Oren Cass, founder of American Compass and editor of The New Conservatives, challenges traditional economic policies on the right, advocating for a pro-worker approach. He believes in revitalizing American manufacturing while critiquing the overemphasis on consumption as a measure of success. Cass discusses the tension between libertarianism and traditional values, and the need for effective industrial policy. He explores the complexities of navigating economic policy in a polarized society, emphasizing the importance of aligning profit motives with public interest.
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insights INSIGHT
GDP Growth Doesn't Equal Happiness
Economic success measured solely by rising consumption (GDP) misses true human flourishing.
Increased material wealth hasn't translated into stronger families, communities, or lasting happiness.
insights INSIGHT
Reagan's Coalition and Economics
The Reagan coalition fused social conservatism with libertarian free-market economics.
This imposed free-market ideology often conflicts with conservative values like family and community.
insights INSIGHT
Conservatives’ Market-Constrained Vision
Conservative economic populism asserts markets need constraints to serve social goals.
Unlike the left, conservatives prefer market-based solutions, not state-led ones, to improve worker outcomes.
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Published in 1759, 'The Theory of Moral Sentiments' is Adam Smith's first major published work, based on his lectures at Glasgow University. The book argues that morality is driven by humanity's natural sociability and the need for approval from peers, rather than by rational calculation or innate moral sense. Smith introduces key concepts such as sympathy, the impartial spectator, and the invisible hand, which explain how individuals judge the conduct and character of themselves and others. The work delves into the emotional and social aspects of human behavior, highlighting the role of emotions like pity and compassion in shaping moral sentiments and behaviors[1][3][4].
The Wealth of Nations
Adam Smith
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
The New Conservatives
Oren Cass
For decades, the American right has stayed on brand: the economy. Low taxes. Free markets. Deregulation. Those have been the buzzwords for more than half a century. But that doctrine is now being challenged by other conservatives who envision a future in which America’s trade deficit is lower, manufacturing returns to the US, and Americans buy more American-made products. Is this future even possible?
Economist Oren Cass thinks it is.
In today’s episode, the founder of the think tank America Compass speaks to Sean about right-wing economic populism. The two discuss a conservative, pro-worker approach to economic policy, Cass’s plan to bring manufacturing back to the US, and what types of behavior economic policy should incentivize.
The Gray Area with Sean Illing 
