We are in a rare period in American history, when the decline of one political order makes space for another. The crack-up was decades in the making. It started with the Great Recession, which shattered a broad belief in deregulated markets. The climate crisis revealed how much the profit motive missed. The aftermath of normalizing trade with China proved that the prophets of free trade understood neither China nor America. Throughout the 2010s, a slow economic recovery fueled public resentment of inequality, and an affordability crisis gathered steam. In 2020, the pandemic obliterated many
...more
