It is mainly in the concluding chapter that the problem of rising inequality, the rise of populism, and the decline of democratic institutions are addressed. It is clear that the end of US global hegemony is going to play an important role in how these issues play out over time. But it is equally clear that other factors largely unrelated to international relations and global power also play an extremely important role — such as the presence of union organization and corporate tax rates. Just to drive this point home, only three nations have experienced global hegemony and decline, but nearly all nations have experienced changing patterns of inequality and democratization. Despite the fact that this analysis enters in at the end of the book, it is more than sufficient to advance a strong case that elite-conflict theory should also be at the heart of the analysis of these other very concerning trends — whether or not they intersect with imperial decline. In this regard, Lachmann’s analysis makes a nice companion for Thomas Piketty’s recent volumes, Capital and Capital and Ideology, which give quite a lot of information about laws, taxation, and property regimes, but less on the political configurations that give rise to these institutional outcomes and/or the configurations that might lead to the changes for which Piketty advocates.