The twenty-first century has seen major challenges to freedom and democracy. Authoritarianism is on the rise and democracy is in retreat. Some promote individualism and markets as the solution to almost every problem. On the other side there are those who champion collectivism and full public ownership. Neither side is convincing. Unrestrained capitalism has exacerbated inequality. Socialism in practice has ended democracy. Effective defenders of liberty and human flourishing must find a different course. This book argues for a pragmatic, social democratic liberalism that avoids unrealistic extremes and tackles major problems such as inequality and climate change.
This insightful book traces the evolution of corporate power in the United States, from social control over corporate power under early state laws to the modern liberation of the corporation serving primarily private purposes. It illustrates how the transition of attitudes towards corporations and dynamic changes in public policy have ushered in an age of financial fragility, income inequality and macroeconomic instability.