Americans once had a clear understanding that too much power, whether in the hands of a military dictator or a J.P. Morgan, was dangerous to individual liberty and democracy. In the 1930s, people observed that the Great Depression was caused by financial concentration in the hands of a few whose misuse of their power induced a financial collapse, and they drew on this lesson to craft the New Deal. Explaining how authoritarianism and populism have returned to American politics for the first time in 80 years, Matt Stoller shows how the 2016 election shook our faith in democratic institutions, reflecting a fear of the future and confusion about the historical backstory that brought us to this moment.