Are We Seeing a Political Realignment?

The article argues that politics is undergoing a realignment driven by a split within the capitalist class, between finance-capital and productive-capital, rather than by the culture war alone. It traces the roots to the 1970s stagflation and the neoliberal turn under Reagan, Thatcher and Paul Volcker, whose high interest rates restored profitability for a time. It says Republicans now represent manufacturing interests and Democrats finance, and cites Thomas Piketty's finding that the rate of return on capital exceeds economic growth. It also says the 2024 election showed historic margins of working-class votes for the Republican party.