The episode features a discussion of Ben Steil The World That Wasn’t: Henry Wallace and the Fate of the American Century, focusing on the life and legacy of Henry Wallace, a controversial figure in mid-20th century American politics. Jerry and Stably explore the book’s central themes, including Wallace’s vision for a progressive, egalitarian future and the historical forces that ultimately marginalized his ideas.

Jerry introduces Wallace as a pivotal yet often overlooked figure, detailing his role as Vice President under Franklin D. Roosevelt and his subsequent marginalization by political elites wary of his progressive ideals. The hosts delve into Steil’s portrayal of Wallace as a visionary who sought to reshape the American century into one defined by social justice, economic equality, and international cooperation. Wallace’s advocacy for policies like universal healthcare, anti-racism initiatives, and a more diplomatic approach to foreign relations positioned him as a polarizing figure, especially during the intensifying Cold War.

Stably emphasizes Steil’s argument that Wallace’s fall from political power was emblematic of a broader shift in American priorities during the mid-20th century. They discuss the forces that opposed Wallace, including conservative Democrats, rising Cold War tensions, and the growing influence of corporate interests. Wallace’s removal from the Roosevelt ticket in 1944, replaced by Harry Truman, is highlighted as a critical turning point, reflecting the Democratic Party’s pivot away from its New Deal roots toward a more centrist stance.

The hosts also examine Steil’s analysis of Wallace’s enduring relevance, particularly his warnings about the dangers of unchecked capitalism and militarism. They reflect on how Wallace’s ideas, dismissed as radical in his time, resonate in contemporary debates about inequality, climate change, and the role of the United States in global affairs. Jerry points out Steil’s use of archival materials to illuminate Wallace’s intellectual depth and moral clarity, while Stably critiques some of the book’s speculative elements, particularly regarding what might have happened if Wallace’s vision had prevailed.

Notable examples discussed include Wallace’s advocacy for a postwar international order grounded in cooperation rather than competition, as well as his controversial engagement with Soviet leaders during a time of growing anti-communist sentiment in the U.S. The hosts consider whether Wallace’s idealism was his greatest strength or his fatal flaw, debating the balance between pragmatism and principle in political leadership.

In closing, Jerry and Stably agree that The World That Wasn’t is a compelling examination of an alternative vision for the American century, offering both a critique of the path taken and a reminder of the possibilities that were left behind. They commend Steil for reviving Wallace’s story and presenting it as a lens through which to consider the challenges and opportunities of shaping a more equitable future.