Cities of Service

For decades, Americans were told that globalization and free markets would deliver broadly shared prosperity. Instead, many saw stagnant wages, hollowed-out communities, and a growing concentration of wealth and power. The backlash was inevitable. But the real failure was not capitalism itself. It was the corruption of competition and the establishment’s generations-long indifference to the working class it left behind. That disregard didn’t just crater trust in institutions; it fueled populist backlash across the political spectrum, with anti-establishment anger now reshaping American politics.

Two truths define the American economic dilemma. First: competitive capitalism remains history’s most powerful engine for wealth creation, driving greater aggregate prosperity over the past two centuries than perhaps any other economic system. But averages are dangerous fictions; a man can easily drown in a lake that is, on average, two feet deep.