Political Economy and Rhetorical Matter

In March, 2008, a major financial crisis began with the collapse of the investment firm Bear Stearns. Each of the three remaining presidential candidates, John McCain, Hillary Rodham Clinton, and Barack Obama, responded to that exigence with a major address during the week of March 24. This essay explores the visions of political economy forwarded by the three senators. It suggests that they understand the economic activity through fundamentally different principles: virtue, expertise, and contingency, respectively.