In America today, few people champion government control of the industries Lenin saw as the commanding heights. on the contrary, these sectors have been largely deregulated, and market forces have, for the most part, been permitted to govern their development for decades. Defenders of the market might therefore imagine that they have won, and that the struggles that remain are peripheral debates.
But such a declaration of victory would be dangerously premature. Over the past few decades, our economy has undergone some fundamental changes — with the result that the fight for control over the commanding heights of American economic life is still very much with us. And it is a fight that, at least for now, the free-market camp appears to be losing.
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