"Mr Cowen shows not only that Americans move less now, crossing state lines at around half the average rate that they did between 1948 and 1971, and stay longer in their jobs, but American entrepreneurialism is floundering too. Markets are becoming more concentrated. Fewer new companies are being started, and many struggle to grow. Even in the vaunted technology sector the creation and expansion of new firms peaked in 2000. [..] On the surface, Americans enjoy more choice than ever before. From over 1,400 types of music on Spotify, a music-streaming service, to a swipeable menu of dating options, and rare books available at the click of a button, consumers have never had it so good. [..] Freedom to choose means that it is ever easier for people to marry, live near or school their children with other people of the same kind. In the South, the proportion of black students in majority-white schools was 44% in 1988; in 2011 that figure was 23%—lower than in 1968. Segregation by income has risen dramatically in the past few decades. [..] in practice Americans are cocooning themselves in enclaves of like-minded folk. [..] A housing market that allocates the nicest housing to the highest bidder will inevitably push poor folk out of sight—and thus out of mind. Richer, well-educated people want to live near each other, and high house prices conveniently discourage poorer people from spoiling the view. [..] Minsky, an economist who grew up during the Great Depression, had a theory that financial stability would breed overconfidence, sowing the seeds of future instability. [..] his idea became widely celebrated only after the financial crisis appeared to confirm it in 2007-08. Complacent financiers, regulators and central bankers allowed risk to build and put the whole system in danger. [..] there is some truth to Mr Cowen’s diagnosis that America’s strength is undermined by its divisions and by a willingness to protect the powerful. Pockets of rich Americans and the lack of opportunity implied for those who are shut out of those pockets represent a festering problem"