William Schambra is a Hudson Senior Fellow and director of the Institute’s Bradley Center for Philanthropy and Civic Renewal. This essay is adapted from a presentation to a conference on “Progressive Challenges to the Constitution” hosted by St. Vincent College’s Center for Political and Economic Thought in April 2011.
Caption
A digital display stock index is seen in Lujiazui, China, on March 9, 2026. (Getty Images)