The era between the New Deal and the Reagan Revolution was, according to Chayes, a period of enlightened democracy and restrained capitalism: The franchise was extended to previously excluded groups. The eight-hour workday became the norm. Blue-collar workers earned fair wages for a fair day’s work. The worst excesses of financial capitalism were checked by effective regulation. Safety nets for the elderly and the disadvantaged guaranteed a reasonable standard of living for most Americans. Environmental regulations led to breathable air and drinkable water. People ate nutritious food supplied by family farms. Incomes became more equal. Politicians treated their opponents with civility and politics operated without the take-no-prisoners approach of the Gilded Age and a new Age of Greed that bookended the New Deal/Great Society interregnum. “The political and economic systems, so long twisted to serve the wealth-maximizing objectives of the Gilded Age networks was straightened out a bit” during this...

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