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The New Deal, or the Keynesian social welfare and administrative state, was something new under the American capitalist sun. It civilized the laissez-faire regime by regulating finance and industry, by recognizing certain collective rights of the organized working class, by establishing a minimum l…

This is far less a view of Smith’s than of his epigones

Freedom anchored in acts of self-reliance and the mastery of the market, of nature, of the libido, of other people can be intoxicating, functioning like an aphrodisiac. Even if its social reach recedes as capital accumulation becomes the exclusive terrain of only the mightiest conquistadors, the dr…

Stories about what we now call “the homeland,” its origins and unfolding, do not, conventionally, feature capitalism. Other tales about the country’s history usually take priority. Favorites include, perhaps first and foremost, the New World as the incubator of liberty and democracy in the Western …