What a splendid era this was going to be, with one remaining superpower spreading capitalism and liberal democracy around the world. Instead, democracy and capitalism seem increasingly incompatible. Global capitalism has escaped the bounds of the postwar mixed economy that had reconciled dynamism with security through the regulation of finance, the empowerment of labor, a welfare state, and elements of public ownership. Wealth has crowded out citizenship, producing greater concentration of both income and influence, as well as loss of faith in democracy. The result is an economy of extreme inequality and instability, organized less for the many than for the few.
