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Contents

Preface to the Paperback Edition

Acknowledgments

1. Socialist Ends, Capitalist Means

Things We Can’t Change

Legacy Nation

Things We Can Change

PART I

The Idea of America

2. Up from Aristocracy

Alexander Hamilton Stumbles

An Aristocratic Colony

A Revolution of Ideas

3. The Invention of the American Dream

A Natural Aristocracy

The Transformation of America

The Promise Renewed

PART II

The Way We Are Now

4. Unequal and Immobile

Inequality

Immobility

Inequality Hardens into Immobility

5. Why Republicans Should Care about Income Immobility

Not Just the Left

The Fragiles Come out to Vote

6. Why Conservatives Should Care about Income Immobility

Why We Need Intermediate Organizations

Have Intermediate Organizations Declined?

What’s Immobility Got to Do with It?

7. Why Libertarians Should Care about Income Immobility

8. Why Everyone Should Care about Income Immobility

Wealth

Happiness

PART III

Things We (Mostly) Can’t Change: Technology, Taxes, Welfare, Culture, Genes

9. The Move to an Information Economy

Is Technological Change Skill-based?

Has Technological Change Recently Increased?

A Supply-side Explanation?

10. Globalization

The Loss of Low-tech Jobs

The New Global Super-rich

11. The Limits of Public Policy

Stingy Welfare Benefits?

Low Tax Rates?

Campaign Finance Reform?

12. Living with Immobility

Inherited Wealth

Environment and Culture

Genoeconomics

PART IV

Things We (Mostly) Can’t Change: The Aristocrat Abides

13. Darwinian Immobility

The Bequest Motive

Relative Preferences

Spite

14. The New Class

Reciprocal Altruism

Green Beards, Networks, and Reputations

Class Markers

Politics as a Green Beard

15. Red Tories

Maypoles on the Village Green

Heroism and Hubris

Sealing the Deal

PART V

Things We Can Change

16. Education

The Promise Made

The Promise Broken

The Enemies of Promise

17. Immigration

A Nation of Immigrants

The 1965 Immigration Act

Opportunity Costs

18. Crony Nation

Benign Neglect

Licensing Entrepreneurs

Romancing Wall Street

Tax Subsidies for the Rich

Coporate Law Malfunctions

19. Criminalizing Entrepreneurship

The United States of Crime

A System Designed to Convict

Enemies of the People

20. The Rule of Lawyers

21. The Way Back

A Wish List

Endless History

Reversing

Appendices

A. Income Inequality

B. Piketty’s Law of Accumulation

C. Regression Analysis

D. Altruism and Evolutionary Fitness

Endnotes

Index