In this episode, we explain the equality/efficiency cycle, which is based on the seminal work of the economist Arthur Okun and the cycle work of Peter Turchin. The cycle explains how societies shift from focusing on equality, which usually includes policies favoring regulation, autarky, and high marginal taxes, to efficiency, where policies of deregulation, globalization, and low marginal tax rates dominate. Confluence Chief Market Strategist Bill O'Grady discusses where the U.S. is in this cycle and the impact on American hegemony.

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