“No thoughtful person can question that the American economic system is under broad attack,” Powell declared in his memo. What distinguished his jeremiad from many other conservative screeds was his argument that the greatest threat was posed not by a few “extremists of the left,” but rather by “perfectly respectable elements of society.” The real enemies, he suggested, were “the college campus, the pulpit, the media, the intellectual and literary journals, the arts and sciences,” and “politicians.” Powell called on corporate America to fight back. He urged America’s capitalists to wage
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