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Julius Krein

Julius Krein is the editor of American Affairs.
Articles by Julius Krein

Forging a Stronger Defense Industrial Base

Previously confined to a narrow circle of Defense Department specialists, discussions of procurement reform now attract the attention of a wide range of policymakers, business leaders, and national security analysts. The erosion of the U.S. defense industrial base, combined with China’s massive and still growing manufacturing might, have made Defense procurement a matter of increasing urgency with major implications for both national security and economic policy. In the face of growing security threats around the world, the United States struggles to produce military materiel in sufficient quantities across both high-tech and legacy categories—from artillery shells to drones to nuclear submarines.

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The Lessons of Liberation Day

When American politicians start talking about “liberation,” it is usually not a good sign, at least in recent decades. Prior to President Trump’s “liberation day” tariff announcements on April 2, many of my generation associated the term with the George W. Bush administration’s insistence that Americans would be “greeted as liberators” after the invasion of Iraq. The latter proved to be a catastrophic blunder. And while it is still too early to gauge the full effects of Trump’s tariffs, some of which have already been suspended, it is clear that the administration’s liberation day moves suffered from serious miscalculations…

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Statesmanship and Political Philosophy

For as long as I can remember, the American Right has celebrated “statesmanship” while striving to drown the state in a bathtub. Under appeals to the wisdom of the ages, it has pursued utopian projects at home and abroad that have done immense harm to the American polity and its people. The Left, on the other hand, built the modern American state, but has little use for statesmen, preferring activists, journalists, “experts,” and bureaucrats, or maybe harmless radicals like Bernie Sanders. While eager to theorize about global governance, this class is uncomfortable with the argot of statesmanship, of advancing the concrete interests of a discrete polity…

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Where the Chips Fell

Before student loan forgiveness, the raid on Mar-a-Lago, and the Inflation Reduction Act, something called the CHIPS Act was a major news story for a few days in late July. CHIPS was essentially a bill to support semiconductor manufacturing in the United States, and the final version that passed into law, which added basic research…

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The Other Realignment

Since “realignment” became a topic of conversation around 2016, it has usually been conceived as either a cross-partisan populist alliance, based on the overlapping themes of the early Trump and Sanders campaigns, or the takeover of either party by its “radical” or “populist” wing. But realignment could also take the form of the Democratic Party establishment recasting its agenda and reshuffling its coalition. This form of realignment remains somewhere between a distant possibility…

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The Value of Nothing: Capital versus Growth

Throughout 2021, U.S. stock market valuations have hovered near all‑time highs. In June, the unadjusted price-to-earnings (P/E) ratio of the S&P 500 index eclipsed the tech boom record of 2000. Many other asset classes have attained, or nearly attained, record valuations as well. Stratospheric valuations may be partially attributable to the unique circumstances surrounding Covid-19…

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America’s Unhealthy Gerontocracy

America in its present state of decline increasingly resembles the late Soviet Union, but one of the most unsettling parallels is its unmistakable slide into gerontocracy. From Trump to Biden to Sanders to Pelosi to most of the Senate, one might think that the biblical three score and ten had become a mandatory minimum for…

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The Real Class War

Since at least 2016, the divide between the “working class” and the “elite” has been considered a defining issue in American (and Western) politics. This divide has been defined in occupational terms (“blue collar” versus “information workers”), geographic terms (rural and exurban regions versus major urban cores), and meritocratic terms (non-college-educated versus those with elite…

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Share Buybacks and the Contradictions of “Shareholder Capitalism”

In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as infrastructure investment has declined significantly over the past…

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The Three Fusions

Media headlines to the contrary, there is at present no authentic debate between globalists and nationalists in the West. Paradoxical as it may seem, this is because there are no authentic globalists. Worse than any open conflict between the two is the confusion that results from the absence of one. This confusion with respect to…

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