James Madison wrote that when a nation follows the “dictates of conscience,” a free people remain free. What then happens when conscience, a social guardrail for such things as capitalism, dissolves?

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According to two editors at the Economist, there have been three revolutions in Western government. They believe we’re due for a fourth. Similarly, there have been three revolutions in economics since the late 19th century. Are we due for a fourth?

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When did people begin to consider capitalism crooked? The idea of capitalism is as old as Genesis. Its institutions date from the early Middle Ages. They kept capitalists steering a middle course. It wasn’t until capitalism’s social guardrails dissolved that capitalism veered off course. When did that happen?

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The Renaissance humanist Erasmus once said, “He does not sail badly who steers a middle course.” Timely advice. The three reigning Western models of economics are off course. What does a middle course look like? Lord Moulton described it in 1921.

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