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 ALSO BY ROBERT KUTTNER

The Stakes: 2020 and the Survival of American Democracy

Can Democracy Survive Global Capitalism?

Debtors’ Prison: The Politics of Austerity Versus Possibility

A Presidency in Peril

Obama’s Challenge

The Squandering of America

Everything for Sale: The Virtues and Limits of Markets

The End of Laissez-Faire

The Life of the Party

The Economic Illusion

Revolt of the Haves

Family Re-Union (with Sharland Trotter)

For Joan, again
 Contents

Foreword by Joseph E. Stiglitz

1. The Improbable Progressive

2. Roosevelt’s Fragile Revolution

3. The New Deal’s Long Half-Life

4. LBJ’s Tragedy and Ours

5. The Great Reversal

6. Bad Economics, Worse Politics

7. Obama’s Missed Moment

8. America’s Last Chance

Acknowledgments
Notes
Index
 Foreword
Joseph E. Stiglitz

The United States, and the world, are at a fork. Somehow, we

managed our way through the presidency of Donald Trump, with all
his divisiveness and mendacity, and, as this book goes to press,
through the worse pandemic and deepest downturn in memory. As
Robert Kuttner points out forcefully in this book, there is the real
possibility that President Biden will restore the progressive agenda,
with all the idealism upon which it is based. It is a great
transformation, one the country and the world badly need, as we
face unprecedented challenges of inequality, climate change, and
structural change—moving from a manufacturing economy to a
service-based knowledge economy. And yet we also might plunge
into an abyss of repression.
As his touchstone, and Biden’s, Kuttner appropriately invokes
FDR. President Franklin Delano Roosevelt presided over a grand
transformation almost a hundred years ago, as we moved from an
agrarian and rural economy to an urban manufacturing one—and
reversed the ravages of laissez-faire that marked the Roaring
Twenties as well as the Gilded Age of an earlier generation. Key
parts of his legacy, such as Social Security, have become central
parts of our social fabric, but other parts, such as the re-balancing of
the power of workers and the taming of finance, have been
eviscerated, and especially so during the four decades beginning
with Carter and Reagan, during which neoliberalism, the belief that
markets on their own would solve society’s problems, reigned
supreme. But as Kuttner rightly warns, the country could take the
other fork—a victory for the forces of reaction in every sphere of our
society.
It’s a familiar story. This country was founded with a split
personality, a commitment to freedom and equality—“All men are
created equal”—resting on a bedrock of slavery. The standard
narrative is that with each trauma, we emerged stronger than
before. But each time, many of the advances that we made in the
years immediately after the trauma were reversed in the years
following: the short period of Reconstruction was followed by Jim
Crow. In this century, the advances in civil rights in the 1960s,
including on voting, have been at least partially undone—and the
Republican Party is making concerted effort to undermine these
advances even more. Moreover, the fact that progressives fended off
these attacks in the past is no assurance that they will prevail now:
today’s battleground is different.
In this foreword, I want to put some perspective on what’s at
stake, what the battle is all about. We all know the skirmishes, from
abortion to voting rights to unionization to curbing the power of
finance and monopolies. Behind it all is a view of a Good Society, the
nature of the individual, the relationship of the individual to society,
and the role of markets in all of this.
I approach these issues partially from the lens of an economist:
since the beginning of capitalism, there have been two views on the
origins of inequality and the sources of growth—what gives rise to
“the wealth of nations.”
One strand focuses on rugged individualism, competition,
emphasizing the central role of markets and entrepreneurship. In
this perspective, greed is good—the pursuit of self-interest leads to
the well-being of society. As Adam Smith, the father of modern
economics, put it, “It is not from the benevolence of the butcher, the
brewer, or the baker that we expect our dinner, but from their regard
to their own interest.” It followed, in these theories, that differences
in incomes were the “just deserts”—those who contributed more to
society were correspondingly rewarded. These are the views of
Smith that the right has championed.
The other view, more consistent with perspectives growing out of
the Enlightenment (of which Adam Smith was one of the important
thinkers), was that the wealth of nations grows out of advances in
science and in mechanisms of social organization—allowing larger
groups of people to cooperate. It is these “enlightenment advances”
that explain why our standards of living today are so much higher
than they were just 250 years ago; why, after standards of living had
stagnated for centuries after centuries, they finally began to soar.
Collective action is central, and there is more to collective action and
cooperation than that coordinated through the marketplace via the
price system. Even a simple society needs rules and regulations—the
Ten Commandments being an example. But rules and regulations
are even more imperative in a complex twenty-first-century society
where externalities—created when the market produces too much of
things that harm others and too little of those things that benefit
others—have taken on first-order importance. The climate crisis is
the result of firms and individuals producing excessive greenhouse
gas emissions; the current pandemic has been aggravated by those
selfishly refusing to wear masks, practice social distancing, and get
vaccinated—not thinking at all of the risks they are imposing on the
rest of society.
At the core of success in a modern economy are public goods,
from which all benefit—in particular, advances in basic science—and
markets will never invest sufficiently in those things from which
everyone benefits. Indeed, had we not had the public-supported
advances in biology leading to our understanding of mRNA vaccines,
the pandemic would have been far worse. In short, the whole is
greater than the sum of its parts.
Thus, a central tenet of modern economics is that unfettered
markets cannot be relied upon, for a whole variety of reasons.
Among those reasons is that markets are far less benign, even
within the limited domain in which they might work, than the above
quotation from Smith would suggest. Markets are typically not
competitive. There are a host of ways by which some can take
advantage of others, exploiting them one way or another, whether
through physical force—sometimes condoned or implemented by the
state, as in slavery—or simply acting on human vulnerabilities or
asymmetries, in either information (where one party to a transaction
knows more than the other) or market power. This interpretation of
economic relations emphasizes inequalities arising not from “just
deserts” but from one form or another of exploitation.
Despite the popular caricature of his teachings, Adam Smith had
a more balanced understanding than his latter-day followers. Smith
understood that the world is complex, and in his writings, he
reflected on both of the perspectives I’ve described. He recognized
that markets only worked to advance the interests of society if there
was competition. But he recognized that that was not the natural
state of the economy: “People of the same trade seldom meet
together, even for merriment and diversion, but the conversation
ends in a conspiracy against the public, or in some contrivance to
raise prices.” He recognized too the dangers of an unregulated
marketplace and the disadvantageous position of workers:

Masters are always and everywhere in a sort of tacit, but constant and
uniform, combination, not to raise the wages of labour above their actual
rate…. Masters, too, sometimes enter into particular combinations to sink
the wages of labour even below this rate. These are always conducted with
the utmost silence and secrecy.

It followed that “when the regulation, therefore, is in support of

the workman, it is always just and equitable; but it is sometimes
otherwise when in favour of the masters.”
FDR became president well before modern economics clarified
our understanding of the strengths and limits of markets. But in the
midst of the Great Depression, you didn’t need the mathematical
models at the core of these later advances to realize that the
economy wasn’t working well, that people were suffering, and that
there were grave inequities. Many of the solutions that FDR
proposed were just common sense—to redress the imbalances of
power between workers and employers, workers should have the
right to unionize. Markets had failed to provide for a secure
retirement or deal with the risk of disability—and in Europe, it had
already been well demonstrated that government could remedy
these deficiencies. The Great Depression was in part a result of
excesses in the financial market—forms of “greed,” self-interest that
did not serve the well-being of society—and FDR understood that
government regulations should and could curb such excesses.
In other areas, FDR’s actions were limited by the understandings
of the time: he grasped that expansionary spending (the New Deal)
would stimulate the economy—and it did—but he worried about the
resulting debt and the subsequent faltering commitment to
expansionary fiscal policy.
While in some ways World War II interrupted the “revolution” of
recreating an economy that was more stable and better served
society, in two critical aspects it furthered this progressive agenda:
First, to win the war, we, through government, had to invest
enormously in science and technology—what I have argued is the
root of the source of the wealth of nations. Thus government
support of research became one of the pillars of our growth in
succeeding decades. The second way the war furthered the
progressive agenda was the hidden “industrial policy”—policies in
which government played a central role in reshaping the economy.
The war necessitated moving individuals from the rural areas to the
cities and retraining them for a modern manufacturing economy; the
GI bill provided the advanced education that a modern twentieth-
century economy needed.
Joe Biden seems to understand this legacy, and he hopes to build
on it. Markets on their own are not very good in making such
structural transformations—for instance, those in the declining
sectors typically don’t have the resources to make the necessary
investments to make themselves more productive in the ascending
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