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Mark L. wrote:
James Madison and the American founders were very big on the idea of
checking power. It's remarkable that, in this day and age, that very
crucial aspect of their thought is simply neglected across the
"respectable" political spectrum.
Shouldn't we sort out two strands in Madison's political theory?
- One is that the common people must not be allowed political power.
- The other is that power should be distributed among the various
business interests so that no one interest dominates.
The first strand remains a given for the ruling class. You observe that
the second theme does not matter much to them today. Isn't that because
sharp lines between business interests have nearly disappeared at the
top, and because the distribution of economic power among capitalists
has polarized, marginalizing middle and small capital to an
unprecedented degree?
There are relatively minor conflicts among capitals that develop into
political and regulatory skirmishes: Wal-Mart has grievances against
MasterCard and VISA; the entertainment "content providers" and the cable
and other dissemination channels sometimes have trouble dividing the
revenue stream.
At the financial top, though, capital seems much more labile and
undifferentiated, nothing like the classic antagonisms of agriculture
versus transportation, industry versus merchants, industry versus
finance, heavy industry versus light industry, middle-sized firms versus
monopolies, etc. Some of these antagonisms helped divide the ruling
class on FDR in the 1930s (to the point of support him or mount a coup
against him), but what is a similar material basis today? (Plug: See my
No Rich, No Poor for more.)
Mr. Hodge would like to smudge the two themes in Madison.
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