What Adam Smith and little known Polish Marxist have to tell us about Trump, Musk, and the protests in LA

Where would we be without the market? The stock market, the bond market, the financial markets in general—all of these institutions, journalists tell us, are the ultimate, perhaps only, check on President Trump’s power. Esteemed scholars reassure us of the same—that the world’s oldest constitution is backstopped by Wall Street and the dollar. Investors, the argument goes, need their investments protected. The courts, independent and powerful, can provide that protection. Threaten the courts, and the markets will tumble, and the dollar will drop. It is capitalism, in other words, and not citizens or politicians, that will force the White House into compliance with the courts and the Constitution. This faith in capitalism is both novel and strange. Historically, people have feared that capitalism undermines the sovereignty of the state and […]