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The words "the world you were born in no longer exists" covering Trump's eyes.

The Present Crisis and the End of the Long '90s

On the constitutional settlement that governed America from the end of the Volcker Shock in 1982 to the re-election of Donald Trump in 2024.
U.S Custom House.

Lessons from Early America’s Tariff Wars

The 1790s debate shows that, even when they aim at moral goods, tariffs abet cronyism and corruption.
William McKinley's  presidential inauguration.

A Warning for Democrats From the Gilded Age and the 1896 Election

Effective Republican organizing and intraparty divisions among Democrats solidified GOP political dominance until the 1930s.
A political cartoon of Benjamin Harrison and Grover Cleveland emptying the U.S. treasury.

Radical Tariffs Aren’t New, But They Have Been Disastrous

An American story.
Woodrow Wilson and William Jennings Bryan

American Populists Used to Run Against Tariffs. It Could Happen Again.

William Jennings Bryan stoked a worker revolt against protectionism that led to the first income tax.
Political cartoon showing a dog named 'income tax' running from a can called "supreme court decisions."

No, President Trump, the Income Tax Wasn’t A Mistake. But It Was an Accident.

Trump claimed that the income tax was passed for “reasons unknown to mankind” and caused the Great Depression. Here’s the real history.
A bread line on New York's Lower East Side in 1930.

Trump Tariffs Conjure Specter of Smoot-Hawley Act, a Depression-Era Blunder

The 1930 tariff bill hurt exporters and provoked other countries to enact their own tariffs as the U.S. economy grappled with the Great Depression.
Floor of the New York Stock Exchange.

Regime Change in the West?

Where amid this turmoil does neoliberalism stand? In emergency conditions it has been forced to take measures.
Francis Townsend
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Creating the “Senior Citizen” Political Identity

On the movement that fought for old-age pensions during the Great Depression.
"Made in U.S.A." sticker

The Return of Political Economic Nationalism

The populist turn in our politics is best understood as a revival of old categories of political economy.
Zombie hand reaching up from the ground in a graveyard.

The Dead Hand of Clintonism

More than 20 years after Bill Clinton left office, Democrats remain in the grips of his New Democrat politics. That’s a serious problem.
Donald Trump and Xi Jinping, flanked by the U.S. and Chinese flags.

Back to the ’80s?

Trump, Xi Jinping, and the tariffs.
William McKinley making a campaign speech in 1896.

Why Trump Admires President McKinley, the Original ‘Tariff Man’

President Donald Trump says McKinley made the United States prosperous through tariffs. Historians say that’s an incomplete understanding of the 25th president.
Jimmy Carter in the 1970s visiting a town in Brazil that commemorates Confederate expats.

Jimmy Carter, 1924-2024

As an individual, Jimmy Carter stood as a rebuke to our venal and heartless political class. As a politician, his private virtues proved to be public vices.
President Jimmy Carter seated at desk in Oval Office, hands steepled.

Jimmy Carter Held the Door Open for Neoliberalism

His unwillingness to take a radical stance forced him to respond to events by imposing austerity and doing little to strengthen labor.
George HW Bush, Ronald Reagan, Jimmy Carter, Gerald Ford, and Richard Nixon at the Reagan Library opening.
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Jimmy Carter Was a Successful (Conservative) President

Common conceptions of Carter are all wrong because they don’t acknowledge a crucial reality: he was a conservative.
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Nuggets of Condescension

By universalizing their own economic history, Western observers have used the past to portray African economic culture as backward and inadequate.

"It's the Economy, Stupid" is Never Just About the Economy

Can the Clinton campaign slogan chart a path forward for Democrats? Its history tells another story.
Kamala Harris

The Democrats’ “Opportunity” Pitch Is a Dead End

The meritocratic pitch was emblematic of Democrats’ long march away from working-class voters.
Neon signage for Trump Taj Mahal Casino Resort.
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The 2024 Election and America's Love Affair With Lotteries

Americans love games of chance, but history shows they're a poor substitute for a robust investment in public goods.
Donald Trump at a podium

The New Trumpian Bargain

Trump's second term echoes 19th-century policies: tariffs and immigration limits protect workers, while deregulation risks widening inequality.
Trump holding a table of tariff rates.
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Tariffs Don’t Have to Make Economic Sense to Appeal to Trump Voters

Economists and Democrats dismiss Trump’s tariffs talk at their peril.
A view of Wall Street and Federal Hall in the Financial District in New York City.

In the 1970s, the Left Put a Good Crisis to Waste

In "Counterrevolution," Melinda Cooper reads the 1970s economic crisis as an elite revolt rather than proof of the New Deal order’s unsustainability.
Shipping container labeled "China Shipping," overlaid on political cartoon showing a tariff slowing supply of medicine to a drip.

Trump Loves The 1890s But He’s Clueless About Them

The tariffs he keeps babbling about didn’t make that decade great. They helped usher in a depression.
Donald Trump

Donald Trump Would Be Weaker the Second Time Around

Donald Trump wants the ideology of William McKinley and Gilded Age Republicanism, but with a totally different social base. It won’t work.
John Sherman
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The Other Sherman’s March

How the younger brother of the famous general set out to destroy the scourge of monopoly power.
Photo of United States bill, saying "In God We Trust."

The Deep Religious Roots of American Economics

Any attempt to understand the complexities of American economic thought without considering the significant role of religious beliefs is incomplete.
Iranian leaders.

Who Benefits From Sanctions?

According to authors of a new book on how Iran has coped with economic sanctions imposed by the U.S., no one does.
Eisenhower.
partner

The GOP's 72-Year-Old Inflation Playbook

Since the 1950s, the GOP has simplified the causes of inflation in order to blame Democrats.
Factory cloth samples.

Chinese Production, American Consumption

The convergence of economy and politics in the Sino-US relationship via Jonathan Chatwin’s “The Southern Tour” and Elizabeth O’Brien Ingleson’s “Made in China.”

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