Political pundits often scratch their heads when upper-class voters go against their “self-interest” to back Democrats. But that is not what is going on. Many business leaders believe that they’ll get richer in the long run if government plays a proactive role in charting prosperity, even if that means higher taxes now. These leaders worry less about America’s supposed drift toward socialism than about losing out to China, a nation that so adroitly fuses capitalism and statism.

While Democrats face huge losses Tuesday, one thing is clear: It’s not because they couldn’t raise enough money or don’t have powerful enough allies among America’s super-rich.