The mixed economy was the most important social innovation of the twentieth century. It spread a previously unimaginable level of prosperity and enabled steep increased in education, health, and economic security. And yet, extraordinarily, it is anathema to many current economic and political elites.
Like every other prospering democracy, the U.S. developed a mixed economy that channeled the spirit of capitalism intro strong growth and health social development. In this bargain, government and business were as much partners as rivals. But, according to Jacob Hacker and Paul Pierson's new book, American Amnesia, what's good for business and what's good for Americans has become misaligned. As anti-government advocates of free market fundamentalism have gained power, they are bent on scrapping the instrument of a century of unprecedented economic and social progress.