It is difficult for me to understand exactly why conservatives have come around to their present uncritical attitude toward unbridled capitalism. It cannot be for electoral reasons. Survey after survey reveals that a vast majority of the American people hold views that would be described as socially conservative and economically moderate to progressive. A presidential candidate who spoke capably to both of these sets of concerns would be the greatest political force in three generations.

The answer is that for conservatives the market has become a cult. No book better explains the appeal of classical liberal economics than The Golden Bough, Sir James Frazer’s history of magic. Frazer identified certain immutable principles that have governed magical thinking throughout the ages. Among these is the imitative principle according to which a favorable outcome is obtained by mimicry — the endless chants of entrepreneurship, vague nonsense about charter schools, calls for tax cuts for people who don’t make enough money to benefit from them. There also is taboo, the primitive assumption that by not speaking the name of a thing, the thing itself will be thereby be exorcised. This is one reason that any attempt to criticize the current consensus is met with whingeing about “socialism.” This catch-all talisman is meant to protect against everything from the Cultural Revolution to modest restrictions on overdraft fees imposed at the behest of consultants.