Conservatives and the State | Francis Fukuyama

Conservatives and the State | Francis Fukuyama: A new kind of conservative might look at the presidency of Theodore Roosevelt for inspiration. Just as in the present, American capitalism in the late 19th century had generated powerful new interests, particularly the railroads and oil interests that provoked huge conflicts with farmers, shippers and their own workers. Roosevelt believed that no private interest should be more powerful than the American state, and set about to ensure that by going after Northern Securities and other trusts. One imagines that if he had been president during the 2008-2009 financial crisis, he would not have been satisfied with the regulatory hodgepodge that is Dodd-Frank, but would have sought to break Goldman Sachs and JPMorgan Chase up into smaller pieces that could safely be allowed to go bankrupt if they took undue risks. If a new breed of conservatism could put Wall Street in its place, then it would have much more credibility taking on public sector unions and other interest groups on the left, just as Roosevelt did.