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Until the 1950s, the struggle to feed, clothe, and employ the nation drove most of American political life. From slavery to the New Deal, political parties organized around economic interests and engaged in fervent debate over the best allocation of agonizingly scarce resources. But with the explosion of the nation's economy in the years after World War II, a new set of needs began to emerge--a search for meaning and self-expression on one side, and a quest for stability and a return to traditional values on the other.

In The Age of Abundance, Brink Lindsey offers a bold...