When The Plutocrats Worry About “Socialism”

One of the untold stories of the Cold War is how the very existence of the Soviet Union and the long-feared “communist menace” ameliorated the excesses of Western capitalism. Much of the early US Cold War domestic and foreign economic policy was based in the ideological fight to gain the moral high ground and show that capitalism could better provide for the common good of all its people than communism. More often than not, that involved significant government investment.

The maintenance of the high marginal tax rates in America, which were instituted…