America and the Art of the Possible

Between 1920 and 1950 America saw an unprecedented expansion of wealth and power underwritten bytechnological innovation, cultural confidence, and victory in war. American elites won World War II, rebuiltthe world order with America at its head, inaugurated the jet age and put a man on the moon. The boomled to a larger, richer middle that confirmed America's best ideals. By the early 1970s that ended. Sincethen, American elites have captured a disproportionate share of the social and economic rewards overthe last 50 years during which time the middle class has shrunk in size and become economicallyinsecure, owning a smaller share of national wealth than at any time in our history despite mosthouseholds having two income earners versus the single income household that characterized theperiod of shared prosperity. At the same time, technological innovation that improves people's standardof living has dramatically slowed. This undermines the basic premise behind the broad acceptance of ameritocratic elite, whose rule is predicated on the belief that if the best rise to the top, their talent andenergy will create a rising tide that lifts all the boats. We had that once. We can have it again. This bookis the story of how American elites won, lost, and can win again.