The Failure of Democratic Capitalism
This piece comes from 1982, two years before moving to Rockford as Managing Editor of the magazine I would soon serve as Editor. It is a slightly revised version of a review of Michael Novak’s Spirit of Democratic Capitalism. The editors were so alarmed by the implicit rejection of classical liberalism that they felt it necessary to run the usual “Michael Novak is a genius..” counterpoint along side it. Capitalism must be dead at last. Its demise has been predicted so many times—by Marx and his disciples, by fascists, and even by true believers like the ex-Trotskyist James Burnham—that many of...



