# Multimedia 

Multimedia 

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Events • May 8, 2025 

# *Crushing Capitalism How Populist Policies Are Threatening the American Dream*

Populist narratives are gaining traction across the political spectrum, claiming that free markets have failed the American middle class. Critics argue that trade, immigration, and technological change have hollowed out manufacturing jobs and created an economy that no longer works for most Americans.

![Crushing Capitalism cover](/sites/cato.org/files/styles/promo_block_book_cover_1x/public/2024-10/crushing-caipitalism-cover.jpg?itok=JyaKbdKN) 

##### Featured Book 

### *[Crushing Capitalism](https://www.cato.org/books/crushing-capitalism)*

More government intervention and restrictions on economic freedoms will kill the American Dream, not save it. In *Crushing Capitalism*, Norbert J. Michel makes the case for maintaining perspective on how well Americans have done during the past few decades and nurturing the institutions that have enabled Americans to succeed.

[Purchase Book](https://www.cato.org/books/crushing-capitalism) 

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

##### [Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/norbertjmichel) 

![Megan McArdle](/sites/cato.org/files/styles/author_picture/public/2021-04/megan-mcardle-300x300.jpg?itok=fj9_fori) 

##### Megan McArdle 

Columnist, *Washington Post*

[ 

](https://twitter.com/asymmetricinfo) 

[![Adam N. Michel cropped](/sites/cato.org/files/styles/author_picture/public/2023-02/adam-michel-cropped.jpg?itok=2xIg84-_)](/people/adam-n-michel) 

##### [Adam N. Michel](/people/adam-n-michel)

Director of Tax Policy Studies, Cato Institute; Former Deputy Staff Director at the US Congress Joint Economic Committee

[ 

](https://x.com/adamnmichel)