Can liberals save capitalism (again)? Seven decades after the Great Depression, Democrats have their work cut out for them.

IN A FEW SHORT WEEKS, AMERICA'S POLITICAL ECONOMY has been stunningly transformed. The Bush administration, the Republican Party and three decades of conservative ideology are facing a potential rout. Yesterday's conservative cliches are today's political embarrassments. Americans are getting a vivid if painful education about the limits of the marketplace and the salutary role of government.

It will be a very long time before anyone can say with a straight face that markets always work better than governments. But market fundamentalism has been so ascendant for so ...

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