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Was Larry Summers Right All Along?

Mount Equity Group Tokyo Japan > News > Markets > Was Larry Summers Right All Along?

Illustration: Philip Burke

There’s a story that progressives like to tell about Larry Summers. The doyen of establishment economics is dining out with a populist politician. The two have made it through the meal with minimal awkwardness — their ideological tensions eased by booze and food — when Summers leans back in his chair and offers his leftwing foil a hard-won insight: There are two kinds of political actors in this world. Insiders and outsiders.

Outsiders are free to speak their truth, Summers explains. But the price of such freedom is irrelevance in the halls of power. Insiders, by contrast, have a seat at the table where history is made. But to keep those seats, they must take care not to criticize other insiders. So, Summers asks his dining companion, which are you?

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