In this episode we explain the equality/efficiency cycle, which is based on the seminal work of the economist Arthur Okun and the cycle work of Peter Turchin. The cycle explains how societies shift from focusing on equality, which usually includes policies favoring regulation, autarky and high marginal taxes, to efficiency, where policies of deregulation, globalization and low marginal tax rates dominate. The podcast discusses where the U.S. is in this cycle and the impact on American hegemony.