For more than thirty-five years, American politics has followed a populist pattern as predictable as a Punch and Judy show and as conducive to enlightened statesmanship as the cycles of a noisy washing machine. The antagonists of this familiar melodrama are instantly recognizable: the average American, humble, long-suffering, working hard, and paying his taxes; and the liberal elite, the know-it-alls of Manhattan and Malibu, sipping their lattes as they lord it over the peasantry with their fancy college degrees and their friends in the judiciary. Conservatives generally regard class as an unacceptable topic when the subject is economics—trade, deregulation, shifting...