Although very few people I knew voted for Reagan, affluent college-educated people, liberals and otherwise, tended not to disagree ferociously about politics in the 1980s and ’90s, and certainly not about economics. In retrospect, the rough consensus about economics looks like the beginning of an unspoken decades-long class solidarity among the bourgeoisie. Affluent college-educated people, Democrats as well as Republicans, began using the phrase socially liberal but fiscally conservative to describe their politics, which meant low taxes for higher-net-worth individuals (another new term) in return for tolerance of . . . whatever, as long as it didn’t involve big new social programs that affluent people would have to pay for. It was a libertarianism lite that kept everything nice and clubbable and it did at least have the virtue of ideological consistency. When Gary Hart ran a second time for president, in 1988, one of his tax-policy advisers was Arthur Laffer, Reagan’s inventor of supply-side economics. When Jerry Brown ran for the 1992 Democratic nomination, he too sought Laffer’s help, to devise some kind of tax scheme “that was clear and easy to articulate,” and Laffer himself says he voted for Bill Clinton. (He’s now a Trump adviser.) The Democratic Leadership Council, co-founded by Clinton in 1985, became a think-tankish anchor for Democrats who didn’t disagree with Republicans that pretty much the only acceptable new solutions to any social problem were market based.* For the remainder of the century, no candidate from the Democratic left became a plausible finalist for the nomination. In 1992, when Clinton won the nomination, his only serious competitors were two fellow New Democrats, Brown and Tsongas. Democrats had settled into their role as America’s economically centrist party. There was no organized, viable national economic left in the vicinity of serious power. The collapse of the Soviet Union and Communism at the beginning of the 1990s was very good news, but it had the unfortunate effect of making almost any left critique of America’s new hypercapitalism seem not just quixotic but also kind of corny and quaint.