In the mid-20th century, American corporations served as a kind of welfare state for their workers. Now that system is gone—and we’re still arguing about what should replace it.
Presidential elections in the U.S. are traditionally about economics. Next year’s vote, and others around the world, have the feeling, however, of being not just about how the economy is performing in the moment but about something more fundamental: the economic system.
What drove the rise of Donald Trump and politicians like him elsewhere was the promise that a new government with new polices could restored a fondly remembered economic and social order from the past. Those politicians’ opponents on the left have a similar interest, though with completely different specifics, in remaking the political economy....
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