James Piereson, president of the William E. Simon Foundation and a senior fellow at the Manhattan Institute, gave a lecture on "The fourth great political revolution: 1789, 1858, 1928, and today" at the American Enterprise Institute.
He discussed three political revolutions that have set the stage for new phases of political and economic development in America: Thomas Jefferson's "revolution of 1800," the Civil War, and the New Deal.
He then expalined how he believes that the U.S. is on the verge of a "fourth revolution," and how high debt levels, a stagnant economy, the impending retirement of the baby-boomer generation and polarized politics could signify the end of one stage of national development and the beginning of a new one.