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The Crisis of American Political Economy: On the New Conservative Policy Agenda with Chris Griswold

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Apr 22, 2026

Guest

Chris Griswold

Chris Griswold, Policy Director at American Compass and former senior adviser to Senator Marco Rubio, brings a center-right take on domestic, labor, and tech policy. He discusses trade with China, industrial and industrial finance policy, AI and automation’s impact on workers, restoring dignity to blue-collar work, and the case for balanced markets bounded by civic institutions and national purpose.

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INSIGHT

Free Market Orthodoxy Is A Historical Aberration

The post-1980s free-market orthodoxy is an historical aberration compared with America's earlier Hamiltonian tradition of industrial policy and protection.
Griswold argues reclaiming that older American system better explains how the U.S. actually became wealthy.

insights

INSIGHT

Interdependence With China Subverted Free Markets

Free markets and free trade can conflict when trading with state-directed economies like China because economic interdependence can be weaponized.
Griswold cites technology transfer, joint ventures, and IP theft as mechanisms that undermined U.S. industry.

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ADVICE

Negotiate Reciprocal Balanced Trade Deals

Aim for balanced reciprocal trade rather than abstract rule-based neutrality; negotiate agreements that require investment and limit non-tariff distortions.
Griswold recommends reciprocal deals that demand investment in U.S. industry and curbs on unfair practices.

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Griswold's path from seminary to policy

01:25 • 3min

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Early political instincts and theology's role

04:47 • 59sec

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South Africa experience shaping economic views

05:46 • 57sec

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Capitol Hill: institutions, disconnect, and populism

06:43 • 4min

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Reform conservatives and the need for a sharper break

10:14 • 3min

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History: American system vs. free-market era

13:21 • 2min

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Free trade, China, and limits of openness

15:19 • 2min

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When trade should be balanced, not neutral

17:20 • 2min

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From Cold War strategy to trade absolutism

19:39 • 5min

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Markets within rules: sports analogy for policy

24:11 • 3min

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Defining and reclaiming healthy capitalism

27:30 • 11min

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Human dignity as economic telos

38:40 • 6min

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Federal role, subsidiarity, and local revival

44:10 • 2min

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Industrial policy: CHIPS success and finance gaps

45:54 • 2min

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Stagnation debate and technological renewal

47:53 • 3min

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AI, automation, and worker voice

51:14 • 6min

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Dignity of blue-collar work and status

57:05 • 2min

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Policy coalitions and political prospects

59:05 • 6min

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Historical exemplars: Hamilton, Teddy, and FDR lessons

01:04:50 • 2min

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Why home, hope, and national self-respect matter

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Pope John Paul II's encyclical "Centesimus Annus" reflects on the 100th anniversary of Pope Leo XIII's Rerum Novarum. It addresses the social and economic challenges of the late 20th century, particularly the fall of communism and the rise of globalization. The encyclical affirms the importance of a market economy while emphasizing the need for ethical and social considerations. It critiques both unrestrained capitalism and collectivist systems, advocating for a model that respects human dignity and promotes the common good. John Paul II stresses the importance of solidarity, subsidiarity, and the role of the state in ensuring social justice. The encyclical remains a significant contribution to Catholic social teaching, offering guidance for navigating the complexities of modern economic systems.

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Pope Leo XIII's encyclical "Rerum Novarum" is a landmark document in Catholic social teaching. Issued in 1891, it addressed the social and economic problems arising from the Industrial Revolution, particularly the plight of workers. The encyclical condemned both laissez-faire capitalism and socialism, advocating for a more just and humane economic system. It affirmed the dignity of labor, the right of workers to form unions, and the role of the state in protecting workers' rights. Rerum Novarum established key principles of Catholic social thought, including the importance of subsidiarity, the common good, and the dignity of the human person. It remains a foundational text for Catholic social teaching and continues to inspire efforts to promote social justice and economic fairness.

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Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

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Rebuilding American Capitalism

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The Rise and Fall of American Growth

The U.S. Standard of Living Since the Civil War

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The book describes the 100 years following 1870 as the 'Special Century,' a period of revolutionary growth and prosperity driven by innovations such as electric lighting, indoor plumbing, motor vehicles, air travel, and television. Gordon argues that this era of growth has been flatlining since 1970, marked by growing inequality, stagnating education, an aging population, and rising debt. He contends that the productivity growth of the past cannot be repeated and identifies several 'headwinds' that will continue to slow American economic growth. The book is divided into two main parts, covering the period from 1870 to 1940 and from 1940 to 2010, and includes detailed statistical analysis and historical anecdotes to support its arguments.

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The Once and Future Worker

Oren Cass

In this sixth episode of Season 5, I interview Mr. Chris Griswold. An alum of Wheaton College and Princeton Theological Seminary, he was formerly a senior advisor to then Senator Marco Rubio, and is currently the Policy Director for American Compass—a leading center-right public policy think-tank.

Recently, he contributed to the book, The New Conservatives (2025), an anthology edited by his colleague, Oren Cass, that re-articulates a conservative economic vision for the country. Drawing on it, we discuss the crisis of America’s political economy, from questions surrounding current AI, automation, and the end of free trade; political instability and populism; how economic policy can best serve American workers and families; and what makes us hopeful for the country’s future during its 250th anniversary.

Hosted by Ryan Shinkel, Madison’s Notes is the podcast of Princeton University’s James Madison Program in American Ideals and Institutions. The transcript for this interview is available on our new Substack page, “Madison’s Footnotes.”

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