Is This Time Different? Capture and Anti-Capture of US Politics

Abstract

Societies are molded by their institutions that determine both their levels of prosperity and how that prosperity is distributed within society. For most of its history the U.S. has had economic institutions which have been comparatively inclusive in the sense that economic opportunities have been open to most, the playing field has been level, and property rights have been secure. The inclusiveness of economic institutions has meant that the U.S. has been fully able to harness the talent of its citizens who have consequently experienced high rates of social mobility.