Madison's Notes: S5E6 The Crisis of American Political Economy: On the New Conservative Policy Agenda with Chris Griswold

In this episode of Madison's Notes, host Ryan Schenkel interviews Chris Griswold, policy director at American Compass and a former staffer for Senator Marco Rubio, about the crisis in American political economy and the emergence of a new conservative economic vision. Griswold traces his intellectual journey from Princeton Theological Seminary to Johannesburg and back to Washington, D.C., where he became disillusioned with the limitations of libertarian orthodoxy and the Republican Party’s failed economic playbook of tax cuts, deregulation, and free trade absolutism. He argues that the decline of labor unions, the hollowing out of American industry, and the financialization of the economy have undermined national prosperity and democratic legitimacy. Drawing on American historical traditions—from Alexander Hamilton and Abraham Lincoln to the post-WWII era of public investment and high union density—Griswold contends that a new conservative consensus must center on human dignity, family, community, and industrial strength. He critiques the idea that free markets and free trade are inherently virtuous, emphasizing instead that markets must be shaped by policy to serve human flourishing. The conversation explores the dangers of over-entanglement with China, the need for industrial policy and a national development bank, and the importance of worker voice in the age of AI. Griswold concludes with a call for responsive politics, where elites listen to the public’s frustrations and rebuild a shared economic vision rooted in dignity, stability, and national purpose.