The growth of political parties and interest group politics, and the promotion of democracy as a fundamental principle of American government, all came as a result of the move to popular voting for president.
We can now see that the rapid growth of the libertarian movement in the 1970s is firmly rooted in the legacy of the American Revolution. But if this legacy is so vital to the American tradition, what went wrong?
Because of past easy-money binges, the pool of wealth may be declining just as prices are increasing. And we're likely to see upward pressure on interest rates. This is bad news, and shows the limits of the Fed's power.
We should be quite skeptical when states impose the opinion of minority groups on the majority through special programs in schools and elsewhere. Such programs likely involve “positive discrimination” against particular groups, consistent with state objectives.