly with the Department of Homeland Security’s El Dorado taskforce, which specializes in money laundering, and its Illicit Proceeds and Foreign Corruption group, which targets corrupt foreign officials who use US entities to launder illicit funds.

Republican politicians, sensing momentum, called on other firms to follow suit.

“This was always cosmetic,” said Shivaram Rajgopal, a professor at Columbia Business School. “If signing a piece of paper was getting these companies into trouble, it’s no surprise they’re getting the hell out.

American asset managers have a fiduciary duty to act in the best interest of their clients, and the financial firms were worried that a new strategy by Climate Action 100+ could expose them to legal risks.

Since its founding in 2017, the group focused on getting publicly traded companies to increase how much information they shared about their emissions and identify climate-related risks to their businesses.

In addition to the risk that some clients might disapprove, and potentially sue, there were other concerns. Among them: that acting in concert to shape the behaviors of other companies could fall afoul of antitrust regulations.

The new plan called on asset-management firms to begin pressuring companies like Exxon Mobil and Walmart to adopt policies that could entail, for example, using fewer fossil fuels

last year, Climate Action 100+ said it would shift its focus toward getting companies to reduce emissions with what it called phase two of its strategy

BlackRock also said that one of its subsidiaries, BlackRock International, would continue to participate in the group — a tacit acknowledgment of the different regulatory environment in Europe. BlackRock also said it was initiating new features that would let clients choose if they wanted to pressure companies to reduce their emissions.

Pimco, another big asset manager, followed suit. “We have concluded that our Climate Action 100+ participation is no longer aligned with PIMCO’s approach to sustainability,” a firm spokesman said in a statement.

JPMorgan said it was pulling out of the group in recognition of the fact that, over the past few years, the firm had developed its own framework for engaging on climate risk

The fracturing of Climate Action 100+ was a victory for Representative Jim Jordan, Republican of Ohio, who has led a campaign against companies pursuing E.S.G. goals, shorthand for environmental, social and governance factors.

Embracing E.S.G. principles and speaking up on climate issues has become commonplace across corporate America in recent years. Chief executives warned about the dangers of climate change. Banks and asset managers formed alliances to phase out fossil fuels. Trillions of dollars were allocated for sustainable investing.

“Phase two is not that different,” she said. “It’s basically investors working with companies and saying: ‘OK, you’ve disclosed the risk. We just want to know how you’re going to address it.’ Because that’s what the investors want. How are you dealing with risk?”

Mindy Lubber, the chief executive of Ceres and a member of the steering committee of Climate Action 100+, disputed the notion that the new strategy represented a change from the focus on enhanced disclosure.

“The political cost has heightened, the legal risk has heightened,” he said. “That said, these corporations are not doing U-turns,” he added. “They continue to consider climate. That’s not going away. It’s adapting to the current environment.”

Aron Cramer, chief executive for BSR, a sustainable-business consultancy, said the Wall Street firms were responding to political pressure, but not abandoning their climate commitments altogether.

Several of the firms that backed out of Climate Action 100+ said they remained committed to the issue. JPMorgan said that it had a team of 40 people working on sustainable investing and that it believed “climate change continues to present material economic risks and opportunities to our clients.”

“America is no longer respected,” Trump posted, “because we have an incompetent president who is weak and doesn’t understand what the World is thinking.”

In an interview with an Egyptian journalist, Carlson defended his decision not to ask Putin about freedom of speech or assassinations of his opponents.

“Every leader kills people,” Carlson said blithely, adding, “Leadership requires killing people, sorry.”

it is clear that its widespread adoption is a matter of when, not if. There is no debate that we are moving towards a world where “real life” and digital technology seamlessly blur

Over the years there have been multiple reports of people being harassed and even “raped” in the metaverse: an experience that feels scarily real because of how immersive virtual reality is. As the lines between real life and the digital world blur to a point that they are almost indistinguishable, will there be a meaningful difference between online assault and an attack in real life?

more broadly, spatial computing is going to alter what we consider reality

Researchers from Stanford and Michigan University recently undertook a study on the Vision Pro and other “passthrough” headsets (that’s the technical term for the feature which brings VR content into your real-world surrounding so you see what’s around you while using the device) and emerged with some stark warnings about how this tech might rewire our brains and “interfere with social connection”.

These headsets essentially give us all our private worlds and rewrite the idea of a shared reality. The cameras through which you see the world can edit your environment – you can walk to the shops wearing it, for example, and it might delete all the homeless people from your view and make the sky brighter.

“What we’re about to experience is, using these headsets in public, common ground disappears,”

“People will be in the same physical place, experiencing simultaneous, visually different versions of the world. We’re going to lose common ground.”

It’s not just the fact that our perception of reality might be altered that’s scary: it’s the fact that a small number of companies will have so much control over how we see the world. Think about how much influence big tech already has when it comes to content we see, and then multiply that a million times over. You think deepfakes are scary? Wait until they seem even more realistic.

We’re seeing a global rise of authoritarianism. If we’re not careful this sort of technology is going to massively accelerate it.

Being able to suck people into an alternate universe, numb them with entertainment, and dictate how they see reality? That’s an authoritarian’s dream. We’re entering an age where people can be mollified and manipulated like never before

The latest study looked at data from 126,972 people over the study period. It found that in 2015, 4.2 percent of Medicaid enrollees under the age of 17 in Maryland had overlapping prescriptions of three or more different classes of psychiatric medications. That figure rose to 4.6 percent in 2020.

Linker’s description of Bushnell’s options and actions is measured and not without some respect:

Damon hops off the bus at the same point I do: Bushnell displayed a tremendous amount of courage, yes. But this was mated to an absolute moral certainty.

Every society needs both, because that is how we conserve our achievements while still working toward a more perfect order.

[Bushnell’s] choice of that word to describe Israel means he followed the “anti-colonial left” in viewing the interminable conflict in and around the Jewish state through the lens of Western imperialism across the “global south.” Viewed in this way, Israelis are rapacious oppressors, exploiters, unjustly stealing from the Palestinians, occupying their land, not just in the territories of the West Bank that are occupied under international law but likely in its entirety. That’s certainly how Hamas views the situation, with an added overlay of Islamist theofascism.

What would it be like, I wonder, to live in a world so morally simple, so neat and tidy, so devoid of tragic clashes, so orderly, with its heroes and villains, its Children of Light and its Children of Darkness? I really wouldn’t know. Because the world I inhabit is one permeated by ambiguity and people with mixed motives who are often (usually?) torn between competing moral considerations and imperatives, not a world divided between the absolutely good and the absolutely evil. The line between good and evil doesn’t run between East and West, or North and South, or white and black, or Israel and Palestine. It runs right through every human heart. Or at least most hearts.

This is where liberalism and conservatism meet, in the most elemental sense. The conservative impulse is to be suspicious of change because you are aware that things can always get worse, that systems are often too complex to be understood, that tail risk rules the world. The liberal impulse is to believe that agency is precious, that the world can be improved, that progress is both possible and desirable.

Linker notes that Bushnell referred to Israelis as “colonizers”:

Every governing system needs both, because that is how we channel passions out of the street and into political institutions.

And every person needs both, because that is how we avoid the epistemic certainty that can drive us to extremes of exuberance or despair.

The war in Gaza is a textbook example of the dangers of epistemic certainty, because it is too complicated, freighted with too much history, and too full of horrors to fit neatly on one side of the ledger or the other.

The 10/7 attack was an act of unconstrained barbarism that made it impossible for Israel to coexist with Hamas. Or at least: I am not aware of any proposed remedy that would have made coexistence possible without Israel becoming a fully militarized, illiberal state.

The Israeli response has at times violated the rules of war—sometimes of its own volition and sometimes because Hamas’s strategy has been to position assets in such a manner as to result in the deaths of as many Palestinian civilians as possible.

The suffering of the Palestinian people is real and of a magnitude that is almost impossible to comprehend.

And yet, the war continues because Hamas has no interest in a ceasefire. “We are not interested in engaging with what’s been floated, because it does not fulfill our demands,” one Hamas official told the media yesterday.

The world is messy. Life is messy. Often in ways which break the human heart. The project of liberal society, which requires equal measures of liberalism and conservatism, is to manage this messiness as well as possible.

Biden, as part of the 2022 Inflation Reduction Act, largely resolved these problems, reducing maximum premium payments (net of subsidies) and eliminating the cliff at 400 percent. The result is to make health insurance coverage substantially more affordable, especially for middle-income Americans who previously earned too much to be eligible for subsidies. Hence the surge in marketplace enrollments.

“What Putin wants is to transform the world order” that evolved since World War II and the post-Cold War — where “the competition between nations was about who can be richer and who can help their people prosper the most . … Putin hates that world because he loses in that world — his system is a loser in a peaceful, global, wealth-enhancing paradigm. And so what he wants is to move us back to dog-eat-dog, to a 19th-century, great power competition, because he thinks he can, if not win, be more effective there. … Let’s not think that this is a Ukrainian problem; this is a problem for us all.”

These wars very much are our business — and now clearly inescapable, since we’re deeply entwined in both conflicts. What’s crucial to keep in mind about America — as the leader of the Inclusion Network — is that right now we’re fighting the war in Ukraine on our terms, but we’re fighting the war in the Middle East on Iran’s terms.

CNN recently described, per a source familiar with it, a declassified U.S. intelligence assessment provided to Congress saying that Russia had lost 87 percent of its preinvasion active-duty ground troops and two-thirds of its tanks that it had prior to its invasion of Ukraine. Putin can still inflict a lot of damage on Ukraine with missiles, but his dream of occupying the whole country and using it as a launching pad to threaten the Inclusion Network — particularly the NATO-protected European Union — is now out of reach. Thank you, Kyiv.

At a breakfast with NATO leaders devoted to the Ukraine issue at Davos this year, Canada’s deputy prime minister, Chrystia Freeland, noted that it is we, the West, who should be thanking the Ukrainians, not forcing them to beg us for more weapons.

China under President Xi Jinping straddles the two networks, along with much of what’s come to be called the global south. Their hearts, and often pocketbooks, are with the Resistors but their heads are with the Includers

the Resistance Network “is orchestrated by Iran, Islamists and jihadists” in a process they refer to as the “unity of battlefields.” This network, he noted, “seeks to bridge militias, rejectionists, religious sects and sectarian leaders,” creating an anti-Israel, anti-American, anti-Western axis that can simultaneously pressure Israel in Gaza, in the West Bank and on the Lebanon border — as well as America in the Red Sea, in Syria and in Iraq and Saudi Arabia from all directions.

In stark contrast, Koteich said, stands the Inclusion Network, one that’s focused on “weaving together” global and regional markets instead of battlefronts, business conferences, news organizations, elites, hedge funds, tech incubators and major trade routes. This inclusion network, he added, “transcends traditional boundaries, creating a web of economic and technological interdependence that has the potential to redefine power structures and create new paradigms of regional stability.”

things are different in the Middle East. There, it is Iran that is sitting back comfortably — indirectly at war with Israel and America, and sometimes Saudi Arabia, by fighting through Tehran’s proxies: Hamas in Gaza, the Houthis in Yemen, Hezbollah in Lebanon and Syria, and Shiite militias in Iraq.

Iran is reaping all the benefits and paying virtually no cost for the work of its proxies, and the U.S., Israel and their tacit Arab allies have not yet manifested the will or the way to pressure Iran back — without getting into a hot war, which they all want to avoid.

The members of the Resistance Network are great at tearing down and breaking stuff, but, unlike the Inclusion Network, they have shown no capacity to build any government or society to which anyone would want to emigrate, let alone emulate

For all of these reasons, this is a moment of great peril as well as great opportunity — especially for Israel. The competition between the Resistance Network and the Inclusion Network means that the region has never been more hostile or more hospitable to accepting a Jewish state.

the red-blue divide is perhaps less illuminating than the gap between engaged and disengaged Americans, in which an exhausted majority encounters the highly polarized activist wings of both parties and shrinks back from the fray

The wings aren’t changing each other’s minds — hard-core Democrats aren’t going to persuade hard-core Republicans — but they’re also not reaching sufficient numbers of persuadable voters to break America’s partisan deadlock.

In 2020, when I was doing research for my book about the growing danger of partisan division, I began to learn more about what extreme partisanship does not only to our hearts but also to our minds.

It can deeply and profoundly distort the way we view the world. We become so emotionally and spiritually invested in the outcome of a political contest that we can inadvertently become disconnected from reality.

Our heart connects with our mind in such a way that the heart demands that the mind conform to its deepest desires

When a partisan encounters negative information, it can often trigger the emotional equivalent of a fight-or-flight response. This applies not just to negative arguments but also to negative facts. To deal with the emotional response, we seek different arguments and alternative facts.

If you are a true partisan, you essentially become an unpaid lawyer for your side. Every “good” fact that bolsters your argument is magnified. Every “bad” fact is minimized or rationalized.

When partisanship reaches its worst point, every positive claim about your side is automatically believed, and every negative allegation is automatically disbelieved.

allegations of wrongdoing directed at your side are treated as acts of aggression — proof that “they” are trying to destroy “us.”

You see this reality most plainly in the daily Republican theatrics surrounding Trump’s criminal indictments. Rather than wrestle seriously with the profoundly troubling claims against him, they treat the criminal cases as proof of Democratic perfidy. They believe every claim against Hunter and Joe Biden and not a single claim against Trump.

ask why people are checking out, and one reason is that partisans make it so very difficult to engage.

The problem is most pronounced (and often overtly threatening) on the MAGA right, but it’s endemic to our partisan wings

as partisanship deepens, partisan subcultures can get increasingly weird. They become so convinced of the us-versus-them dynamic that they’ll eventually believe virtually anything, as long as it’s a claim against the other side.

If decades of partisanship have persuaded you that your opponents are evil, have no morals and want to destroy the country, then why wouldn’t they hack voting machines or recruit a pop star as a government asset?

I have some rules to help temper my worst partisan impulses.

Expose yourself to the best of the other side’s point of view — including the best essays, podcasts and books.

when you encounter a new idea, learn about it from its proponents before you read its opponents.

when you encounter bad news about a cause that you hold dear — whether it’s a presidential campaign, an international conflict or even a claim against a person you admire, take a close and careful look at the evidence

The picture is much the same in many other formerly communist countrie

Slovakia’s politics are particularly poisonous, swamped by wild conspiracy theories and bile.

The foundations of this were laid in the 1990s when Mr. Meciar formed what is still one of the country’s two main political blocs: an alliance of right-wing nationalists, business cronies and anti-establishment leftists. All thrived on denouncing their centrist and liberal opponents as enemies willing to sell out the country’s interests to the West

“Meciar was a pioneer,” he said. “He was a typical representative of national populism with an authoritarian approach, and so is Fico.”

On the day Mr. Fico was shot, Parliament was meeting to endorse an overhaul of public television to purge what his governing party views as unfair bias in favor of political opponents, a reprise of efforts in the 1990s by Mr. Meciar to mute media critics.

The legislation was part of a raft of measures that the European Commission in February said risked doing “irreparable damage” to the rule of law. These include measures to limit corruption investigations and impose what critics denounced as Russian-style restrictions on nongovernmental organizations. The government opposes military aid to Ukraine and L.G.B.T.Q. rights, is often at odds with the European Union and, like Mr. Orban, favors friendly relations with Vladimir V. Putin’s Russia.

In the run-up to the election last September that returned Mr. Fico, a fixture of Slovak politics for more than two decades, to power, he and his allies took an increasingly hostile stance toward the United States and Ukraine, combined with sympathetic words for Russia.

Their statements often recalled a remark by Mr. Meciar, who, resisting demands in the 1990s that he must change his ways if Slovakia wanted to join the European Union, held up Russia as an alternative haven: “if they don’t want us in the West, we’ll go East.”

But, he added, “the frames that the society and its elites use to interpret the conflict remain the same: a choice between a Western path and being something of a bridge between the East and the West, as well as a choice between liberal democracy and illiberal, authoritarian government.”

Andrej Danko, the leader of the party, which is now part of the new coalition government formed by Mr. Fico after the September election, said that the attempt to assassinate Mr. Fico represented the “start of a political war” between the country’s two opposing camps.

Iveta Radicova, a sociologist opposed to Mr. Fico who is a former prime minister, said Slovakia’s woes were part of a wider crisis with roots that extend far beyond its early stumbles under Mr. Meciar.

“Many democracies are headed toward the black hole,” as countries from Hungary in the East to the Netherlands in the West succumb to the appeal of national populism, she said. “This shift is happening everywhere.”

In his 2007 history of the movement, Radicals for Capitalism, Brian Doherty identifies five key figures who most shaped the nascent ideology and its organized advocacy: author Ayn Rand, and economists Ludwig von Mises, F. A. Hayek, Milton Friedman, and Murray Rothbard

With one exception, all paired radical free-market and smaller government views with liberal tolerance and cosmopolitanism on social issues. None were religious, and Rand and Mises were both avowedly irreligious. Friedman and Hayek both trended more moderate and pragmatic, and also achieved the highest degree of mainstream intellectual recognitio

It was in Rothbard that the divergence began which today has culminated in the Libertarian Party’s convention transforming into a literal Trump rally

He was in many ways the most radical—an avowed anarchist—and the most marginal

he was also the most involved in creating a self-consciously libertarian movement and many of its institutions. In this he was aided by his skills as a prolific polemicist.

From the start, Trump’s brand of illiberal populism had more than a passing resemblance to Rothbard’s paleo strategy—minus, as many classical liberal critics had long predicted, any meaningful moves to actually shrink government

By accommodating and embracing conservative culture warriors, even including avowed white supremacists, Rothbard believed he was forming the basis of a political coalition to demolish modern big government

it included an open embrace of police brutality, fuming about the need to “dispense instant punishment” to “bums,” while railing against efforts to undo America’s white supremacist past. Later, opposition to immigration became one of the paleo posture’s signature issues.

Across the loose constellation of libertarian think tanks, advocacy organizations, and electoral efforts in both the L.P. and the GOP, the embrace or rejection of Rothbard’s “paleo” idea was a source of perennial tension. Rothbard himself was involved for a time in both the Libertarian Party and the Cato Institute, co-founding the latter before being acrimoniously ejected after a few years.

the other end of the movement came to embrace the view of libertarianism as fundamentally an extension of the larger liberal tradition, continuous with a classical liberal political philosophy rather than a socially conservative one.

Free markets and limited government were still a big part of the picture, but in service to a vision of a dynamic and pluralistic free society.

As much as each held a dim view of the other, both continued to work under the “libertarian” label.

As he outlined in a 1992 essay, “Right Wing Populism: A Strategy for the Paleo Movement,” paleolibertarianism was an explicit alliance between small-government radicalism and the extremist far-right.

it still embodied the burn-it-all-down reactionary ethos that saw tearing down established institutions as a necessary first step, even if that required an unrestrained autocrat

After the deadly 2017 neo-Nazi rally in Charlottesville, the then party leadership denounced the “blood and soil” rhetoric. But to the Rothbardians, this smacked of unacceptable wokeness. Within a few days, the Mises Caucus—named more for the ideas exhibited by the think-tank than the actual economist—was founded. Over the next few years, this group began launching hostile takeovers of state parties and then the national party. As they did so, the party increasingly adopted rhetoric that sounded more like the tiki-torch brigade than one committed to individual liberty.

The two camps within the movement—the cosmopolitan and the paleo—already strained to nearly the breaking point, went through the inevitable rupture. A number of differences and disagreements fueled the split, but most central was the divide into MAGA-friendly and anti-Trump sympathies.

It is no longer possible to ignore the conflict of visions about what kind of society freedom was supposed to yield. One in which private bigotry and established hierarchies were allowed free rein? Or an open and all-embracing one where different people and lifestyles disapproved by the traditional order could flourish?

The only way the libertarian movement’s demise could bring down libertarianism as a political-philosophical framework is if one expected the ideas themselves to disappear. Happily, a robust conviction of the centrality of individual liberty—or of the need to fight a tyrannical state—is in no danger of fully fading away.