Must read: WashingtonPost: Class Warrior

"In his efforts to return capitalism to its previously unlamented Hobbesian past, Reagan had plenty of company. His helpmate Maggie Thatcher made similar changes on her side of the pond. Throughout the advanced capitalist nations, the power of workers weakened as the old industrial economies ceased to expand and global investment began to outrun the constraints of the state. But nowhere was the force of investment stronger and the force of labor weaker than in the United States. The explosion of the trade deficit, no less than the budget deficit, dates to Reagan's morning in America.
Reaganomics reflected the rise of Sunbelt capitalism -- of right-to-work-state businessmen who, unlike their Northern counterparts, had never cottoned at all to unions or regulations. From Reagan's dictum that government is the problem to Tom DeLay's equation of the Environmental Protection Agency with the Gestapo, the idea that there are higher purposes than private profit, or gainful pest extermination, has been banished from modern Republicanism. And though Reaganomics may have begun in the backwaters of American capitalism, it soon spread to Wall Street, which has rewarded our current Reaganaut, George W. Bush, with more money for his campaign than any other sector. Scrap the taxes on dividends, and that musty financial oversight, and watch finance become the political clone of the oil bidness.
By letting business be business in its pre-New Deal mold -- free to speculate and shed longtime employees -- Reagan and his acolytes not only transformed the classic Northeastern capitalists. They also drove from their ranks the Willkie-Eisenhower-Rockefeller-Nixon Republicans who were the traditional GOP's political tribunes. In this the Reaganites succeeded all too well."