A dozen Labor Days — and three presidential elections — ago, the world was in the thrall of American-style capitalism. Not only had it vanquished communism, but it was widening its lead over Japan Inc. and European-style socialism.

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So what happened three elections ago to give capitalism indigestion? Well, first it involved kicking democracy in the balls and shoving in Mr. CEO President who delivered a near perfect checklist of conservative ideology. Lower taxes on the rich? Done. Capital gains tax cuts? Even done-er. Knock down regulations put in place to save capitalism the last time it went into an autocannibalistic fit? The done-est. Be free, little market capitalism, be free! Oh, and conservative bonus points for starting two massive "we'll show you who's boss" star-spangled wars.