In 1972, Irving Kristol noted the striking fact that the New Left seemed to lack a coherent economic critique of the status quo, besides occasional Marxist platitudes borrowed from the Old Left:
The identifying marks of the New Left are its refusal to think economically and its contempt for bourgeois society precisely because this is a society that does think economically.
What really ailed American society, and what the New Left could sense but not articulate, Kristol wrote, was a spiritual malady. Despite the efforts of Burkean conservatives, the “accumulated moral capital of traditional religion and traditional moral philosophy” had been steadily depleting since the French Revolution, and with its depletion, so too society’s abilities to cope with the material inequalities, resentments, and indignities made inevitable by the free exchange of goods and services.
