Most liberals, like most Americans, preferred not to regard capitalists as categorically rapacious and amoral, or to imagine the U.S. political economy as a never-ending struggle in which everyone must ultimately choose between two sides. That seemed crude. They didn’t vote for Reagan, but most didn’t hate him, certainly not at first, because in their way they shared his dreamy faith in the 1940s Frank Capra movie vision of America. And to some degree, most liberals succumbed, like most Americans, to a new form of economic nostalgia that was being revived and popularized – the notion that market forces are practically natural forces with which we dare not tinker or tamper too much. Finally, affluent liberals didn’t want to think badly of all their nice friends and neighbors and classmates who happened to work at banks or in real-estate development or in the vicinity of C-suites.

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