Start with Michael Lind for Politico.  He proposes an hypothesis that will likely launch a thousand dissertations.
Though this election feels like the beginning of a partisan realignment, it’s actually the end of one. The partisan coalitions that defined the Democratic and Republican parties for decades in the middle of the twentieth century broke apart long ago; over the past half century, their component voting blocs — ideological, demographic, economic, geographic, cultural — have reshuffled. The reassembling of new Democratic and Republican coalitions is nearly finished.
Mr Lind's maintained hypothesis is that there's little left to contest by way of the culture wars, but the national security and economic interests are shifting. In detail, though, there's a lot that looks like business as usual.
Republicans will be a party of mostly working-class whites, based in the South and West and suburbs and exurbs everywhere. They will favor universal, contributory social insurance systems that benefit them and their families and reward work effort—programs like Social Security and Medicare. But they will tend to oppose means-tested programs for the poor whose benefits they and their families cannot enjoy.

They will oppose increases in both legal and illegal immigration, in some cases because of ethnic prejudice; in other cases, for fear of economic competition. The instinctive economic nationalism of tomorrow’s Republicans could be invoked to justify strategic trade as well as crude protectionism.
That sounds like a formula for a Republican Party reduced to irrelevance, particularly at the national level, changing demographics or not.  There's much to appeal to the remaining yeomanry, whether as farmers, small business owners, practitioners of the skilled trades, but not much toward fostering the preservation, let alone the continued evolution, of the yeomanry.  Perhaps it's wishful thinking by Democrats.  But the future for Democrats also looks a lot like business as usual.
Democrats of the next generation will be even more of an alliance of upscale, progressive whites with blacks and Latinos, based in large and diverse cities. They will think of the U.S. as a version of their multicultural coalition of distinct racial and ethnic identity groups writ large. Many younger progressives will take it for granted that moral people are citizens of the world, equating nationalism and patriotism with racism and fascism.

The withering-away of industrial unions, thanks to automation as well as offshoring, will liberate the Democrats to embrace free trade along with mass immigration wholeheartedly. The emerging progressive ideology of post-national cosmopolitanism will fit nicely with urban economies which depend on finance, tech and other industries of global scope, and which benefit from a constant stream of immigrants, both skilled and unskilled.

While tomorrow’s Republican policymakers will embrace FDR-to-LBJ universal entitlements like Social Security and Medicare, future Democrats may prefer means-tested programs for the poor only. In the expensive, hierarchical cities in which Democrats will be clustered, universal social insurance will make no sense. Payroll taxes on urban workers will be too low to fund universal social insurance, while universal social benefits will be too low to matter to the urban rich. So the well-to-do in expensive, unequal Democratic cities will agree to moderately redistributive taxes which pay for means-tested benefits—perhaps even a guaranteed basic income—for the disproportionately poor and foreign-born urban workforce. As populist labor liberalism declines within the Democratic party, employer-friendly and finance-friendly libertarianism will grow. The Democrats of 2030 may be more pro-market than the Republicans.
That might be very interesting, with the gentry metrofexuals getting richer and more huddled masses being brought in to do the grunt work (and being poorly served by the government schools?)

A more dismal perspective comes from W. R. Mead in The Meaning of Mr Trump.
Trump is the purest expression of the politics of ‘NO!’ that I personally can recall. He’s the candidate for people who think the conventional wisdom of the American establishment is hopelessly out of touch with the real world. He’s the little boy saying that the emperor, or in this case, the aspiring empress, has no clothes.  What energizes the Trump phenomenon is the very power of rejection: people who think the train is about to head off a cliff want to pull the emergency cord that stops the train even if they don’t know what happens next. To many of Trump supporters, Hillary Clinton looks like Nurse Ratched in One Flew Over the Cuckoo’s Nest: the enforcer of a fatally flawed status quo and the personification of bureaucratic power in a system gone rogue.
But don't look for a Gray Champion.
Trump appeals to all those who think that the American Establishment, the Great and the Good of both parties, has worked its way into a dead end of ideas that don’t work and values that can’t save us. He is the candidate of Control-Alt-Delete. His election would sweep away the smug generational certainties that Clinton embodies, the Boomer Progressive Synthesis that hasn’t solved the problems of the world or of the United States, but which nevertheless persists in regarding itself as the highest and only form of truth.

The interest groups and power centers that surround Secretary Clinton like a praetorian guard—Wall Street, the upper middle class feminists, the African American establishment, the Davoisie, the institutional power of the great foundations and educational bureaucracies, Silicon Valley, Hollywood—have defeated their intellectual and political rivals in their spheres of interest and influence. Supporting her is a massive agglomeration of power, intellect, wealth and talent. Her candidacy is the logical climax of the Baby Boom’s march through the institutions of American life. Even the neoconservatives are enlisting in her campaign.

The American Right for all its earnest efforts has been unable to construct a counter establishment that can compete with the contemporary liberal behemoth. Libertarian nostalgia for the 1920s and 1890s, social conservative nostalgia for the faux-certainties of the 1950s; paleocon isolationism; white nationalism; ‘reformicon’ tweaks to the liberal policy agenda—none of these mutually hostile and contradictory sets of ideas can challenge the Boomer Establishment synthesis. The Clintonian center-Left won the cultural and intellectual battles of its time against both the hard left and the fragmented right. The Clinton candidacy is about inevitability, about the laws of historical and institutional gravity.

Yet though the Boomer Consensus has triumphed in the world of American institutions and ideas, in the eyes of many Americans it has not done all that well in the real world. Foreign policy, financial policy, health policy, support of the middle class, race relations, family life, public education, trade policy, city and state government management, wages: what exactly has the Boomer Consensus accomplished in these fields?
What do you think happens when you encourage dysfunction for some people and mau-mau others? How many experiments against reality can you run?
Those of us who care about policy, propriety and the other bourgeois values without which no democratic society can long thrive need to spend less time wringing our hands about the shortcomings of candidate Trump and the movement that has brought him this far, and more time both analyzing the establishment failures that have brought the country to this pass, and developing a new vision for the American future. The one thing we know about 2016 is that neither of these two candidates has what it takes to repair or to renovate the ship of state.
Perhaps not, but during a saecular crisis, when the institutions themselves are in flux, the Guidance of Wise Experts is the least relevant thing.
The likeliest forecast is that under either candidate, the slow unraveling of the liberal world order and the American domestic system will continue and possibly accelerate. The 2020 election may take place against an even darker background than what we now see; if America’s intellectuals and institutions don’t start raising their games, 2016 could soon start to look like the good old days.
Complex adaptive systems tend to do what they d**n well please.  Institutional evolution is about mutation, selection, and adaptation.  The best thing for some of the institutions might be that they go away.  I'll give Mr Lind the final word.  "And though it’s impossible to know exactly how it will end, one thing is clear: In 2016, the old political system is crumbling, and a new American political order is being born."

Emergence will find a way.

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