Over the past quarter-century, Kevin Phillips has built a reputation as a peerless predictor of major political trends. His first book, The Emerging Republican Majority, published in 1969, correctly forecast that the postwar Democratic dominance of presidential politics was over. Two decades and five books later, 1990's The Politics of Rich and Poor announced that the Republicans, in turn, would be turned out in a wave of neopopulism -- and, thanks to Ross Perot and Bill Clinton, out they went.
So when TIME was offered the chance to print an excerpt from Phillips' eighth tome, Arrogant Capital, to be published next...
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