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“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.

In other words, the Marshall Plan and the tech boom during the 1990s were products of their time and place. They wouldn’t necessarily have the desired effects in a modern context.

“A shifting global economy left many working Americans and their communities behind. A financial crisis shook the middle class. A pandemic exposed the fragility of our supply chains. A changing climate threatened lives and livelihoods. Russia’s invasion of Ukraine underscored the risks of overdependence.”

What was the solution? Instead of rampant globalization, Sullivan’s pitch was that a reenergized American economy made the country stronger. It was time to remake the Rust Belt into a Cobalt Corridor, to establish industries that led not only to blue-collar work but to azure-collared careers. If that was done right, a strengthened America could act more capably around the globe.

“By the time President Biden came into office, we had to contend with the reality that a large non-market economy had been integrated into the international economic order in a way that posed considerable challenges,” he said, citing China’s large-scale subsidization of multiple sectors that crushed America’s competitiveness across industries. Making matters worse, Sullivan continued, “economic integration didn’t stop China from expanding its military ambitions.” It also didn’t stop countries like Russia from invading their neighbors.

Implicitly, Sullivan said the main assumptions undergirding America’s foreign and economic policy had been wrong for decades. China, and the Washington belief that liberalized markets would eventually lead to democracy within the halls of power in Beijing, was the most glaring example.

“This moment demands that we forge a new consensus. That’s why the United States, under President Biden, is pursuing a modern industrial and innovation strategy — both at home and with partners around the world,

Standing in front of the esteemed audience, Sullivan was telling them he didn’t want to be caught flat-footed as the global economy reshaped around them. The U.S. government would be proactive, prepared and proud in search of an industrial strategy to undergird American power. Without saying the words, he was offering a plan to make America great again.

A self-proclaimed “A-Team” came together to move beyond the Trump era, but in some ways they embraced elements of it. Not the nativist demagoguery, but the need to return to fundamentals: a healthy middle class powered by a humming industrial base, a humility about what the U.S. military alone can accomplish, a solid cadre of allies, attention to the most existential threats and a refresh of the tenets that sustain American democracy.

“This strategy will take resolve — it will take a dedicated commitment to overcoming the barriers that have kept this country and our partners from building rapidly, efficiently, and fairly as we were able to do in the past,”

after Mr. Trump won the election that year, the world seemed to blame tech companies for his victory. The resulting “techlash” against Facebook and others caused some industry leaders to reassess their political views, a trend that continued through the social and political turmoil of the pandemic.

The start-up industry has also been in a downturn since 2022, with higher interest rates sending capital fleeing from risky bets and a dismal market for initial public offerings crimping opportunities for investors to cash in on their valuable investments.

Some investors said they were frustrated that his pick for chair of the Federal Trade Commission, Lina Khan, has aggressively moved to block acquisitions, one of the main ways venture capitalists make money. They said they were also unhappy that Mr. Biden’s pick for head of the Securities and Exchange Commission, Gary Gensler, had been hostile to cryptocurrency companies.

Last month, Mr. Sacks, Mr. Thiel, Elon Musk and other prominent investors attended an “anti-Biden” dinner in Hollywood, where attendees discussed fund-raising and ways to oppose Democrats,

Some also said they disliked Mr. Biden’s proposal in March to raise taxes, including a 25 percent “billionaire tax” on certain holdings that could include start-up stock, as well as a higher tax rate on profits from successful investments.

“If you keep telling someone over and over that they’re evil, they’re eventually not going to like that,” he said. “I see that in venture capital.”

Some tech investors are also fuming over how Mr. Biden has handled foreign affairs and other issues.

Mr. Andreessen, a founder of Andreessen Horowitz, a prominent Silicon Valley venture firm, said in a recent podcast that “there are real issues with the Biden administration.” Under Mr. Trump, he said, the S.E.C. and F.T.C. would be headed by “very different kinds of people.” But a Trump presidency would not necessarily be a “clean win” either, he added.

Mr. Sacks said at the tech conference last week that he thought such taxes could kill the start-up industry’s system of offering stock options to founders and employees. “It’s a good reason for Silicon Valley to think really hard about who it wants to vote for,” he said.

“Tech, venture capital and Silicon Valley are looking at the current state of affairs and saying, ‘I’m not happy with either of those options,’” he said. “‘I can no longer count on Democrats to support tech issues, and I can no longer count on Republicans to support business issues.’”

Ben Horowitz, a founder of Andreessen Horowitz, wrote in a blog post last year that the firm would back any politician who supported “an optimistic technology-enabled future” and oppose any who did not. Andreessen Horowitz has donated $22 million to Fairshake, a political action group focused on supporting crypto-friendly lawmakers.

Venture investors are also networking with lawmakers in Washington at events like the Hill & Valley conference in March, organized by Jacob Helberg, an adviser to Palantir, a tech company co-founded by Mr. Thiel. At that event, tech executives and investors lobbied lawmakers against A.I. regulations and asked for more government spending to support the technology’s development in the United States.

This month, Mr. Helberg, who is married to Mr. Rabois, donated $1 million to the Trump campaign

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In their place, Trump’s stump speech has become dominated by grievances about the wrongs he believes have been done to him and his promises to get even for them. It doesn’t quite create the festive atmosphere of eight years ago, when many attendees were clearly having a great time. Where the new, more prosaic feeling lacks the uplift of the past, though, it has still managed to generate enough enthusiasm

The lack of catchy slogans might not matter if they were just slogans. But in 2016, they were a symbol of Trump’s willingness to talk about things that other candidates, including other Republicans, shied away from.

Regarding the war in Gaza, he has criticized Israeli Prime Minister Benjamin Netanyahu and called for the conflict to end quickly—but on Israel’s terms.

He had several such policy positions, including breaking with the bipartisan consensus on free trade, pledging to protect Social Security and Medicare, and claiming to have opposed the Iraq War from the start.

The focus on the wall also showed that he was willing to deploy (putatively) “commonsense” ideas that other politicians weren’t. This helped Trump to appeal not just to Republicans but to disaffected voters of all stripes

Where Trump once trumpeted his appointment of justices who overturned Roe v. Wade, he is now fumblingly trying to formulate a position on abortion that doesn’t alienate either his base or swing voters, mostly relying on ambiguity

Trump is emphasizing fewer big transformational ideas compared with 2016. His promises are a scattershot collection of ideas targeted at particular segments of the electorate: ending taxes on salary earned from tips, defending TikTok (a platform he once tried to ban), declassifying files on John F. Kennedy’s assassination, rolling back fossil-fuel regulations. Although he promises to clamp down on the border and deport undocumented immigrants, you won’t catch a “Round ’em up” chant at his rallies. And Project 2025, his allies’ proposal to overhaul the federal government by massively expanding political patronage, doesn’t lend itself to a bumper sticker.

Trump allots a great deal of his stump speech to mocking Biden as incoherent and senile (sometimes awkwardly) while also warning that Biden’s administration has made the United States a failed nation, and that his reelection could be fatal to the country. The disconnect between the images of Biden as doddering fool and as evil schemer is one that Republicans have struggled to reconcile but that Trump has concluded doesn’t need resolving.

Grievance is not a new note at Trump rallies, but four and eight years ago, he used to talk about other people’s grievances and promise to redress them. Now the grievances are largely his own

One big problem for Clinton was the criticism that she had no compelling goal for her candidacy other than that she wanted to be president. Trump’s campaign now is about nothing so much as his desire to be president.

Even Project 2025 is about the accumulation of executive power itself, rather than any particular policy goal

Mr. Vance “extracted what he needed from Appalachia.” Before anything else, the senator’s first betrayal was of his own region, the first portion of his soul to be sold.

Shortly after “Hillbilly Elegy” was released, writers throughout Appalachia denounced the classism and elitism of the book, as well as the self-serving ambitions of its author.

Without too much hyperbole, it could be said that J.D. Vance — a possible heir to the MAGA movement who has embraced some of the most noxious elements of the alt-right and the national conservative movement — is an infernal creation of the powerful liberals who championed his writing and elevated his platform. It’s hard to imagine that without “Hillbilly Elegy,” which was adapted into a film by the Democratic Party donor Ron Howard in 2020, Mr. Vance would have become the junior senator of Ohio, much less a nominee for vice president

Since being elected to the Senate, in large part due to the financial support of the tech billionaire and right-wing activist Peter Thiel, Mr. Vance has become a zealous convert to the MAGA cause. That’s a stunning reversal for a figure who eight years ago was celebrated as an astute voice of Never Trumper Republicanism, a man of learning who could formulate a centrist conservatism to supplant the dark turn that had taken hold of the G.O.P.

As Mr. Vance noted in a Time magazine interview in 2016, Mr. Trump’s greatest failure as a political leader is that “he sees the worst in people, and he encourages the worst in people.” That’s turning out to be true of Mr. Vance, too.

Eight years ago, during the heated days of the 2016 Republican primary, Mr. Vance wrote that Mr. Trump’s policy proposals “range from immoral to absurd.” A few months later, he referred to Mr. Trump as “cultural heroin,” and called him “unfit for our nation’s highest office.” And memorably, in a text conversation with a former roommate, the future senator worried that Mr. Trump might be “America’s Hitler.”

Mr. Trump’s White House tenure, he said, had changed his mind, but it’s hard to take the senator entirely at his word.

At the outset of Christopher Marlowe’s late 16th-century play “The Tragical History of Dr. Faustus,” the scholar at the center of the tale abandons all the learning he has mastered. Law, philosophy, medicine — none of these have fulfilled his boundless ambition. Instead, he turns to magic, making the fateful decision to sell his soul to the demon Mephistopheles, for what he “most desires” — “a world of profit and delight, /Of power, of honor.”

MAGA has replaced Reaganism as the chief operating system of the Republican Party.

If Democrats hope to win in the near future they have to take the MAGA worldview seriously, and respectfully make the case, especially to working-class voters, for something better.

In a volatile world, MAGA offers people security. It promises secure borders and secure neighborhoods. It offers protection from globalization, from the creative destruction of modern capitalism. It offers protection from an educated class that looks down on you and indoctrinates your children in school. It offers you protection from corporate predators.

the problem with MAGA — and here is where the Democratic opportunity lies — is that it emerges from a mode of consciousness that is very different from the traditional American consciousness.

Americans have a zeal for continual self-improvement, a “need tirelessly to tinker, improve everything and everybody, never leave anything alone.”

“the Spirit of America is best known in Europe by one of its qualities — energy.”

we saw ourselves, as the dynamic nation par excellence. We didn’t have a common past, but we dreamed of a common futur

Americans can’t be secure if the world is in flames. That’s why America has to be active abroad in places like Ukraine, keeping wolves like Vladimir Putin at bay.

Through most of our history, we were not known for our profundity or culture but for living at full throttle.

MAGA, on the other hand, emerges from a scarcity consciousness, a zero-sum mentality: If we let in tons of immigrants they will take all our jobs; if America gets browner, “they” will replace “us.”

MAGA is based on a series of victim stories: The elites are out to screw us. Our allies are freeloading off us. Secular America is oppressing Christian America.

MAGA looks less like an American brand of conservatism and more like a European brand of conservatism. It resembles all those generations of Russian chauvinists who argued that the Russian masses embody all that is good but they are threatened by aliens from the outside

MAGA looks like a kind of right-wing Marxism, which assumes that class struggle is the permanent defining feature of politics.

MAGA is a fortress mentality, but America has traditionally been defined by a pioneering mentality. MAGA offers a strong shell, but not much in the way of wings needed to soar.

If Democrats are to thrive, they need to tap into America’s dynamic cultural roots and show how they can be applied to the 21st century

My favorite definition of dynamism is adapted from the psychologist John Bowlby: All of life is a series of daring explorations from a secure base. If Democrats are to thrive, they need to offer people a vision both of the secure base and of the daring explorations.

The American consciousness has traditionally been an abundance consciousness.

Americans can’t be secure if the border is in chaos. Popular support for continued immigration depends on a sense that the government has things under control.

Americans can’t be secure if a single setback will send people to the depths of crushing poverty. That’s why the social insurance programs that Democrats largely built are so important.

offer people a vision of the daring explorations that await them. That’s where the pessimistic post-Reagan Republicans can’t compete

champion the abundance agenda that people like Derek Thompson and my colleague Ezra Klein have been writing about. We need to build things. Lots of new homes. Supersonic airplanes and high-speed trains.

If Republicans are going to double down on class war rhetoric — elites versus masses — Democrats need to get out of that business

They need to stand up to protectionism, not join the stampede.

Democrats need to throttle back the regulators who have been given such free rein that they’ve stifled innovation.

Democrats need to take on their teachers’ unions and commit to dynamism in the field of education.

tap back into the more traditional American aspiration: We are not sentenced to a permanent class-riven future but can create a fluid, mobile society.

The economist Michael Strain of the American Enterprise Institute has offered a telling psychic critique of MAGA economic thinking: “The economics of grievance is ineffective, counterproductive and corrosive, eroding the foundations of prosperity. Messages matter. Tell people that the system is rigged, and they will aspire to less

Champion personal responsibility, and they will lift their aspirations. Promoting an optimistic vision of economic life can increase risk tolerance, ambition, effort and dynamism.”

t aspiration is not like a brick that just sits there. Aspiration is more like a flame that can be fed or dampened

“The problem is desire. We need to *want* these things. The problem is inertia. We need to want these things more than we want to prevent these things.”