Walter Russell Meade writes about the two forms of capitalism practiced in the U.S. over the last century, and prospects for the future.

Michael Barone writes about the problems with our Presidential nominating system.

No matter what else you read and hear about the upcoming 2012 election campaign remember one thing...it will be a referendum on the job performance of President Barack Obama. A Presidential re-election campaign is always about the incumbent. In 2004 there was general, if moderate, satisfaction with the leadership of George W. Bush. In 1996 the same could be said of Bill Clinton, but in 1992 there was deep dissatisfaction with George H.W. Bush (at one point that Summer the polls showed Ross Perot, of all people, in the lead, which goes to show how unhappy people were about the situation in the country at the time). If 2012 is like '04 or '96, Obama wins. If, on the other hand, it seems more like '92 or '80, Obama loses (right now, it feels an awful lot like 1979 did).