the battles of the 1970s and 1980s had been won. The threat that haunted Dornbusch’s generation had evaporated. Democracy was no longer the menace that it had been in neoliberalism’s years of struggle. Within the sphere of economic policy, that expressed itself in the startling realization that there was no risk of inflation. For all the centrist hand-wringing about “populism,” class antagonism was enfeebled, wage pressure was minimal, strikes nonexistent.
